Businessmen slam tax ordinance
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Lahore Chamber of Commerce & Industry (LCCI) President Mian Abuzar Shad, has termed the recent amendments made through the Presidential Ordinance to the Income Tax Ordinance 2001 and the Federal Excise Act 2005 as dangerous for the business community.
He stated that the extraordinary powers granted to the Federal Board of Revenue (FBR) through this ordinance threaten private business autonomy, civil liberties, and the stability of the economy.
Shad called for an emergency meeting of all Chambers of Commerce and Trade Associations across the country, to be held at the Lahore Chamber on Monday.
He expressed grave concern over the newly added Section 3A in the Income Tax Ordinance, which allows immediate tax recovery based on a High Court or Supreme Court decision, bypassing the due legal process. Similarly, Clause 6A added to Section 140 empowers the FBR to freeze a taxpayer's bank account and withdraw funds without any prior notice or legal proceedings, which he declared unacceptable.
According to the LCCI President, the newly inserted Section 175C authorises the FBR to appoint its officer in any business premises to monitor production, services, and stockan act considered as a direct breach of business confidentiality and a blatant intrusion into private enterprise.
Furthermore, amendments to the Federal Excise Act have criminalised the use of fake stamps, barcodes, or labels, tightening the grip on businesses. Granting powers of checking and confiscation to other departments could undermine the constitutional jurisdiction of central authorities.
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