Employers Federation of Pakistan (EFP) President Ismail Suttar has strongly condemned the discordant decision of the Federal Board Revenue (FBR) to amend the Tax Laws Ordinance without consulting the stakeholders.
In a statement issued on Thursday, Ismail termed the move irrational and unwelcoming because most transactions are carried out through the post-dated cheques, 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,” Suttar said.
On behalf of the member manufacturers and exporters, the Employers Federation of Pakistan president has appealed for an immediate suspension of the new tax law ordinance until due approval by the industrialists. —TLTP