Paradigm Shift is necessary in tax structure, President FPCCI

KARACHI: Mian Nasser Hyatt Magoo, President of the Federation of Pakistan Chambers of Commerce and Industry at a summit conducted with Chairman FBR alongside high ranking customs and IRS officials, said that it is high time for a paradigm shift in the tax system to facilitate investment, help development and growth in the economy instead of the current income democracy that remains the priority of FBR.

He explained that the legislative and legal role of FPCCI, by the Act of Parliament, to serve the private sector of commerce, manufacturing and services, was diluted by FBR by oppressed contact with the apex body.

He added that FBR’s response to the concerns of representatives of the trade bodies referred to FBR was barely any. He also claimed that the revenue-generating agents are being overlooked by FBR, which is counter to its own responsibility.

President FPCCI said that instead of negotiating with institutional representatives of FPCCI, FBR is attending Para shooters and The FBR does not award industry practicing tax lawyers and tax advisors to represent the FPCCI in the numerous committees of the FBR.

The apex body and its work on financial and other matters, if taken seriously will be possible to find a compromise to the budget that performs business in equilibrium instead of between existing tensions and inconsistencies.

The Chairman of the FBR, Mr Muhammad Javed Ghani, indicated that he had taken notice of the concerns posed by the representatives of the trade bodies and said that the FBR Support Desk would be formed in the FPCCI, but that it would require coordination with the different wings of the FBR in order to open the Desk for a fruitful outcome.

He also said that the deceased human experiences was our strategy that we are aiming for, and that we have already increased the latest refunds in less than the previous year, which is almost 70 to 80% more than in the previous period.

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