Freezing of Businessmen accounts: FPCCI reacts

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Freezing of Businessmen accounts: FPCCI reacts

LAHORE (APP): Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman Mian Rehman Aziz said here Wednesday that attaching/freezing of bank accounts of business entities would add to hardships of businessmen.

He said Federal Board of Revenue (FBR) would not be able to meet its revenue target set for the year 2016-17 if such steps were not stopped, adding a number of FPCCI members have complained that FBR officials were conducing raids at various business houses and frozen their accounts without issuing any prior notice.

Mian Rehman Aziz urged the Federal Finance Minister to immediately stop the FBR from this practice that is pushing the tax payers to the wall, besides denting the reputation of a business-friendly government.

He said attachment of the bank accounts should be the last option but the RTOs/LTUs are wasting no time in taking action to meet revenue targets. FBR should facilitate business community, traders and economy, that would give a positive message to the local investors and encourage much-needed foreign investment, he added.

Regional Chairman said that FBR should also focus on controlling under-invoicing and curbing the menace of smuggling, besides expanding tax net.