APTMA voices concerns as FBR defers CFO affidavit requirement

LAHORE: Moments before the Federal Board of Revenue (FBR) deferred the requirement for chief financial officers (CFOs) of companies to submit affidavits with their sales tax returns on Thursday, the All Pakistan Textile Mills Association (APTMA) expressed serious concerns during a press conference.

At the APTMA office in Lahore, member Kamran Arshad stated that following the FBR’s imposition of the affidavit requirement, 12 individuals from the textile industry had been issued FIRs under this pretext. He warned that these actions by the FBR are creating a negative perception and could hinder investment efforts.

Arshad added that while the International Monetary Fund’s (IMF) conditions are in place, protecting the business community is equally essential. The APTMA has also written a letter to the FBR, requesting consultation on these matters.

Meanwhile, Abu Zar Shad, president of the Lahore Chamber of Commerce and Industry, thanked the FBR for withdrawing the affidavit requirement for CFOs associated with the sales tax returns of each company.