Karachi Businessmen Group has hailed the appointment of Shabbar Zaidi as Federal Board of Revenue (FBR) chairman and hoped for concrete measures to resolve the long lasting issues of trade and industry. Karachi Businessmen Group SVP Muzzammil R Chappal said FBR notices to business people are creating panic and harassment on regular basis. This way of tax collection should be stopped, he urged.
He appreciated the first directive of the Shabbar Zaidi, for not attaching the bank account of a taxpayer unless his Chief Executive Officer is informed at least 24 hours prior to attachment and approval of the FBR chairman is obtained. KBG SVP said first step of the newly appointed chairman FBR is in a right way and it looks that he will meet the expectations of the business community, besides collecting higher tax revenue for the country.
The misuse of discretionary powers by the tax officials for recovery of arrears and attachment of bank account under Section 48 of Sales Tax Act, 1990 and Section 140 of Income Tax Ordinance 2001 was a major threat to the businessmen, he added.
Chappal hoped that FBR chief's directives would address the complaints of business community about the unnecessary harassment and attachment of the bank accounts for recovery of the disputed accounts from the bank accounts of the taxpayers without fulfilment of legal process.
In most of the cases bank accounts were attached without prior notice of the CEO/owner, he mentioned. He said PTI's new economic team led by Dr Abdul Hafeez Sheikh, is moving in a right direction and the continuation of economic policies will be resulted in long term growth.