LAHORE: Lahore Chamber of Commerce & Industry (LCCI) Wednesday urged the Federal Board of Revenue (FBR) to stop attaching business accounts as it would discourage taxpayer and hinder expansion of tax base.
The LCCI President Sheikh Muhammad Arshad stated this, while addressing a huge delegation of over 48 markets of Ferozepur Road led by Mahboob Sirki here at the LCCI.
The LCCI Vice President Nasir Saeed and Chaudhry Khadam Hussain also spoke on the occasion. Sheikh Muhammad Arshad urged the Federal Board of Revenue (FBR) and other government departments to adopt business-friendly approach to bring new taxpayers into the tax net.
The LCCI President said that issues being faced by business community should be resolved at the earliest and government should introduce broad based reforms in taxation system with consultation of private sector.
He said that withholding tax regime needed to be reviewed and withholding agents should be given certain incentives. He stressed the need for elimination of double taxation system and urged to balance the tax slabs.
He said that there must be harmonization in federal and provincial tax regime to counter double taxation. He stressed the need for an effective liaison among various taxation bodies like Federal Board of Revenue, Punjab Revenue Authority and Sindh Revenue Board.
Sheikh Muhammad Arshad said that marble and granite should not be considered as luxury item and it should be given exemption from regulatory duty to help groom this industry.
He urged the government to cut duty and taxes on smuggling-prone items to discourage illegal trade. Earlier, members of the delegation urged the Federal Board of Revenue that traders, whose total audit conducted once, should be given exemption from audit for 3 to 5 years, besides resolving the property tax and other issues at the earliest.
They also demanded withdrawal of taxes and duties on import of industrial machinery.
The LCCI Vice President Nasir Saeed presented the vote of thanks and assured full cooperation of the Lahore Chamber of Commerce and Industry.
Members of the delegation Mahboob Sirki, Chaudhry Khadam Hussain, Muhammad Idrees, Aamir Saeed, Saeed Sheikh, Haji Ramzan, Tanveer Magoon, Haji Khalid, Imran Younas, Naseer Khan, Mian Waqar and Tahir Mahmood Mufti also spoke on the occasion.
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