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Speakers stress registration of parallel economy

Speakers stress registration of parallel economy

LAHORE: Without tackling the issue of proper taxation through registration of untaxed sectors of economy the dream of national progress cannot be materialised.

This was generally shared view of speakers at a seminar on ‘Fiscal Deficit’ organized by Lahore Tax Bar Association (LTBA). Justice Mansoor Ali Shah, Justice Ijaz ul Hassan, Ayesha A. Malik, Zia Haider Rizvi, LTBA President Qari Habib-ur-Rehman Zuberi, Muhammad Owais, Ajmal Khan and various other tax practitioners addressed the seminar.

Addressing the participants, LTBA President Qari Habib-ur-Rehman Zuberi said that trend of litigation was increasing because of faults in the system. He said around 36,000 companies were registered in the country out of which 22,000 are registered in Lahore but only a few thousand of people are paying taxes.

He urged the Federal Board of Revenue not to put more burdens on the companies already paying taxes. He said that what would help putting the country on path of economic recovery is the inclusion of parallel economy into the tax net.

While speaking on this occasion, Justice Mansoor Ali Shah said that over 6000 cases are pending in the courts with regard to tax matters while over 3000 cases being filed during the current year. Tax practitioner Ahmad Owais gave a detailed lecture with regard to fiscal deficit while vote of thanks was given by the LTBA patron-in-chief, Zia Haider Rizvi.

On the occasion certificates were distributed amongst 200 lawyers completing capacity building course with regard to taxation system on this occasion.