President Lahore Chamber of Commerce and Industry Kashif Anwar has said that business friendly taxation system could pave way for economic development. LCCI has strong reservations on Tajir Dost Scheme 2024 under SRO 420. All the policies should be formed in consultation with the stakeholders.
He was addressing the conference on economic challenges and their solutions at Lahore Chamber of Commerce and Industry. LCCI Senior Vice President Zafar Mahmood Chaudhary, Vice President Adnan Khalid Butt and a large number of businessmen were present on the occasion. Kashif Anwar expressed reservations on SRO 420 under which Tajir Dost Scheme 2024 has been introduced. Businessmen who are outside the tax net and who have never filed a tax return are asked to deposit advance tax every month under this scheme which is not practically possible as the shopkeepers would have to remain associated with the tax lawyers.
Secondly, the tax will be determined based on the area of the shop and the value of the property, which has nothing to do with the sale. He suggested that this tax should be simplified and the shopkeepers would have to file a single-page return only once a year.
He said that in this scheme, instead of minimum tax, the tax should be adjustable according to electricity bills, which should not be audited. He said that the traders should be given facilities, concessions and in the same manner as VTCS-2016 was introduced, people should be informed about this SRO with clarity.
Kashif Anwar said that recently a new condition was imposed through SRO-1842 according to which such retailers whose withholding tax under Section 236H in 12 months is more than one lakh are bound for POS integration. This will increase the burden on small retailers and make it more difficult to achieve important goals like widening the tax net. Furthermore, provision of balance sheets and biometrics have been made mandatory for small businesses through SROs while Under the SRO, the turnover cannot be more than five times of the capital, otherwise the permission of the commissioner must be obtained. Kashif Anwar urged the government to simplify the taxation system. People would not come into tax net in the presence of audits, bank attachment and surcharge.
He said that the economic development cannot be possible until the problems of local industries are solved. He said that the government should introduce reforms on an emergency basis for the stability of the country’s economy without wasting a single moment. He said that devaluation of rupee has created problems like increase in inflation, high rate of markup and high prices of electricity, gas, petrol, which have to be controlled immediately. LCCI President said that LDA demands 20% of commercial value as per its DC rate for conversion of existing industry and commercial area which is very high.
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