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 19th, 2014.
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 19th, 2014.