KARACHI: President, Employers’ Federation of Pakistan, Ismail Suttar, has strongly condemned the promulgation of new tax ordinance without consultation of the relevant stakeholders.
The federal government introduced Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated on September 15, 2021 through a presidential order.
In a statement, Ismail while criticizing the Federal Board of Revenue (FBR), termed the move irrational and unwelcoming because most transactions are carried out through post-dated checks, and without a grace period of at least 40 days the business community will not be able to adopt the digital mode.
“It is a total disaster and not the right way to bring the non-compliant sector under the tax net to meet the ambitious target of Rs5.5 trillion tax collection by pounding on the largely compliant corporate sector,” Ismail asserted.
On behalf of the member manufacturers and exporters, the EFP president has appealed for an immediate suspension of the new tax law ordinance until due approval by the industrialists.