ISLAMABAD: Federal Finance Minister Ishaq Dar has suspended the implementation of the SRO 351 of 2014 and formed a committee comprising representatives of traders associations, Chambers of Commerce and Industry and FBR Chairman to review the fairness of the SRO.
SRO 351(I)/2014 dated 7-5-2014 conferred upon the officers of the Directorate General Intelligence & Investigation of Inland Revenue, the additional powers to ensure enforcement of specified provisions of the Income Tax Ordinance, 2001 like collection of revenue, filing of ITR, wealth statement, assessment and provisional assessment of cases and audit of registered taxpayers for recovery of taxes and collection of revenue.
The said SRO came to the notice of Finance Minister last evening which was issued without his approval. He also informed the delegation that their all genuine concerns will be considered in order to put Pakistan on path to progress and development.
The minister met with traders’ delegation from Lahore, Faisalabad and Rawalpindi at his office. He gave a complete outlook of the state of economy and informed traders that Pakistan is out of the danger of default now.
He said that the success of Euro Bond and Auction of Spectrum has also boosted the international confidence in economic policies of the government.
The representatives of the Chambers and traders appreciated the reform agenda of the government. They appreciated the suspension of discriminatory SRO, which is highly unfair as it planted the same official of FBR as investigator and arbiter in taxation matters. The traders reposed their confidence in the overall direction of the economy. FBR Chairman Tariq Bajwa was also present in the meeting.
The Lahore Chamber of Commerce & Industry has welcomed the government decision to suspend controversial SRO 351 (1) 2014. The LCCI office-bearers hoped that the Federal Board of Revenue would continue to facilitate the business community and all the SROs in future would be issued in consultation with the stakeholders.
