The Pakistan Industrial and Traders Associations Front (PIAF) has expressed its concern over authorising the Federal Board of Revenue (FBR) officials to attach bank accounts of the business entities whose cases are pending in appeals. While addressing the executive committee meeting, PIAF chairman Irfan Iqbal Sheikh said that misuse of powers under Section 38-B & 40-B of the Sales Tax Act would create an environment of mutual mistrust among the business fraternity and the commercial banks. "It has created unrest and panic among the businessmen as the issues must be settled through table talk," he added.
He urged the authorities concerned to restrain from such practices in future that are bound to put reverse gear to all government efforts aimed at economic turnaround. He said the association's members have complained that the officials enter the business premises without prior notices or any intimation.
He said attaching of the bank accounts would also add to the hardships of businessmen who were already battling for survival in the presence of energy crisis and high input cost.
He said the attachment of bank accounts should be the last option but the RTOs/LTUs are taking prompt punitive action to meet the revenue targets. The FBR should focus on controlling under-invoicing and curbing smuggling besides expanding tax net but it is playing arm-twisting by instituting cases of recovery of outstanding dues and attaching bank accounts, he added.
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