LCCI Urges Govt To Remove Hurdles To Smooth Business Practices

Obstacles like double taxation and delay in refunds would not let the economy of Pakistan grow

LAHORE, (UrduPoint / Pakistan Point News - 12th Oct, 2017 ) :Obstacles like double taxation and delay in refunds would not let the economy of Pakistan grow, hence urgency for the government to remove these hurdles swiftly for the sake of business community.

This was stated by Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javed, while addressing a delegation of Ferozepur Road Industrial Welfare Organisation (FRWO) at the LCCI office on Thursday.

LCCI Senior Vice President Khawaja Khawar Rasheed, Vice President Zeeshan Khalil, Chairman FRWO Mian Abdul Razaq and LCCI Executive Committee Member Adeeb Iqbal Sheikh also spoke on the occasion.

The LCCI president said that businessmen want to act for an economic boom provided they are given space for doing businesses smoothly. He urged the Federal board of Revenue (FBR) look into the matter of double taxation that was hitting the business community hard.

He said that major issues facing the taxpayers at present are due to non-collaborations between various taxation bodies (FBR, PRA, SRB, etc.), jurisdiction disputes, double taxation between provinces, non-uniformity of provincial laws, structural issues in provincial revenue collection bodies, and overall lack of collaboration and harmonisation.

The LCCI president suggested that in order to facilitate taxpayers, the business environment and thereby the provincial economies, there should be harmonisation and collaboration between provincial revenue collection bodies (PRCB) as well as with the FBR, standardization of general tax treatments in the jurisdictions of various PRCB and FBR, and standardization of sales tax rates.

The LCCI president also urged the FBR to expedite stuck-up sales tax and income refund claims as this issue has caused shortage of capital for the industry. APP/nam/rsd