LAHORE — Lahore Chamber of Commerce & Industry President Mian Abuzar Shad has expressed hope that the amendments in the Finance Act 2025 would pave the way for sustained progress, enhance investor confidence and shared prosperity for both the business community and the national economy.
He was addressing a press conference, along with Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry and former LCCI President Muhammad Ali Mian, at the LCCI on Friday. The LCCI President said that the Federal Board of Revenue has decided to implement a transparent and structured procedure before initiating inquiries under the Sales Tax Act 1990. For this purpose, Sales Tax General Order No. 02 of 2025 has been issued.
Mian Abuzar Shad extended heartfelt thanks to civil and military leadership for listening attentively to the Chamber’s concerns and ensuring their implementation. They have proven that while Pakistan’s defence remains impregnable, our military leadership is equally committed to strengthening the nation’s economic frontiers.
He said that Pakistan’s recent tariff advantages over India were a result of Field Marshal Asim Munir’s luncheon with former U.S. President Donald Trump. He revealed that multiple Zoom meetings were held with government representatives, alongside seven personal visits to Islamabad. “Our stance was that no inquiry or legal action should be initiated without prior consultation with business community representatives, to prevent fear and to build trust”, he said.
The LCCI President explained that under the original budget provision of Section 37A, FBR officers had unlimited powers to arrest, creating serious concerns within the business community. Now, no arrest will be made unless approved by a three-member committee nominated by the FBR Chairman, and the relevant chambers will be taken into confidence, ensuring transparency.
He added that concerns over the immediate rollout of e-invoicing had been addressed: it will be implemented in phases, beginning with multinational companies and will be operated solely via FBR’s PRAL system, with nationwide awareness sessions beforehand.
Regarding the controversial Clause 21(S) that disallowed 50% of expenses on cash payments exceeding PKR 200,000, Miān Abuzar Shad confirmed that FBR has now clarified: if payment is deposited directly into a seller’s bank account, it will be deemed as made via the banking channel, effectively removing the limit.
“These reforms are transparent, practical and designed to boost the confidence of Pakistan’s business community, reduce unnecessary legal complications and foster sustained economic growth,” he said.
