FBR's Decision Welcomed To Seek Out Of Court Settlement Of Tax Related Cases

ISLAMABAD, (UrduPoint / Pakistan Point News - 13th Oct, 2016 ) : President of Islamabad Chamber of Commerce and Industry (ICCI) Thursday welcomed the Federal board of Revenue (FBR) decision to seek out of court settlement of tax related cases lying pending in various courts since long.

The ICCI termed it a wise move to improve the tax revenue of the country. He said this while talking to a delegation of Pakistan Chemists and Druggists Association Punjab that visited ICCI led by its Chairman Zahid Bakhtawari.

Khalid Iqbal said the FBR's revenue of around Rs.300 billion was reportedly stuck up due under litigation tax related court cases and said that seeking out of court settlement of such cases through dialogue with litigant parties would help the tax authority in improving its tax collection.

He also welcomed the FBR move to improve tax collection from non-taxpayers, non-filers and low tax payers through dialogue and hoped that such good moves would contribute positively towards promoting healthy tax culture in the country.

He said thousands of tax related cases were pending in courts throughout the country due to which the litigants were facing difficulties while the tax authority was losing tax revenue. He said out of court settlements of tax related court cases was the best approach to resolve disputes amicably.

Khalid Iqbal Malik emphasized that the FBR should also avoid conducting raids on business premises as it was creating lot of harassment in the business community. He said if FBR has any genuine case against any business enterprise for tax evasion, it should first approach the trade body of the concerned area to settle the matter amicably.

He said ICCI provided a good platform to discuss and resolve such issues on win-win situation. He suggested that FBR should adopt friendly approaches to bring potential taxpayers into the tax net and avoid coercive tactics that would be counterproductive for tax collection.