KARACHI: President Employers’ Federation of Pakistan (EFP) Ismail Suttar has strongly condemned ‘discordant’ decision of the Federal Board Revenue (FBR) to amend the Tax Laws Ordinance without consulting stakeholders.

In a statement, Ismail termed the move irrational and unwelcoming because most transactions are carried out through post-dated checks, and without a grace period of at least 40 days the business community will not be able to adopt the digital mode.

It is a total disaster, Ismail asserted, and not the right way to bring the non-compliant sector under the tax net to meet the ambitious target of Rs5.5trillion tax collection by pounding on the largely compliant corporate sector.

On behalf of the member manufacturers and exporters, the EFP has appealed immediate suspension of the new tax law ordinance until due approval by the industrialists.—PR

Copyright Business Recorder, 2021