Business Community Applauds COAS for Resolving Tax Issues

LAHORE: The business sector has conveyed its deep appreciation to Chief of Army Staff (COAS) Field Marshal Syed Asim Munir for his role in settling tax matters pertinent to businesses, according to reports on Saturday.

Business leaders lauded Field Marshal Munir for his steadfast backing in addressing enduring challenges encountered by the business fraternity. They remarked, “His prompt involvement signifies a great contribution to the business environment.”

During a press briefing at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional office, key figures including FPCCI Vice President and Regional Chairman Zain Iftikhar Chaudhry, Patron-in-Chief of the United Business Group (UBG) S M Tanveer, and President of the Lahore Chamber Mian Abu Zar Shad, among others, commended Field Marshal Munir’s vision for transforming Pakistan into a prominent Asian economy. They affirmed the business community’s solidarity with him in achieving this national goal.

They recognized that his endeavors have initiated a fresh phase of optimism and advancement for the private sector. Concerns were voiced regarding the revised Section 37A, which previously empowered Grade-16 officers to detain businesspersons—a measure regarded as unacceptable and damaging to business confidence.

“Intimidation will only deter investment and entrepreneurship,” they cautioned. “We are dedicated to contributing to the national treasury and do not condone tax evasion in any manner. However, when the interests of the business community are threatened, we will stand together, united and resolute,” they stated.

The business community across the country was congratulated on the successful revisions to Section 37A, hailed as a vital stride towards re-establishing trust and revitalizing the nation’s economy.

The leadership emphasized FPCCI’s continuous efforts over the last year and a half concerning Independent Power Producers (IPPs), noting that despite these efforts, the anticipated relief has not yet reached either businesses or the public.

Highlighting the pressing need to diminish the cost of conducting business, they emphasized that with a 50% tariff on Indian goods, Pakistan is uniquely positioned to boost its exports.

They appealed to the government to swiftly reduce electricity tariffs to 9 cents and lower interest rates to single digits to ensure Pakistan’s competitiveness in global markets, warning that inaction could result in export orders being diverted to other nations.

Finally, they voiced strong disapproval of SNGPL for retroactively imposing charges on gas bills from the preceding five years, deeming the action unfair and demanding its immediate cancellation.