The Lahore Chamber of Commerce and Industry (LCCI) has expressed deep concerns regarding the steep charges imposed for electronic compliance as stipulated under SRO 428(I)\/2024.
\nAccording to the LCCI spokesman here Tuesday told media here Tuesday that in a letter to Prime Minister Shehbaz Sharif, LCCI President Kashif Anwar said that these charges would be placing more burden on the business community.
\nThe LCCI President said that the business community in Pakistan is facing severe economic challenges including inflation, rupee devaluation, high energy costs and high interest rate.
\nKashif Anwar conveyed deep concerns regarding the exorbitant charges quoted by the sole license holder for integrating electronic invoicing systems with the Federal Board of Revenue (FBR) as mandated by SRO 428(I)\/2024 dated March 22, 2024.
\nHe said that the business community has already been adversely affected by recent amendments to the Finance Act 2024, as well as certain SROs including SRO 350(I)\/2024 and SRO 1842(I)\/2023.
\nHe said that in the context, the one-time setup fee of Rs 1,500,000 and annual maintenance charges of Rs 3,500,000 or Rs 60 per invoice (whichever is higher) are prohibitively high for commercial businesses. .<\/p>\n
He said that such costs threaten the viability of many businesses and could lead to their closure. \u201cConsidering the resources and grants allocated for automation, we strongly believe that the cost of installation and maintenance for the online integration of businesses should be minimal to avoid undue financial stress on taxpayers and to enhance documentation,\u201d the LCCI President added.
\nKashif Anwar said that challenges being faced by the business community require thoughtful strategies and policies to support business sector and economic growth.
\nHe urged the Prime Minister to intervene promptly to address these issues and ensure that a fair and sustainable solution is implemented.
\nThe LCCI President reaffirmed his support for government efforts to promote documentation and expand the tax base, expressing confidence that under the Prime Minister\u2019s visionary leadership, the Pakistani economy will see a significant turnaround.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Lahore Chamber of Commerce and Industry (LCCI) has expressed deep concerns regarding the steep charges imposed for electronic compliance as stipulated under SRO 428(I)\/2024. According to the LCCI spokesman here Tuesday told media here Tuesday that in a letter to Prime Minister Shehbaz Sharif, LCCI President Kashif Anwar said that these charges would be […]<\/p>\n","protected":false},"author":2,"featured_media":421685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-423197","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n