FAISALABAD: Tax bars and Chambers of Commerce and Industry must forge their productive relationship to facilitate and provide much needed awareness to their members regarding tax laws, said Rana Munir Hussain President Pakistan Tax Bar Association (PTBA).
Addressing a “Post Budget Seminar” about “Federal Finance Bill-2022-2023” in Faisalabad Chamber of Commerce and Industries (FCCI), he said that both institutions are non-profit earning entities and their basic objective is to facilitate their members. He said that income tax practitioners are only meant to serve the taxpayers and they have nothing to do with the non-taxpayers. He said that we have a very clear vision that every individual must pay “Due Tax” and similarly FBR must collect the “Due Tax”.
He said that it is very difficult to earn in Pakistan, but it is more difficult to save hard earned money from the tax authorities. He said that a minor negligence or mistake on the part of taxpayers could deprive him from his hard earned money. “Hence, tax practitioners are duty bound to protect the legitimate rights of the business community and taxpayers”, he added.
Regarding “Benami Act”, he said that it is a very serious issue as under this legislation Benamidar and its Beneficial Owners both could be locked up while the government will become the owner of the disputed property under the Benami Act. He said that hence we should take very cautious measures to avoid this situation. About the investors dealing in property and housing colonies, he said that they were in a quandary about the “unsold plots”, however now these plots have been declared as “stock in trade” and in this connection legislation has been made and it would be announced very soon. He said that the “File Holders” of the plots would start receiving notices from the FBR immediately after the implementation of this law.
He also underlined the issue of “Residents” and said that any Pakistani who is not resident of any other country would be considered “Resident of Pakistan” and he must fulfill his tax liability in the country.
About arbitration committees, he said that he is personally against this arrangement as under this law both parties have to give their written consent that they would accept the decision of the arbitration committee and thus they become deprived of their right to appeal.
He appreciated Faisalabad Tax Bar Association for organizing this event and also thanked FCCI for cooperating with this Tax Bar Association. He hoped that this seminar would give in-depth knowledge to the young tax practitioners, and they would be in a better position to plead for their clients.
Earlier Rana Faiz Ahmed Vice President FCCI welcomed the participants of the “Post Budget Seminar” and said that Tax Bars and Chambers play their due role by presenting budget proposals to the ministry of commerce ahead of budget formulation. “In this connection activities start from February to March followed by regular consultations with the stakeholders”, he said and added that despite these efforts all these arrangements seem “superficial” and the budget is imposed against the wishes of the people and business community. He said there is a grey area, and we must collaborate to play our collective role in budget formulation before the passage of the Finance Bill. In this connection, he floated a proposal to ink “MOU” between FCCI and Faisalabad Tax Bar Association.
Earlier Qammar uz Zaman Chaudhry General Secretary Pakistan Tax Bar Associations and Zahid Attique Former President Lahore Tax Bar Association gave detailed and critical presentations on Direct Taxes (Income Tax) and Indirect Taxes (Sales Tax) respectively.
Copyright Business Recorder, 2022