LAHORE: As many as 25 chambers of commerce and industry, at a two-day Post Budget Convention under the umbrella of Lahore Chamber of Commerce & Industry, called for withdrawal of anti-business budget clauses. The Chambers also issued a joint declaration to address the genuine reservations of the business community before the Federal Budget 2021-22 is approved.
The participants of the Convention urged the government to take prompt action on the recommendations of the Convention’s declaration in order to create conducive business environment and for quick revival of economy.
The participants demanded through the declaration that a formal announcement and confirmation should be made by the government to withdraw the proposal of adding clause 203(A) in the income tax ordinance. The proposal of imposing exorbitant fines on the importers under section (28) 156 of the Finance Bill 2021 if they for any reason are not able to complete the paperwork for redemption of their shipments should be withdrawn. They said that the steep increase in the taxation target in the federal budget 2021-22 should not in any way overburden the existing taxpayers and should be met by expanding the Tax Base. In addition to the Sales Tax Refunds, Income Tax Refunds should also be paid through the new promised centralized automated refund system.
Copyright Business Recorder, 2021