LAHORE – Lahore Chamber of Commerce and industry (LCCI) President Ijaz A Mumtaz said according to FBR’s documents, the total amount of refunds in the year 2013-14 has reached the staggering amount of Rs.104 billion which is 16. 4% higher than the previous year figure of Rs.93.6 billion.
He was of the view that Section 140 of Income Tax Ordinance 2001 is creating mistrust between the lenders and the businessmen in the country, and demanded its immediate withdrawal.
The LCCI president added that giving powers to the Federal Board of Revenue officials to attach/freeze bank account of business entities, while cases are pending in appeals, would create an environment of mutual mistrust among the businessmen and the lenders.
He said, “The FBR move would not only give a negative message to the local investors but would also give discourage the much-needed foreign investment.” He added that attaching/freezing of bank accounts of business entities would also bring additional hardship for the businessmen who were already battling for survival in the presence of energy crisis and high input cost of doing business.
He urged the Federal Finance Minister Ishaq Dar to immediately stop the FBR from this practice that is pushing the tax payers to the wall besides denting the reputation of a business-friendly government.
