Business community rejects Income Tax Ordinance

LAHORE: The business community on Sunday rejected the Income Tax Amendment Ordinance, saying it gave unlimited powers to tax officers.

President of Central Organisation of Traders of Pakistan Kashif Chaudhry said the powers of tax officers have been increased for corruption. “The traders will not allow tactics to destroy the economy to succeed”, he vowed.

Kashif Chaudhry said tax officers would not be allowed to be deployed in the markets and business places. The government should immediately withdraw the Ordinance, he demanded.

President Asif Zardari has issued four ordinances, including amendments to salaries of federal ministers and ministers of state and amendments to tax laws.

Under the Income Tax Amendment Ordinance, after the decision of courts, forum or authority, tax under Income Tax Ordinance would be paid immediately or after the notice issued by the Income Tax authority. The tax would be paid within the fixed period.

The Board or Chief Commissioner Inland Revenue may appoint an officer or a relevant official in place of any person or group to supervise production, supply of goods and provision of services or to supervise such goods that are not sold.

Under the Federal Excise Amendment Act, goods on which tax stamps or bar code labels are not affixed would be confiscated. The FBR will give these powers to any federal or provincial employee of Inland Revenue authority to monitor counterfeit goods.

Meanwhile, Lahore Chamber President Mian Abuzar Shad has called an emergency meeting of industrial and trade organisations on Monday on the issue.

The President of LCCI said another sword has been placed in the hands of FBR. He said FBR has been given authority to freeze accounts immediately. Under the ordinance, FBR has been given the authority to appoint officers at business places, he added.

Mian Abuzar Shad said bypassing the Parliament would be a dangerous tradition.