The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has raised concerns regarding the excessive powers given to the tax body, fearing it will hinder business activities. FPCCI President Atif Ikram Sheikh stated that rather than empowering the Federal Board of Revenue (FBR) further, the government should focus on addressing the lack of trust in the tax body by the public and business community.
During a post-budget news conference, Sheikh criticized the budget for 2024-25, labeling it as unfriendly to businesses and predicting that new measures will discourage exports and local business operations. He emphasized the negative impact of granting extensive powers to the FBR, including potential collaboration with intelligence agencies for apprehending defaulting businesspersons.
The FPCCI officials highlighted the government’s failure to implement reforms in the FBR through digitalization and reducing discretionary powers of officers. They expressed concerns about the increased revenue collection targets and additional tax burdens on the salaried class without significant reforms.
In conclusion, the FPCCI warned against punitive measures on non-filers and criticized the government’s lack of focus on offloading loss-making state enterprises, predicting adverse effects on the economy and capital flight.
Published in Dawn, June 15th, 2024
