ISLAMABAD, JUN 25 /DNA/ – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has voiced serious concerns over the Federal Board of Revenue (FBR) members’ disregard for the Anomaly Committee’s recommendations and proposals. The FPCCI stated that the committee was not allocated sufficient time for its meetings, and a meeting that was convened lacked the agenda items crucial to its members. Consequently, the members of the Anomaly Committee resigned and transferred all their powers to FPCCI President Atif Ikram Sheikh.
The FPCCI is also demanding the repeal of the controversial 37 Double A provision, which was reinstated based on an old notification. They insist this be scrapped in light of the recent Supreme Court decision.
During an emergency meeting at the FPCCI Capital Office, members of the Anomaly Committee, including FPCCI President Atif Ikram Sheikh, Karachi Chamber of Commerce and Industry President Javed Balwani, Islamabad Chamber President Nasir Qureshi, Sohail Pasha, Abdul Haleem, Sarhad Chamber President Fazal Muqeem Khan, Quetta Chamber President Ayub Mariyani, Faisalabad Chamber President Rehan Naseem Brara, Sialkot Chamber President Ikram-ul-Haq, FPCCI Vice President Tariq Jadon, Capital Office Chairman Karim Aziz Malik, and Coordination Chairman Malik Sohail, among others, expressed their alarm. They highlighted that the government is set to approve the budget on June 27, yet the Anomaly Committee, established to address the business community’s budget-related issues, has not held a single meaningful meeting. This situation is a cause for concern for the entire business community across the country.
The FPCCI put forth several key demands:
* The tax regime for exporters, which was changed last year, should be reverted to the old system.
* The one percent advance tax should be abolished.
* The government’s decision to end tax exemptions for economic zones by 2035 should be withdrawn, as new factories will take four to five years to become operational.
* The five percent withholding tax on exporters should be removed.
* The eighteen percent tax on solar panels should be eliminated.
* The final tax regime should be reinstated.
* Policies should not be formulated without consultation with the FPCCI.
The meeting’s participants also emphasized that after winning the war against India, the business community now seeks to win the economic war. To achieve this, they stressed the importance of mutual cooperation between the government and the business community to propel the country’s economic direction forward.
