LCCI opposes FBR’s decision to empower tax officials

Staff Reporter BOL News

13th Oct, 2021. 11:58 am
LCCI

LCCI

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has opposed giving tax official powers of freezing bank accounts for the recovery of taxes.

In a statement, LCCI President Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq said that now the tax officials could freeze bank accounts without getting prior approval of the FBR chairman and intimation to the CEO/principal officer/owner of companies.

They said this step would give huge powers to the tax officials under Section 140 of the Income Tax Ordinance, 2001 and Section 48 of the Sales Tax Act, 1990. It would also result in the undue harassment of the business community and discourage new entrepreneurs to come into the tax net.

They said Pakistan is already facing stiff economic challenges like mounting inflation (9 per cent), stagnation in exports and rise in external debt (in excess of $100 billion).

In this situation, encouraging the business community was necessary so that it could play a role in enhancing the growth rate of important sectors such as industry.

They urged the authorities to immediately withdraw the recently issued instructions for restoring the confidence of the business community.

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