The Lahore Chamber of Commerce & Industry (LCCI) recently organized a seminar shedding light on the Tajir Dost Scheme, SRO 350, and other significant legal amendments. Presided over by LCCI President Kashif Anwar, the event featured insights from Chartered Accountant Umar Zaheer Meer, Pakistan’s representative on the Global Tax Forum, regarding the Tajir Dost Scheme.
Joining the seminar were LCCI Vice President Adnan Khalid Butt, alongside notable figures like Amjad Ali Jawa, Ashraf Bhatti, Zaheer Babar, S.M. Akhtar, and various market presidents and general secretaries, all actively engaging in discussions.
President Kashif Anwar underscored LCCI’s commitment to supporting the Tajir Dost Scheme’s success and emphasized the importance of incorporating stakeholders’ feedback before its implementation. He stressed the necessity of broadening the tax base to alleviate the burden on existing taxpayers and suggested integrating Chamber inputs into tax expansion efforts.
Umar Zaheer Meer highlighted FBR data indicating a significant number of small shopkeepers currently operating outside the tax net. Under the Tajir Dost Scheme, now enacted as law under SRO 420, all shops operating from fixed locations will be included. The taxation will be based on 10% of the market value of business premises, with FBR authorized to register non-compliant shops.
President Anwar proposed collecting taxes through commercial electricity bills, with provisions for incentives like audit exemptions and reduced tax rates to encourage registration, similar to the 2016 VTCS.
Meer also elaborated on SRO 350, highlighting its requirements for electronic return filing and mandatory biometric verification at NADRA’s e-Sahulat centers for certain entities.
The seminar delved into the Tax Law Amendment Act 2024, particularly focusing on changes to the tax appeal system. President Kashif Anwar and participants stressed the importance of addressing fundamental issues within tax laws and ensuring active consultation with the business community, especially with Chambers, to make these changes effective.
