Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial and Lahore Chamber of Commerce and Industry (LCCI) President Faheem-ur-Rehman Saigol discussed key taxation, industrial and business-related issues along with the upcoming federal budget proposals submitted by the Lahore chamber.
The LCCI spokesman told the media here on Sunday that during the meeting, the FBR chairman informed the LCCI president that he would visit Lahore chamber before the announcement of the federal budget to brief the business community on the evolving role of the FBR in policy implementation and facilitation. “In its new role the FBR will facilitate the buiness community to the maximum”, he assured. Rashid Mahmood Langrial said that in its new role, the FBR would focus on facilitating the business community while ensuring effective implementation of tax policies. While Faheem Ur Rehman Saigol briefed the FBR Chairman on the major challenges being faced by trade and industry and presented detailed budget proposals aimed at reducing the cost of doing business, promoting industrial growth and improving the taxation system.
The proposals stressed the need to end policy instability caused by frequent SROs and changing tax interpretations, stating that unpredictability in policies had become one of the major causes of de-industrialization. He also emphasized the need to reduce the cost of doing business that is significantly higher than competing regional economies. The Lahore Chamber also called for a sector-wise tariff structure to protect domestic industries operating under higher production costs, restoration of a simple and predictable Final Tax Regime (FTR) for exporters, and introduction of a fixed tax regime for traders to help broaden the tax base. The budget proposals further recommended uniform tariff and tax treatment across all regions including FATA and PATA, gradual removal of advance taxes and shifting taxation towards the sales stage to simplify the system.