ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has called upon the Federal Board of Revenue (FBR) to revise its policy for mandatory update of taxpayers’ profiles, as it creates additional difficulties for the business community and discourages potential taxpayers from coming into the tax net.
In a statement issued on Wednesday, ICCI President Sardar Yasir Ilyas Khan observed that only around 2.3 million tax returns were filed in Pakistan, citing FBR’s tough laws as reason behind low number of returns. These [tough] laws force many eligible taxpayers to stay away from coming into the tax net, he maintained.
“Instead of simplifying tax laws, the Income Tax Ordinance was amended through Finance Act, 2020, making it mandatory for taxpayers to submit their profiles along with income tax returns, even though all personal data of taxpayers is already provided in tax returns,” the statement read.
He urged Finance Minister Abdul Hafeez Shaikh and FBR Chairman Muhammad Javed Ghani to take personal interest in the matter and revise the decision regarding mandatory filing of taxpayers’ profiles to facilitate potential taxpayers.
Khan further highlighted that anti-money laundering laws are being imposed on the buyers and sellers of properties, which will not only create more difficulties for the business community, but will also dent the PM’s construction package besides causing a slowdown in economic activities.