'Documentation Is Must For Economic Growth'

Commissioner Income Tax Asim Majid Khan has said that documentation was must for economic growth and cooperation of the business community was very vital

LAHORE, (UrduPoint / Pakistan Point News - 17th Oct, 2019 ):Commissioner Income Tax Asim Majid Khan has said that documentation was must for economic growth and cooperation of the business community was very vital.

He was speaking at the Lahore Chamber of Commerce & Industry (LCCI) on Thursday.

The commissioner said that trust building between the business community and the Federal Board of Revenue (FBR) would help tackle issues in a good manner.

He said that everyone should fulfill his responsibility by paying taxes.

He said the FBR had taken good measures regarding bank account attachment and audit. "We are ready to talk with traders at the platform of the LCCI", Asim Majid Khan said and added that:" Our doors are always open".

Speaking on the occasion, LCCI President Irfan Iqbal Sheikh said an effective system should be developed for early payments of refunds.

Irfan Iqbal Sheikh said tax return form should be easy to understand and should be on a single page.

The LCCI president proposed that new taxpayers should be given exemption from tax audit for at least four years that would encourage others to come into the tax net.

LCCI Vice President Mian Zahid Jawaid Ahmad also highlighted the issues being faced by traders.

Former presidents Bashir A Baksh and Mian Muzaffar Ali, former senior vice president Mian Tariq Misbah, executive committee members and others were also present.