LCCI criticises amendment to SRO 647

RECORDER REPORT

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Friday severely criticised the amendment in SRO 647 (i)/2007 made through SRO 564 (i)/2012 and demanded of the Federal Board of Revenue to withdraw the amendment immediately.

LCCI President Irfan Qaiser Sheikh was talking to a four-member businessmen delegation led by Anjum Mehmood Butt and comprised Zafir Malik, Mohammad Javaid and Amir Iftikhar.

He said the amendment would create further financial burden and liquidity problem for the all the businesses including the wholesalers in the country.

He said at a time when the business community faced a number of challenges, including prolonged energy crisis, deteriorating law and order situation, high input cost and struggling for its survival, instead of providing some relief, the Revenue body was engaged in creating more hurdles for the businessmen.

Irfan Qaiser Sheikh said the funds of the taxpayers would be blocked due to unrealistic tax policies of the Revenue department and the business community, to meet its working capital requirement, injected further debt from the financial institution, which ultimately increased the cost of doing business in the country.

There was no such type of tax culture existed in the world, which blocked the funds of the taxpayers, he said, adding that business community was expecting certain tax relief in the federal budget 2012/13, but this amendment was against the expectation, which created frustration between the taxpayers before the announcement of the forthcoming budget.

The LCCI President demanded of the FBR Chairman to withdraw the amendment immediately to ensure relief to the masses, and also urged FBR Chairman Ali Arshad Hakeem to visit LCCI at the earliest.