Federation of pakistan chambers of commerce and industry - Latest News Update, Information, Photos & Videos on Federation of pakistan chambers of commerce and industry at Lokmat Times

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has termed 'The Tax Laws (Third Amendment) Ordinance 2021' unfair and called upon the government to hold it in abeyance.Citing statement, Dawn reported that FPCCI president Mian Nasser Hyatt Maggo said the ordinance - which came into force on September 15 - was conflicting to Finance Minister Shaukat Tarin's vision of due consultations with all stakeholders."The ordinance contains budgetary measures and these cannot be taken without due consultation with stakeholders," he added, reported Dawn.Maggo further lamented sweeping powers to the Federal Board of Revenue (FBR) by enabling it to disconnect mobile phone, electricity and gas connections of the non-filers of income tax returns.The new ordinance also empowers the National Accountability Bureau to open income tax cases as old as 20 years by accessing tax records through the National Database and Registration Authority."It was FPCCI's proposal to disconnect the connections of commercial and industrial non-filers. However, this ordinance does not take due and fair procedure of separation of executive and adjudication into account. The ordinance vaguely mentions under-assessed income tax filers and provides blanket discretionary powers to the income tax officers," the statement read, as per local media.Pakistan President Arif Alvi promulgated the Tax Laws (Third Amendment) Ordinance 2021 for allowing the Federal Board of Revenue (FBR) to share its data with the National Database and Registration Authority (NADRA) with the objective to broaden the tax net.National Database and Registration Authority (NADRA) shall share its records and any information available or held by it with the Board, as per the ordinance.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Federation of pakistan chambers of commerce and industry, Latest News

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