Karachi, October 23, 2024-A delegation led by Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), met with the Chairman of the Federal Board of Revenue (FBR). During the meeting, it was agreed that regular taxpayers should not be harassed, and notices should only be issued to tax evaders and defaulters.
FBR Chairman Rashid Mehmood Langrial expressed agreement with the legitimate demands of the Federation, including the proposal to remove the requirement of an affidavit related to sales tax filing. He emphasized that the FPCCI should support the FBR’s efforts to ensure transparent tax return filing by traders and industrialists. Although there is a need to reduce the tax burden by lowering the tax rate, this is currently not possible due to the present economic situation. He noted that the last two to three years have been very challenging for the economy, but economic indicators have now started showing signs of improvement.
During the discussion, FPCCI President Atif Ikram Sheikh welcomed the FBR’s decision to withdraw the demand for affidavits from companies’ Chief Financial Officers (CFOs), following the Federation’s request. However, he also mentioned that due to the slowdown in economic growth, a mini-budget and additional taxes on lower-income taxpayers could be expected.
Atif Ikram Sheikh further noted that a business-friendly scheme was implemented without consultation, which resulted in its failure to achieve the desired outcomes. He also warned that including industrial estates in the regular tax scheme could lead to significant losses for investors.
