LAHORE: The Lahore Chamber of Commerce and Industry has urged the Federal Board of Revenue to immediately withdraw SRO 115(I) 2014 that would encourage the flight of capital from the country.
In a statement issued here, the LCCI President Engineer Sohail Lashari said that the said SRO would compel the businessmen to stay away from banks or maintain accounts out of this country, which would result in flight of capital.
As per SRO 115(I) 2014 issued by FBR, banks are bound under section 165A of the Income Tax Ordinance to share with FBR the non-NTN holders’ monthly statements of deposit, credit card payment and currency and suspicious transactions. Moreover, the rule obliges every bank to furnish to FBR an annual statement of written-off loan exceeding one million rupees. FBR has also asked the banks to give it online access to their database of the clients, containing details of accountholders and all their transactions.
The LCCI President said that this unfair step will create more problems not only for the accountholders but also for the banks as people whose accounts information is being shared with FBR, will prefer to stay away from banks. Engineer Sohail Lashari said that giving access of confidential information to FBR will open up the floodgates of corruption as unscrupulous elements will get a perfect opportunity to exploit accountholders for personal benefits.
Engineer Sohail Lashari urged Prime Minister Mian Muhammad Nawaz Sharif, Federal Finance Minister Ishaq Dar and Chairman Federal Board of Revenue Tariq Bajwa to immediately revoke this unjust SRO which has triggered anxiety amongst businessmen.