COAS Munir directs FBR to initiate dialogue with businessmen over arrest powers, penalties: FPCCI

Islamabad: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh with the trade and industry’s delegation met Chief of Army Staff (COAS) Field Marshal Syed Asim Munir to discuss the recently enacted expansions of the Federal Board of Revenue’s (FBR) powers. 

The Army chief assured them of his full support for the economic growth of the country, according to a FPCCI statement on Tuesday.

“Mr Atif Ikram Sheikh maintained that the business community is immensely thankful to Field Marshal Asim Munir for immediately directing that the new provisions; particularly those added under Sections 37A and 37B of the Sales Tax Act 1990, pertaining to arrest and detention; be held in abeyance; and, for instructing the FBR to enter meaningful and solution-oriented dialogue with stakeholders and address their concerns,” the FPCCI statement read.

The statement further said the delegation had presented a comprehensive overview of the challenges faced by the industrial sector – with particular emphasis on the recently enacted expansions of the FBR’s powers.

“Additionally, the GHQ will support economic activities in the country through the platform of Special Investment Facilitation Council (SIFC); fostering an environment of collaboration and trust.”

The business community’s delegation also called for interest rates to be brought down in line with inflation to stimulate businesses and economic activities. It also highlighted the delay in notification of the Export Facilitation Scheme (EFS) amendments relating to exclusion of cotton and cotton yarn from the scheme; and, imposition of an 18% sales tax on their imports, according to FPCCI statement.