President of the Lahore Chamber of Commerce and Industry (LCCI), Kashif Anwar, expressed concerns about the negative impacts of SRO 350(I)/2024, dated March 7, 2024. This regulation links buyers’ tax return filings to their suppliers’ compliance, causing significant disruption if suppliers fail to comply. The potential for non-compliance threatens to halt operations across the entire supply chain, posing a serious risk to businesses at all levels.
Moreover, the SRO 350(I)/2024 mandates the submission of balance sheets that might contradict previously submitted data, further complicating compliance and raising alarm within the business community. Kashif Anwar praised the Prime Minister’s decision to defer the SRO’s implementation but emphasized the need for additional measures to prevent penalties for taxpayers. He reaffirmed the LCCI’s dedication to working with the government to resolve these issues and foster a supportive environment for business growth and investment. The business community is eagerly awaiting a response from the Prime Minister, hoping for a swift resolution to this pressing matter.
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