Muhammad Ishtiaq Qureshi, Vice President, Islamabad Chamber of Commerce and Industry has greatly lauded the FBR’s decision to suspend multiple years audit notices u/s 177 vide its notification No.7(34)S-Asst/2008-Vol.1, dated 22nd May 2009. He said that this move will provide good relief to business community at a time when they were struggling hard due to multiple anti-business factors for keeping the wheel of economic activities in running condition. He said due to global economic meltdown, many developed and developing countries had come out with bail out packages for their business entities, but conditions in Pakistan were made tougher for taxpayers by issuing multiple years audit notices u/s 177 and this initiative had created a sense of frustration & harassment in business community as well. He said in the presence of self-assessment tax scheme, there was no justification for issuing multiple years audit notices.

ICCI Vice President said Mr. Ahmed Waqar, former Chairman, FBR and Mr. Shaukat Tarin, Advisor to Prime Minister on Finance during their visit to ICCI in recent past had assured the business community that multiple years audit notices would be withdrawn while FBR started dilly-dally tactics instead of withdrawing them. However, with the new move to suspend such notices has a sight of relief to traders and industrialists, he added.

Muhammad Ishtiaq Qureshi said instead of putting further burden on current taxpayers with more taxes, FBR should increase tax revenue by broadening the tax base with taxing those sectors that remained untaxed so far including agriculture. He assured that ICCI will provide all possible support to FBR in exploring new avenues of enhancing tax base. He also called upon traders and industrialists to pay their due share of tax to the national exchequer because without increasing tax revenue, no government can run its affairs and undertake/complete developmental projects smoothly.  He also thanked Mr. Shaukat Tarin, Advisor to PM on Finance for FBR’s positive move which will cool down the business community from further flaring up.