Traders happy as FBR suspends Section 153-A

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Weekly Updates - Traders' Diary

The business community has appreciated the Federal Board Road for suspending Section 153-A of Income Tax Ordinance 2001 on its demand.

LCCI President Farooq Iftikhar said that the Lahore Chamber of Commerce and Industry is thankful to the Chairman Federal Board of Revenue Ali Arshad Hakeem for fulfilling commitment made by him at an open house discussion at the LCCI in the presence of Prime Minister Raja Pervaiz Ashraf and Finance Minister Abdul Hafeez Sheikh.

He said that the issuance of SRO 1487 (I) 2012 would help strengthen liaison between the business community and the FBR as a large number of businesses were in deep trouble due to repeated issuance of notices to the businessmen despite an assurance by the FBR Chairman. He hoped that the Federal Board of Revenue would continue to facilitate the business community in future as well for the economic well being of the country.

The notification issued by the Federal Board of Revenue says: In exercise of the powers conferring by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Ordinance namely: In the aforesaid schedule part 4, after clause (79), the following new clause inserted. (80) The provision of Section 153-A shall not apply to any manufacturer till 30 June 2013.

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