Islamabad, Dec 26: The business community has urged the Federal Board of Revenue (FBR) to involve all relevant stakeholders, particularly the business sector, in the discussions surrounding the proposed Tax Laws (Amendment) Bill 2024. Abdul Rehman Siddiqui, Acting President of the Islamabad Chamber of Commerce and Industry (ICCI), expressed concerns that the proposed tax amendments could discourage businesses and further deepen the trust deficit between taxpayers and tax authorities.
In a statement, Siddiqui highlighted his apprehension that the amendments were overly stringent, creating additional challenges for businesses and potentially undermining the already fragile relationship between the business community and the FBR. He emphasized that instead of burdening existing taxpayers, the FBR should focus on bringing non-compliant individuals into the tax net.
Siddiqui called on the government to reconsider the proposed amendments and engage in meaningful consultations with all stakeholders, ensuring that the tax environment is conducive to business growth. He stressed the importance of transparency, dialogue, and addressing stakeholder concerns before finalizing any changes to the legislation.
Vice President Nasir Mehmood Chaudhry also weighed in, emphasizing that any tax reforms should aim to create a fair and transparent system that supports business growth. He cautioned that a lack of consultation with key stakeholders could result in policies that are disconnected from the realities of the business environment, which could make it even harder for businesses to thrive.The ICCI remains committed to advocating for reforms that foster economic growth while safeguarding the interests of the business community.
