LAHORE: The Lahore Chamber of Commerce and Industry has expressed deep concerns regarding the steep charges imposed for electronic compliance as stipulated under SRO 428(I)/2024.
In a letter to Prime Minister Shehbaz Sharif, President of the Lahore Chamber of Commerce and Industry Kashif Anwar said that these charges would be placing more burden on the business community.
The LCCI President said that the business community in Pakistan is facing severe economic challenges including inflation, rupee devaluation, high energy costs and high interest rate.
Kashif Anwar conveyed deep concerns regarding the exorbitant charges quoted by the sole license holder for integrating electronic invoicing systems with the Federal Board of Revenue (FBR) as mandated by SRO 428(I)/2024 dated March 22, 2024.
He said that the business community has already been adversely affected by recent amendments in the Finance Act 2024, as well as certain SROs, including SRO 350(I)/2024 and SRO 1842(I)/2023.
He said that in the context, the one-time setup fee of Rs1,500,000 and annual maintenance charges of Rs3,500,000 or Rs60 per invoice (whichever is higher) are prohibitively high for commercial businesses.
He said that such costs threaten the viability of many businesses and could lead to their closure. “Considering the resources and grants allocated for automation, we strongly believe that the cost of installation and maintenance for the online integration of businesses should be minimal to avoid undue financial stress on taxpayers and to enhance documentation,” the LCCI President added.
Kashif Anwar said that the challenges being faced by the business community require thoughtful strategies and policies to support business sector and economic growth.
He urged the Prime Minister to intervene promptly to address these issues and ensure that a fair and sustainable solution is implemented.
The LCCI President reaffirmed his support for government efforts to promote documentation and expand the tax base, expressing confidence that under the Prime Minister’s visionary leadership, Pakistani economy will see a significant turnaround.
Copyright Business Recorder, 2024