RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) on Sunday in an emergent meeting rejected SRO 351 (I) 2014 and called for its immediate withdrawal for the economic well-being of the country.
RCCI President Dr Shimail Daud Arain stated this in the emergent meeting held here at the Chamber.
Dr Shimail said that we are in consultation with other chambers of the country and a joint resolution will be announced soon. He said that federal minister for Commerce Khurrram Dastageer during his visit to RCCI vowed to eliminate SRO culture but the birth of this new SRO generates restlessness and sense of insecurity to the taxpayer business community, while tax evaders are enjoying the situation.
He was of the view that through such steps government will lose its expected tax collection. He further said that the SRO 351 (I) 2014 would not only multiply the problems of business community but it would also open up the floodgates of corruption because of the repeated intervention of government agencies in the smooth running of businesses.
The Rawalpindi chamber president said that the business community was unable to understand the logic behind issuance of SRO 351 (I) 2014 that has created a parallel assessment organization in the presence of Large Taxpayer Units (LTUs) and RTOs. He termed SRO 351 (I) 2014 a well thought-out plan to tarnish the image of a business friendly government that otherwise was working day in and day out to promote economic activities in the country.
Dr Shimail said that the shortage of electricity and gas had already pushed the businesses to the wall and they were striving for their survival therefore such measures were bound to give a bad name to the govt.
At this point in time when both the private sector and the government were putting in their best efforts to attract foreign investment in the country, the SRO 351 (I) 2014 would hit hard these measures.
He said that the SRO 351 (I) 2014 would also create a rift like situation among various government institutions as the powers given to DG Intelligence and Investigation, Inland Revenue, would severely be affecting the working of LTUs and RTOs.
He said that it was very unfortunate that the SRO 351 (I) 2014 was issued without even taking on board the chambers of commerce and industry in the country despite the assurance and now business community will decide its plan of action.
KARACHI: The Securities Exchange Commission of Pakistan’s (SECP’s) denial over the ...