LAHORE: President of the Lahore Chamber of Commerce & Industry (LCCI), Kashif Anwar, in a meeting with Focal Person of the Punjab Revenue Authority (PRA) Omer Farooq Khan urged LCCI members to submit their pending Sales Tax Returns and Workers Welfare Fund (WWF) payments as the financial year 2023-24 draws to a close.

With the deadline set for June 18, 2024, LCCI President highlighted the critical importance of compliance. He urged all LCCI members to ensure that their PRA Sales Tax Returns and any due taxes are submitted promptly.

“Timely submission of these returns not only facilitates smooth business operations but also upholds our collective commitment to regulatory compliance,” Kashif Anwar stated.

In addition to stressing the importance of meeting tax deadlines, He advocated for a more supportive approach towards taxpayers. He emphasized that entering the tax net should be incentivized with benefits rather than penalties and punishment for those not yet registered.

“We believe that taxpayers should be given benefits for entering into the tax net. A punitive approach can deter compliance and discourage businesses from coming forward,” he remarked.

Kashif Anwar also reaffirmed LCCI’s commitment to broadening the tax net and called for all tax-related policies to be developed in close consultation with stakeholders.

“LCCI has always strived for the broadening of the tax net, and it is crucial that we engage with stakeholders to create policies that are fair and conducive to business growth,” he added.

Copyright Business Recorder, 2024