No discretionary powers urged

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad has urged the Federal Board of Revenue (FBR) and the Punjab government to announce withdrawal of discretionary powers of tax and Customs officials, a statement said on Tuesday.

He also pleaded to withdraw withholding tax on banking transactions, attachment of business bank accounts and Punjab Infrastructure Development Cess (PIDC) to boost the confidence of the businessmen.

The traders are doing business in hostile conditions, he said, adding that discretionary powers of the tax and Customs officials, withholding tax on banking transactions and attachment of business bank accounts are agonising them, while issues such as Punjab Infrastructure Development Cess (PIDC) are adding to their miseries.

The LCCI president said that boom of trade and economic activities could generate more revenue than the FBR and the Punjab government are expecting from withholding tax on banking transactions and Punjab Infrastructure Development Cess.