Press Release

LCCI President hails FBR's plan to register one million

President of the Lahore Chamber of Commerce and Industry (LCCI), Kashif Anwar expressed appreciation for the efforts of the Federal Board of Revenue (FBR) to register one million non-filers of income tax returns as this would definitely give relief to existing filers.  "The FBR's initiative to broaden the tax base by registering one million non-filers is a commendable step towards creating a more robust and inclusive tax system", said Kashif Anwar and added that the use of third-party data and the Board's central database reflects a commitment to modernizing tax policies and ensuring compliance. He highlighted the significance of separating tax policy from the FBR as part of broader reform initiatives, emphasizing the need for a strategic approach to enhance tax revenue.

President LCCI lauded the identification of new taxpayers through data analysis, including mobile phones and CNICs, as a forward-looking measure. "This data-driven approach not only streamlines the registration process but also leverages technology to identify potential taxpayers efficiently," he remarked.

The LCCI President also acknowledged the FBR's collaboration with the IMF technical team, emphasizing the importance of international cooperation in implementing effective reforms. "The engagement with the IMF is a positive sign of Pakistan's commitment to fiscal discipline and transparency," Kashif Anwar stated.

In addition to tax reforms, President LCCI turned his attention to the soaring performance of the Pakistan Stock Exchange (PSX), which recently crossed the significant milestone of 60,000 points. "The PSX's remarkable surge reflects investor confidence and optimism in the market. The expectations of foreign currency inflows, coupled with the anticipation of interest rate cuts, have led to increased investments from both individual and institutional investors," noted Kashif Anwar.

He highlighted the diverse sectors contributing to the market rally, including textile, technology, food, banking, and steel stocks. He acknowledged the role of the State Bank of Pakistan in fostering a favorable investment environment.

Shifting focus to diplomatic relations, LCCI President Kashif Anwar, Senior Vice President Zafar Mahmood Chaudhry and Vice President Adnan Khalid Butt praised the bilateral visit of Caretaker Prime Minister Anwaarul Haq Kakar to the United Arab Emirates. "The visit to the UAE signifies Pakistan's commitment to strengthening ties with key partners.

They concluded by commending the Prime Minister's upcoming representation of Pakistan at the 28th Conference of Parties (COP-28) in the UAE, particularly on climate finance and related issues.

They said that the Caretaker PM revealed major investment commitments from Saudi Arabia, Qatar, and the UAE. These investments, termed "clear" and "tangible," result from the diligent efforts of the Special Investment Facilitation Council (SIFC) in identifying lucrative sectors.

"Pakistan's active participation in international forums demonstrates our dedication to addressing global challenges and contributing to meaningful solutions," They remarked, emphasizing the importance of collaboration and diplomacy in advancing the country's interests on the global stage.