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Lahore: In a significant move, the Federal Board of Revenue (FBR) has suspended the controversial affidavit requirement for Chief Financial Officers (CFOs) following strong advocacy by the Lahore Chamber of Commerce and Industry (LCCI). The requirement, which was deemed unreasonable by many, necessitated CFOs to guarantee compliance throughout their supply chains.
According to Lahore Chamber of Commerce and Industry, this policy change was driven by the steadfast efforts of LCCI President Mian Abuzar Shad, who effectively represented industry concerns. His advocacy was crucial in overturning a decision that could have placed a considerable burden on businesses across Pakistan.
Leaders from various business sectors have expressed relief and gratitude for the suspension of the affidavit requirement. Mian Anjum Nisar, former Chief of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), along with other past LCCI officials including Muhammad Ali Mian and Ali Hussam Asghar, commended Mian Abuzar Shad for his leadership in challenging and mitigating potentially stifling regulations.
The broader business community, including Khawaja Shahzeb Akram, Tahir Manzoor Chaudhry, Babar Mahmood, Yousaf Shah, and Imran Asghar, have also voiced their support for the LCCI’s role in advocating for pragmatic policy reforms. In response to the widespread support from the business community, LCCI President Shad expressed his gratitude and reiterated the Chamber’s commitment to fostering policies that enhance business growth and economic development in Pakistan.
The post FBR Rescinds Affidavit Requirement for CFOs After LCCI Advocacy appeared first on Pakistan Business News.