LAHORE- The Lahore Chamber of Commerce and Industry has urged the masses to play their vital role for tax net expansion and also urged the trade and industrial associations to educate their members about the benefits of becoming taxpayers by filing returns. LCCI President Kashif Anwar said that the withholding tax rates are very high for the non-filer as compared to the filer and now it is not feasible for the masses to remain out of the tax net. He said that the systems of tax return authorities are integrated and it is not possible for anyone to hide his assets or capital for a long period. He said that all these information are now available on the portal of FBR. He said that it would be better for the masses to file their returns before the action by the government. In a letter written to the heads of trade and industrial associations, President of the Lahore Chamber of Commerce and Industry Kashif Anwar said that the broadening of the tax base has become crucial for the survival of Pakistan economy. A reasonable proportion of tax revenue to the gross domestic product (GDP) ratio is the key to running the administrative affairs of the country, ranging from defence to development and security to social welfare.
The LCCI president said that the legal framework has placed a strong emphasis on the accuracy and transparency of documentation, making it crucial for businesses to maintain record. He said that failing to disclose assets in the wealth declaration statement, the said assets can be owned by the government and the government may at any point claim them under Pakistan’s Benami law.
“In view of the above, the associations are requested to play their due role in educating the members about the benefits of becoming taxpayers by filing returns”, Kashif Anwar wrote in the letter.
He added that encouraging tax compliance will not only be helpful for smooth running of their businesses but would also contribute to strengthening the Pakistan’s economy and national exchequer.
President of the Lahore Chamber of Commerce and Industry Kashif Anwar urged the businessmen to perform their national obligation by filing their tax returns.
He further stated that this year has been declared as Business Compliance and Facilitation and the Lahore Chamber is continuously organizing seminars and workshops to create awareness. He said that the Lahore Chamber of Commerce and Industry is ready to assist for the tax net expansion.