Justification demanded: SITE body questions FBR powers

SITE Association of Industry acting chairman says giving more power would adversely affect trade and industry.

KARACHI: SITE Association of Industry Acting Chairman Yousuf Yaqoob has expressed  concern over unbridled powers given to the Federal Board of Revenue (FBR) officers under Section 40-B of Sales Tax Act, 1990 which would statutorily be enforced after the Finance Bill 2014 has been approved by the Parliament. In a statement on Wednesday, he said that these powers are against the government policy to minimise direct contact between a tax collector and taxpayer as it may resulte in corruption and tax evasion. He further said that giving more power under Section 40-B would adversely affect trade and industry as it totally negates the concept of self-assessment. It is tantamount to an institutionalised corruption, he added. Yaqoob added that the finance minister earlier had to suspend the implementation of the controversial SRO 351 (1)/2014 that was issued without consulting the business community.

Published in The Express Tribune, June 19^th, 2014.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.