KARACHI: SITE Association of Industry’s Acting Chairman, Yousuf Yaqoob has expressed concern over what he called unbridled powers given to FBR officers under Section 40-B of Sales Tax Act, 1990 which would statutorily be enforced after passage of Finance Bill 2014 in Parliament.
In a statement he said these powers are against the government policy to minimize direct contact between a tax collector and taxpayer as it may be resulted in corruption and tax evasion. He further said that giving more powers to officers of FBR under Section 40-B would badly affect trade and industry as it totally negates the concept of self assessment. It is an institutionalized corruption, he added.
Yousuf Yaqoob, Acting Chairman also stated that earlier the Federal Finance Minister had to suspend the implementation of controversial SRO 351 (1)/2014 which was issued without consulting the business community. He, therefore, demanded review of powers given to the FBR officers under Section 40-B and urged the Federal Finance Minister to formulate business-friendly policies in consultation with all the stakeholders.