Lahore: Pakistan Industrial & Trader Associations Front (PIAF) has hailed the Federal Minister for Finance Ishaq Dar for facilitating the business community through withdrawal of various tax measures.
In a statement issued here Friday, Acting Chairman PIAF Khamis Saeed Butt and Vice Chairman Amjad Ali Jawa said that the withdrawal of four key budgetary measures introduced through Finance Act 2013, namely waiving the condition of submission of CNICs/NTNs and addresses of unregistered retailers, reducing the penalty for non-filing of returns, abolishment of mandatory filing of wealth statement and restraining tax officials from accessing bank accounts of existing taxpayers would help promote economic activities in the country.
He said that business community was already in trouble due to energy shortage, high input cost and deteriorating law & order situation etc while cumbersome budgetary measures further deepened their worries but withdrawal of these measures by the Federal Finance Minister shows that government wants to promote business activities in the country.
They said that business community appreciates Federal Finance Minister Ishaq Dar who has given due consideration to the business community demands. They said the policy shift would help put economy back on rails on the one hand while it would not have any considerable financial impact as it has simply removal of a tax anomaly to facilitate the business community.
The PIAF office-bearers said that it has also further strengthen liaison between the government and the public sector that would help promote investment and cut unemployment rate in the country that has gone alarmingly high.
The PIAF Acting Chairman and Vice Chairman said that these relief measures would encourage people to come into the tax net.
Meanwhile, PIAF also welcomed the establishment of Income Tax Facilitation Desk at the Lahore Chamber of Commerce & Industry and termed it a step in right direction. They said that the Facilitation Desk would help business community to file their returns with ease.