Lahore Chamber of Commerce & Industry (LCCI) President Mian Abuzar Shad has condemned recent amendments to the Income Tax Ordinance 2001 and Federal Excise Act 2005, labelling them a severe threat to Pakistan’s business community.
The Presidential Ordinance grants the Federal Board of Revenue (FBR) sweeping powers, prompting Shad to call an emergency meeting of trade bodies to address the crisis.
Shad criticised Section 3A of the Income Tax Ordinance, which permits immediate tax recovery based on court decisions, bypassing standard legal processes. Clause 6A in Section 140 allows the FBR to freeze bank accounts and withdraw funds without notice, a move Shad called “unacceptable.” Additionally, Section 175C enables FBR officers to monitor business premises, compromising confidentiality and autonomy.
Amendments to the Federal Excise Act criminalise fake stamps and barcodes, while empowering other departments to conduct checks and seizures, potentially overstepping central authority. Shad warned that these measures endanger civil liberties, economic stability, and private enterprise.
Read: FBR Misses April Revenue Target by Rs110 Billion, Reports 30% Annual Growth
Shad announced an emergency meeting of all Chambers of Commerce and Trade Associations to counter the ordinance on Monday at the LCCI. The gathering aims to strategise a collective response to protect business interests and challenge the FBR’s overreach.
LCCI President Mian Abuzar Shad’s sharp critique of the FBR’s new tax ordinance highlights a critical threat to Pakistan’s business community. As trade bodies prepare to unite, the fight to safeguard economic autonomy intensifies. The outcome of Monday’s meeting could shape the future of business rights in Pakistan.
