ISLAMABAD: Abdul Rehman Siddiqui, the Acting President of the Islamabad Chamber of Commerce and Industry (ICCI), has urged the Federal Board of Revenue (FBR) to involve all stakeholders, particularly the business community, in discussions regarding the proposed Tax Laws (Amendment) Bill 2024. He expressed concerns that the proposed amendments could discourage businesses and deepen the existing trust deficit between taxpayers and the FBR.
In a statement, Siddiqui highlighted his apprehension that the amendments were excessively stringent, creating more obstacles for businesses and potentially eroding the fragile trust between the business sector and tax authorities. He stressed that instead of placing additional burdens on existing taxpayers, FBR should focus on bringing those who are still outside the tax net into compliance.
Siddiqui called on the government to reconsider the proposed amendments and engage in meaningful consultations with stakeholders to create a tax environment that is more conducive to business operations. He emphasized the importance of transparency, dialogue, and addressing stakeholder concerns before finalizing any legislative changes. He also reaffirmed the ICCI’s commitment to advocating for reforms that promote economic growth while safeguarding the interests of the business community.
In his statement Vice President Nasir Mehmood Chaudhry emphasized that any tax reforms should prioritize creating a fair and transparent system that supports the growth of businesses rather than stifling them. He pointed out that the lack of consultation with key stakeholders could lead to policies that are disconnected from the realities of the business environment, making it more difficult for businesses to thrive.
