LAHORE:The Lahore Chamber of Commerce and Industry (LCCI) Sunday appealed to Prime Minister Shehbaz Sharif to intervene and halt the implementation of Statutory Regulatory Order (SRO) 350(I)/2024.
In a statement issued here stated that President LCCI Kashif Anwar conveyed its apprehensions regarding the potential adverse effects of SRO 350(I)/2024 dated March 7, 2024. The SRO 350 establishes a critical link between buyers' tax return filing and their suppliers' compliance. This measure has triggered a concerning chain reaction, wherein non-compliance among suppliers threatens to disrupt the entire system. Such a scenario could severely impact businesses across every tier of the supply chain, bringing operations to a standstill.
Furthermore, the requirement outlined in SRO 350(I)/2024 for the submission of balance sheets, which could potentially contradict previously submitted details, and for record, the balance sheet could be examined from the tax returns data, thereby complicating compliance procedures which has raised significant concerns within the business fraternity due to its perceived complexity and potential disruptions.
Anwar commended the prime minister's recent announcement deferring the implementation of the SRO during an event in Karachi but emphasised the urgent need for further action to save taxpayers from penalties. The LCCI's appeal to the prime minister comes amidst mounting pressure from various sectors of the economy grappling with the implications of the regulatory compliance.