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Home Opinion & Editorial Opinion

Finance Bill and business community

Muhammad Naeem Qureshi by Muhammad Naeem Qureshi
June 27, 2021

The federal Budget 2021-22 has been praised by the business community and many of their suggestions have certainly been included. However as usual, the bureaucrats, in keeping with their tradition, have tried to prevent it from becoming completely business and public–friendly budget.

That is why complaints are being lodged from various sections, even from the Federation of Pakistan Chambers of Commerce and Industry. In this regard, friends from various fields have asked me as a columnist to raise this serious issue. Let’s have a look into how our bureaucrats have damaged the vision of the Prime Minister Imran Khan indirectly.

According to a report published in a private newspaper, an attempt was being made to give the Federal Board of Revenue (FBR) the powers of the Supreme Court. The FBR has proposed amendments to the Income Tax Ordinance through the Finance Bill 2021 to protect the illegal actions of its officers. In this regard, FBR sources said that these amendments have been included in the Finance Bill after the ratification of the Law Division.

The federal government has proposed an amendment to section 111 of the Income Tax Ordinance 2001 on concealment of income through the Finance Bill 2021. The government has proposed an amendment to sub-clause 5 of section 111, which states that the taxpayers should be asked about the sources of income, the amount credited, the value of the investment amount and declared expenses.

Section R-155 of the Customs Act has also been amended by the new Finance Bill 2021.  Under Section 156 of the Customs Act, a penalty of Rs1 lakh will be levied for the first error in GD, Rs0.5 million will be levied for the second time. If such a mistake is caught for the third time, the importer/exporter will be fined Rs1 million. If a mistake is made in the goods declaration for the fourth time, all items will be confiscated.

Under the existing law, if a consignment is not accompanied by an invoice and packing list, a fine of Rs5,000 will be levied. But in the Finance Bill 2021, it was proposed that if the invoice and packing list is not available, a fine of Rs1 lakh will be levied for the first time, Rs5 lakh for the second time and for the fourth time all goods will be confiscated.

Criminals are not fined as much as the business community. After such amendments, weapons will fall into the hands of the bureaucracy and these coercive methods will never increase revenue.

Currently, it is gratifying to know that after the protests of the business community, the FBR has formed two committees to address the legal and technical shortcomings in the Finance Bill. Naeem Akhtar Sheikh will be the chairman of a technical committee, while Chaudhry Muhammad Tariq, a member of the FBR, will be the co-chairman and Syed Hamid Ali will be the member of the customs policy. The second Business Committee will be chaired by HBL Chairman Sultan Ali Alana, while the co-chairmen will be FBR Member ITR Policy Chaudhry Muhammad Tariq and Customs Policy Member Syed Hamid Ali.

The committees will re-examine the legal and technical shortcomings and advise the FBR to rectify them. We believe that these committees will fully represent the business community and will fully oppose any kind of oppressive law.

Top FBR officials should at least think that those who are coming into the tax net and playing a role in the national economy in one way or another are definitely its backbone. Where is the wisdom in giving the FBR the power to arrest such people?

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