KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has warmly welcomed the first order issued by the newly appointed Chairman Federal Board of Revenue (FBR) Shabbar Zaidi immediately after assuming charge in which all the Commissioners Inland Revenue have been barred from freezing bank accounts which was being demanded by KCCI since long.
President KCCI Junaid Makda termed the order as ‘pro-business move’ and the first step in the right direction which would not only help in restoring the lost confidence of the business & industrial community but would also prove to be favorable for the economy as after seeing such pro-business initiatives, many individuals would prefer to come into the tax net, which would result in documenting the economy and improving the country’s lowest tax-to-GDP ratio.
In a statement issued, Junaid Makda pointed out that by virtue of this order, it would be mandatory for all Commissioners of Inland Revenue to obtain permission from Chairman FBR prior to freezing any bank account while at least 24 hour prior notice will also be served to the owner of the bank account which the business and industrial community highly appreciates.
He said that the Karachi Chamber had struggled a lot and has been vocally raising voice against massive discretionary powers which have been bestowed to FBR officers even at lower level, intensifying the hardships for the loyal taxpayers.
“As the first step in the right direction has been taken, we, the business and industrial community of Karachi, expect more such moves in near future. We firmly believe that massive discretionary powers have to be curtailed which is the only way forward to improve revenue collection, ensure economic prosperity and make FBR a taxpayers’ friendly institution”, he added.
While extending felicitation to Shabbar Zaidi, President KCCI advised Chairman FBR to remain steadfast and keep on taking such bold steps which are in the larger interest of the country and the business community.
Junaid Makda also extended Karachi Chamber’s full support and cooperation to Chairman FBR for all his future endeavors towards improving the existing taxation system of the country which is in really bad shape.
He hoped that the newly appointed Chairman FBR would also review and take KCCI’s Budget Proposals into consideration which have been compiled after taking inputs from all the stakeholders.
“KCCI’s Budget Proposals have been delineated after intense brainstorming as we wanted to ensure that all our recommendations for Federal Budget 2019-20 are devised in such a manner that they prove to be favorable for the economy and ensure an enabling business environment for the entire business & industrial community of Pakistan”, he added.