LAHORE: President of the Lahore Chamber of Commerce and Industry (LCCI) Irfan Iqbal Sheikh has said that the Government should withdraw its decision to shift the large taxpayers units of Federal Board of Revenue (FBR) from Quetta to Karachi and Peshawar to Islamabad because such actions will adversely affect the revenue targets and create unrest amongst the business community, tax practitioners and people of the provinces.
He said that the Lahore Chamber of Commerce and Industry understands and believes that the stakeholders should be taken into confidence prior to finalize business related decisions. In the developed economies, no economic policy decision is made without involving the real stakeholders.
The LCCI president was of the view that if this decision is not withdrawn immediately, it would not only hit the ease of doing business concept but it would jack up the cost of doing business drastically. He also said that in today’s highly competitive world, the cost of production is major impediment to increase exports. He further said that the decision contradicted the FBR policies as they always claim to facilitate the taxpayers.
Instead of facilitating businessmen, the government is multiplying their miseries as they are already facing acute difficulties due to the pandemic, he added. He said that Pakistan’s position had improved in Ease of Doing Business (EoDB) to 108 from 136 as well as Pakistan also improved its ranking in paying taxes to 161 from 173 which is achieved by extensive and tireless efforts, but these decisions can bring back the country not only to its old position but also the taxpayers will have to consume more time to comply his tax liabilities. If our ranking drops again in EoDB index, it would hurt the investment in the country severely and will slow down the national economy.