The President of Lahore Chamber of Commerce and Industry, Irfan Qaiser, on Wednesday expressed deep and serious concern over FBR stance to implement SRO 821(I) 2011 despite repeated demands of the business community for its withdrawal. In a statement he said that the Federal Board of Revenue must avoid implementing any such anti-industry decision without due consultation of the chambers of commerce, being the main stakeholders.
He said that SRO 821(I) 2011 would have devastating effect on the businesses as the compulsory requirement of NTN or CNIC number of each and every purchaser or seller is almost practically impossible. He said that, given the literacy rate in the country and lack of compliance culture in general masses, it would be very difficult to obtain such personal details from the buyers or sellers of the goods.
He said that these and many other proposed changes in the tax returns would strangle the already crisis-hit businessmen in the country. He said that the Lahore Chamber of Commerce and Industry feels that the Federal Board of Revenue is shifting its burden of monitoring and tracking of the tax system on business community, which is unjust and unethical.
He said that it is very difficult to understand why the people sitting at the helm of affairs at the Federal Board of Revenue do not consult the chambers of commerce and industry in the country before formulating business-related policies. The LCCI President said that the ongoing economic situation does not allow any type of new policy making; rather it calls for incentives to the trade and industry for generating economic activity.
Irfan said that due to suspension of supply of gas to the industry in Punjab a large number of industrial units had already curtailed their production and exports in the month of December registered a decline of more than 11 percent. He said that it is a general principle that new laws are always made and implemented in soothing economic conditions, but in Pakistan the situation is totally otherwise and the FBR is trying to enforce SRO 821(I) when the entire economy is facing multiple internal and external challenges. He urged Finance Minister Abdul Hafeez to listen to the genuine concerns of the business community and help withdraw SRO 821(I) 2011 in the larger interests of the economy.