Amendment in tax laws demanded

LAHORE: Amendment in tax laws has become a need of the hour, as these are criminalising the businessmen, besides causing huge losses to the national exchequer.

These views were expressed by Lahore Chamber of Commerce and Industry (LCCI) President Almas Hyder, while speaking at the All Pakistan chambers presidents’ conference, organised by Gujrat Chamber of Commerce and Industry President Aamir Nauman.

Hyder said that honour the taxpayers, simplification of taxation system and trust building measures will help broaden the tax net. He urged the presidents of chambers to initiate research to identify rules and regulations that are causing hindrance and harassment among businesses, and stressed the need to bring in tax reforms.

“Cotton producing countries, including Pakistan, India and Bangladesh could not secure benefits from the agricultural sector due to excessive taxation on raw materials,” he said. The business community should hire professional tax and corporate lawyers to reduce its tax woes.

All participants of the conference emphasised on the need to introduce reforms in the existing tax laws to bring non-filers into the tax net and put an end to the atmosphere of fear due to strict measures undertaken by the Federal Board of Revenue (FBR) against the existing filers.