SRO 350(I)/2024: LCCI urges PM to help stop implementation

LAHORE: The Lahore Chamber of Commerce and Industry on Saturday appealed to Prime Minister Shahbaz Sharif to intervene and halt the implementation of Statutory Regulatory Order (SRO) 350(I)/2024.

President LCCI Kashif Anwar conveyed its apprehensions regarding the potential adverse effects of SRO 350(I)/2024 dated March 7, 2024.

The SRO 350 establishes a critical link between buyers’ tax return filing and their suppliers’ compliance. This measure has triggered a concerning chain reaction, wherein non-compliance among suppliers threatens to disrupt the entire system. Such a scenario could severely impact businesses across every tier of the supply chain, bringing operations to a standstill.

Furthermore, the requirement outlined in SRO 350(I)/2024 for the submission of balance sheets, which could potentially contradict previously submitted details, and for record, the balance sheet could be examined from the tax returns data, thereby complicating compliance procedures which has raised significant concerns within the business fraternity due to its perceived complexity and potential disruptions.

Kashif Anwar commended the Prime Minister’s recent announcement deferring the implementation of the SRO during an event in Karachi but emphasized the urgent need for further action to save taxpayers from penalties.

The LCCI’s appeal to the prime minister comes amidst mounting pressure from various sectors of the economy grappling with the implications of the regulatory compliance. Kashif Anwar reiterated the LCCI’s commitment to constructive engagement with the government to address these concerns and ensure a conducive environment for business growth and investment.

The business community eagerly awaits a response from the Prime Minister’s office, hoping for a swift resolution to the contentious issue to foster confidence and stability in the economic landscape, said Kashif Anwar.

Copyright Business Recorder, 2024