The Pakistan Yarn Merchants Association has demanded withdrawal of powers of the Federal Board of Revenue to access bank database online under an Income Tax Ordinance.
PYMA Zonal Chairman Sheikh Muhammad Qasim told reporters in Faisalabad that the FBR's sweeping power creates panic and harassment among the tax payers and also encourages out of bank cash transactions as well as growth of black economy and defeats documentation of economy.The Pakistan Yarn Merchants Association has demanded withdrawal of powers of the Federal Board of Revenue to access bank database online under an#
He said that powers under the Income Tax Ordinance are like a hanging sword over tax payers and could be misused by some irresponsible elements. The likelihood of misuse of the powers hampers the growth and expansion of business and the economy and negatively impacts the tax regime.
Oasim said the powers under the Income Tax Ordinance were unnecessary as the tax officers already have powers to call bank for details from the tax payers. He said that State Bank of Pakistan has also seconded this demand through its Budget Proposals.
The PYMA Chairman urged the Government to create business friendly culture in the country facilitating growth of trade and industry by providing incentives and concessions to business.
He pointed out that textile sector which is the mainstay of Pakistan's economy, was under great stress and exports have been falling for the last two years. He emphasized the need for cutting down the cost of doing business, providing cheaper inputs to enable the value added textile sector to increase its productivity and earn more foreign exchange for the country. (SH)
Fibre2Fashion News Desk – India
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