Close Menu
World Economist – Global Markets, Finance & Economic Insights
  • Home
  • Economist Impact
    • Economist Intelligence
    • Finance & Economics
  • Business
  • Asia
  • China
  • Europe
  • Economy
  • USA
    • Middle East & Africa
    • Highlights
  • This week
  • World Economy
    • World News
What's Hot

Yen keeps recovering after remarks by Japanese officials

July 10, 2025

Why China’s yuan can be safe-haven currency – former bank official flags its ‘advantages’

July 10, 2025

Explainer | Svelteness in China is a US$150 billion market, with dozens of drug producers vying for it

July 10, 2025
Facebook X (Twitter) Instagram
Thursday, July 10
Facebook X (Twitter) Instagram
World Economist – Global Markets, Finance & Economic Insights
  • Home
  • Economist Impact
    • Economist Intelligence
    • Finance & Economics
  • Business
  • Asia
  • China
  • Europe
  • Economy
  • USA
    • Middle East & Africa
    • Highlights
  • This week
  • World Economy
    • World News
World Economist – Global Markets, Finance & Economic Insights
Home » LCCI chief criticizes amendments to Income Tax Ord, Federal Excise Act – Business & Finance
Economist Intelligence

LCCI chief criticizes amendments to Income Tax Ord, Federal Excise Act – Business & Finance

adminBy adminMay 4, 2025No Comments2 Mins Read
Share Facebook Twitter Pinterest Copy Link LinkedIn Tumblr Email VKontakte Telegram
Share
Facebook Twitter Pinterest Email Copy Link
Post Views: 42


LAHORE: President of the Lahore Chamber of Commerce & Industry (LCCI), Mian Abuzar Shad, has termed the recent amendments made through Presidential Ordinance to the Income Tax Ordinance 2001 and the Federal Excise Act 2005 as dangerous for the business community.

He stated that the extraordinary powers granted to the Federal Board of Revenue (FBR) through this ordinance threaten private business autonomy, civil liberties, and the stability of the economy. Responding immediately, Mian Abuzar Shad has called for an emergency meeting of all Chambers of Commerce and Trade Associations across the country, to be held at the Lahore Chamber on Monday at 11:00 AM, in order to formulate a united course of action on the issue.

He expressed grave concern over the newly added Section 3A in the Income Tax Ordinance, which allows immediate tax recovery based on a High Court or Supreme Court decision, bypassing the due legal process. Similarly, Clause 6A added to Section 140 empowers the FBR to freeze a taxpayer’s bank account and withdraw funds without any prior notice or legal proceedings, which he declared unacceptable.

According to the LCCI President, the newly inserted Section 175C authorizes the FBR to appoint its officer in any business premises to monitor production, services, and stock—an act considered a direct breach of business confidentiality and a blatant intrusion into private enterprise.

Furthermore, amendments to the Federal Excise Act have criminalized the use of fake stamps, barcodes, or labels, tightening the grip on businesses. Granting powers of checking and confiscation to other departments could undermine the constitutional jurisdiction of central authorities.

Mian Abuzar Shad emphasized that enforcing such an ordinance under Article 89 of the Constitution without parliamentary approval goes against democratic norms. He urged the government to immediately review the ordinance and move forward with legislation only after taking all stakeholders into confidence.

Copyright Business Recorder, 2025



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram Copy Link
admin
  • Website

Related Posts

Economist Intelligence

Intra-day update: rupee sees slight gain against US dollar – Markets

July 10, 2025
Economist Intelligence

Bulls return to bourse, KSE-100 gains over 1,000 points – Markets

July 10, 2025
Economist Intelligence

SBP selects PDs, SPDs for current fiscal year – Business & Finance

July 10, 2025
Economist Intelligence

Panda Bond: MoF makes pre-marketing initiatives – Business & Finance

July 10, 2025
Economist Intelligence

Remittances from workers at a record high – Business & Finance

July 10, 2025
Economist Intelligence

Nepra okays Rs4.043/kWh negative adjustment for KE, 50 paisa per unit for Discos – Business & Finance

July 10, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

Intra-day update: rupee sees slight gain against US dollar – Markets

July 10, 2025

Bulls return to bourse, KSE-100 gains over 1,000 points – Markets

July 10, 2025

SBP selects PDs, SPDs for current fiscal year – Business & Finance

July 10, 2025

Panda Bond: MoF makes pre-marketing initiatives – Business & Finance

July 10, 2025
Latest Posts

PSX hits all-time high as proposed ‘neutral-to-positive’ budget well-received by investors – Business

June 11, 2025

Sindh govt to allocate funds for EV taxis, scooters in provincial budget: minister – Pakistan

June 11, 2025

US, China reach deal to ease export curbs, keep tariff truce alive – World

June 11, 2025

Subscribe to News

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Recent Posts

  • Yen keeps recovering after remarks by Japanese officials
  • Why China’s yuan can be safe-haven currency – former bank official flags its ‘advantages’
  • Explainer | Svelteness in China is a US$150 billion market, with dozens of drug producers vying for it
  • Malaysian teenage couple charged with murder of Cyberjaya student in dorm
  • Intra-day update: rupee sees slight gain against US dollar – Markets

Recent Comments

No comments to show.

Welcome to World-Economist.com, your trusted source for in-depth analysis, expert insights, and the latest news on global finance and economics. Our mission is to provide readers with accurate, data-driven reports that shape the understanding of economic trends worldwide.

Latest Posts

Yen keeps recovering after remarks by Japanese officials

July 10, 2025

Why China’s yuan can be safe-haven currency – former bank official flags its ‘advantages’

July 10, 2025

Explainer | Svelteness in China is a US$150 billion market, with dozens of drug producers vying for it

July 10, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Archives

  • July 2025
  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • June 2024
  • October 2022
  • March 2022
  • July 2021
  • February 2021
  • January 2021
  • November 2019
  • April 2011
  • January 2011
  • December 2007
  • July 2007

Categories

  • AI & Tech
  • Asia
  • Banking
  • Business
  • Business
  • China
  • Climate
  • Computing
  • Economist Impact
  • Economist Intelligence
  • Economy
  • Editor's Choice
  • Europe
  • Europe
  • Featured
  • Featured Business
  • Featured Climate
  • Featured Health
  • Featured Science & Tech
  • Featured Travel
  • Finance & Economics
  • Health
  • Highlights
  • Markets
  • Middle East
  • Middle East & Africa
  • Middle East News
  • Most Viewed News
  • News Highlights
  • Other News
  • Politics
  • Russia
  • Science
  • Science & Tech
  • Social
  • Space Science
  • Sports
  • Sports Roundup
  • Tech
  • This week
  • Top Featured
  • Travel
  • Trending Posts
  • Ukraine Conflict
  • Uncategorized
  • US Politics
  • USA
  • World
  • World & Politics
  • World Economy
  • World News
© 2025 world-economist. Designed by world-economist.
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.