Islamabad: The Islamabad Chamber of Commerce and Industry (ICCI) has called on the Federal Board of Revenue (FBR) to involve the business community in discussions regarding the proposed Tax Laws (Amendment) Bill 2024. Abdul Rehman Siddiqui, Acting President of the ICCI, emphasized the importance of stakeholder engagement to address concerns and foster a tax environment conducive to business growth.
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In a statement, Siddiqui expressed apprehensions about the proposed amendments, labeling them as overly stringent and likely to discourage businesses. He warned that such measures could deepen the existing trust deficit between taxpayers and the FBR, hindering efforts to create a collaborative tax ecosystem.
“Instead of burdening existing taxpayers further, the FBR should focus on expanding the tax net to include those currently outside it,” Siddiqui stated. He urged the government to reconsider the proposed changes and ensure meaningful consultations with stakeholders before implementing any new policies.
ICCI Vice President Nasir Mehmood Chaudhry echoed these sentiments, emphasizing that tax reforms should prioritize fairness and transparency to support business growth. He cautioned that neglecting stakeholder input could result in policies disconnected from the realities of the business environment, stifling economic progress.
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Both leaders highlighted the need for dialogue, transparency, and balanced reforms to strengthen trust between the business community and tax authorities. They reaffirmed the ICCI’s commitment to advocating for reforms that promote economic development while safeguarding the interests of businesses.
The ICCI’s appeal underscores the critical role of collaboration in ensuring tax policies that are equitable, effective, and aligned with the broader goals of economic growth and development.