Lahore: The Lahore Chamber of Commerce & Industry has demanded of the Federal Board of Revenue to expedite process of issuance of Income Tax Exemption Certificates under section 148 of the Income Tax Ordinance 2001 on imports. “When the tax is being collected in advance than why exemption certificates are being issued in parts?”
In a statement issued here Monday, the LCCI President Ijaz A. Mumtaz said LCCI had received a number of complaints that the department was not issuing certificates despite the fact that tax has been collected in advance. He said that unfortunately, not a single certificate has so far been issued under Section 148 which is sheer injustice.
He said that non issuance of Income Tax Exemption Certificate is causing hardships for the businesses. He said normally the certificate is issued for six months but now it is being issued for three months that is creating multiple problems for the businesses.
The LCCI President said that Federal Board of Revenue is not issuing certificate to the companies who applied in mid September.
He said that the delay in issuance of Income Tax Exemption Certificate is encouraging the menace of smuggling which would destroy the national economy and would also open up the floodgates of corruption.
The LCCI President said that all the leading economies were giving incentives to expedite economic activities in their respective countries but in Pakistan the people who are sitting at the helm of affairs were doing the otherwise at this point in time when almost all the businesses were facing a number of internal and external pressures.
Ijaz A. Mumtaz said that the private sector was ready to supplement all government efforts aimed at revival of economic activities in the country if they are provided breathing space but in the presence of such anti business tactics, it would be very difficult for the private sector to continue with their businesses.
He said that the Federal Finance Minister should take stock of the whole situation and issue directions to the concerned officials to issue Income Tax Exemption Certificates under section 148 of the Income Tax Ordinance of 2001 on imports.
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