LAHORE, (UrduPoint / Pakistan Point News – 27th Apr, 2024 ) Lahore Chamber of Commerce and Industry (LCCI) has appealed to Prime Minister Muhammad Shehbaz Sharif to intervene and stop the implementation of Statutory Regulatory Order (SRO) 350(I)/2024.
LCCI President Kashif Anwar expressed the concerns of the business community regarding the potential adverse effects of SRO 350(I)/2024 dated March 7, 2024, according to an LCCI spokesperson here on Saturday.
SRO 350 creates a critical link between the filing of tax returns by buyers and compliance by their suppliers. This measure has set off a worrying chain reaction where non-compliance between suppliers threatens to disrupt the entire system. Such a scenario could seriously affect businesses at all levels of the supply chain, bringing operations to a standstill.
In addition, the LCCI President stated that the requirement in SRO 350(I)/2024 to submit balance sheets which could conflict with the details previously submitted and for the record, the balance sheet could be examined from tax return data, thereby complicating compliance procedures regulations, which has raised considerable concerns within the business fraternity due to its perceived complexity and potential disruptions.
Kashif Anwar appreciated the Prime Minister’s recent announcement to postpone the implementation of SRO during an event in Karachi, but stressed the urgent need for more measures to save taxpayers from fines.
LCCI’s call to the Prime Minister comes amid mounting pressure from various sectors of the economy grappling with the consequences of compliance.
Kashif Anwar reiterated LCCI’s commitment to work constructively with the government to address these concerns and ensure an enabling environment for business growth and investment.
The business community is eagerly awaiting a response from the Prime Minister’s Office, hoping for a speedy resolution to the contentious issue to strengthen confidence and stability in the economic environment, Kashif Anwar said.
