Extension in period for IT exemption certificate sought
Lahore: Pakistan Industrial and Traders Associations Front (PIAF) has called for extension in period for income tax exemption certificate under income tax ordinance 2001. The PIAF Chairman Sohail Lashari in a statement on Monday said that income tax exemption certificate should be issued for one year instead of three months. He said that one month is wasted in process and business community gets only two months.
He said that the FBR should make policies to ensure a relief to businessmen but it always comes up with anti-business methodologies. He also added that the situation is also very worst for those tax payers who has paid advance tax Under Section 148 at import stage in excess of their actually advance tax liability of the tax year Under Section 147 of the Income Tax Ordinance, 2001 are still received quarterly exemption certificate instead of one year Under Section 153 & 159 of the said ordinance.
Lashari said that the economic situation is not as rosy as being painted by government circles as electricity and gas crisis are causing closure of businesses on daily basis. Many industrial units had already shifted their operations to other countries, he said and added that the situation of foreign investment is also very alarming.
The FBR Chairman should review all the policies with an objective to facilitate the businesses. PIAF has already invited the attention of the Finance Minister towards the challenges being faced by the businessmen in Punjab but unfortunately no corrective measures have so far been taken, he said. He also urged the Finance Minister to intervene into the issue and direct the FBR Chairman for extension in period for issuance of Income Tax Exemption Certificate.