LAHORE: The Lahore Chamber of Commerce & Industry Wednesday showed grave concern over fast widening revenue short fall.
In a statement issued here, the LCCI President Abdul Basit, Senior Vice President Amjad Ali Jawa and Vice President Muhammad Nasir Hameed Khan said that reported tax collection shortfall during the first eight months of the ongoing financial year is not only an ample proof of the miseries of trade and industry but is also describing trust gap between the business community and the revenue collectors. They said that said that revenue shortfall would add to the financial woes of the present regime.
The LCCI office-bearers said that Federal Board of Revenue should discard the policy of squeezing and burdening the existing taxpayers as it is giving a wrong message to those who want to come into tax net.
They urged the Federal Board of Revenue to stop attachment of accounts as it is a routine matter and shattering the confidence of business community. How businessmen can do their business with peace of mind when their own amount is not save even in the banks. Likewise, they said, withholding tax on bank transactions should be withdrawn immediately as it is an extra burden on the businessmen.
They said that there are 3.5 million registered taxpayers out of which only around 1 million file their tax returns. Government should take all the measures to ensure filing of returns by remaining 2.5 million individuals and businesses.
The LCCI office-bearers said that country could not achieve the target of economic stability without due participation of the business community therefore honest taxpayers should be given honor and tax regime should be equal for all.
