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LAHORE: In a significant development aimed at enhancing tax awareness among the business community, the Lahore Chamber of Commerce and Industry (LCCI) has partnered with ACCA Pakistan to establish a dedicated tax clinic.

The initiative, announced during an awareness session on Audit Proceedings and Section 122(5), Notice for Re-Assessment, aims to provide crucial information and guidance to businesses regarding taxation regulations.

Chaired by LCCI President Kashif Anwar, the session witnessed active participation from various stakeholders keen on gaining insights into taxation procedures. Omer Zaheer Malik, Chairman of the MNP & Taxation Committee at ACCA Pakistan, delivered a comprehensive presentation, shedding light on audit processes and assessments.

LCCI President emphasized the importance of understanding the taxation system to alleviate concerns surrounding audit proceedings. He stressed the significance of documentation, noting that technological advancements have integrated departments, making it difficult to conceal information from authorities.

Furthermore, Kashif Anwar highlighted the necessity for businesses to maintain proper documentation, emphasizing its role in audits and other tax-related matters. He announced plans to conduct such informative sessions regularly.

During the presentation, Omer Zaheer Malik provided detailed insights into audits, clarifying misconceptions and outlining their purpose to scrutinize an organization's finances accurately.

The session served as a platform for constructive dialogue, enabling participants to engage with experts and seek clarification on taxation practices. By fostering awareness and knowledge-sharing, the LCCI aims to empower businesses to navigate taxation procedures effectively, promoting compliance and fostering conducive business environment. The event concluded with a question and answer session, further facilitating interaction between attendees and experts.

Copyright Business Recorder, 2024

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