FBR holds ‘open hearing’ to address business community’s concerns

LCCI president says policies for business community should be formulated taking into account the adverse economic impact of Covid-19

LAHORE: The Federal Board of Revenue (FBR) and Lahore Chamber of Commerce and Industry (LCCI) on Friday held an online ‘open hearing’ to pinpoint issues being faced by the business community and ascertain suitable solutions.

Inland Revenue Lahore Chief Commissioner Ahmad Shujah Khan and LCCI President Irfan Iqbal Sheikh answered the questions raised by the participants of the event.

During the hearing, various issues and aspects related to FBR, including change in profile, extension in tax return filing date, foreigner’s registration and enrollment, income tax return revision and income tax withholding statement came under discussion.

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Inland Revenue chief commissioner said that FBR is working to establish close liaison with the business community and taking all possible measures to build mutual trust. 

He assured that the FBR is committed to resolving issues being faced by the business community during the economic slowdown induced by Covid-19. He stressed that taxpayers must pay taxes in order to improve the country’s Gross Domestic Product (GDP).

The LCCI President Irfan Iqbal Sheikh expressed hope that the open hearing would serve to bring the FBR and business community closer to each other.

He said that policies for the business community should be formulated keeping in mind that the Covid-19 economic situation posed serious challenges for them.

He further said that the private sector should be given maximum facilitation for filing income tax and sales tax returns as trade and economic activities have been adversely affected during the last five months due to Covid-19.

The LCCI president also called for improvement in refund and audit systems. He said that the culture of undue raids at business premises should be abolished to create a business-friendly environment in the county.

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