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LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) expressed optimism on recent pro-business amendments in the Finance Act 2025, viewing them as pivotal for economic revival and enhanced investor confidence. LCCI President Mian Abuzar Shad, speaking at a press conference with key LCCI figures, highlighted the amendments as crucial for fostering national economic progress.
Shad announced that the Federal Board of Revenue (FBR) has introduced a structured process for inquiries under the Sales Tax Act 1990, through Sales Tax General Order No. 02 of 2025. He extended gratitude to various government figures including Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb for their support.
Acknowledging the military’s role, Shad praised Field Marshal General Asim Munir for addressing the chamber’s concerns, noting that recent tariff advantages over India were results of strategic diplomatic engagements.
The amendments address previous concerns about FBR officers’ powers under Section 37A, now requiring approval from a three-member committee before arrests, ensuring transparency and confidence among businesses.
He also shared that e-invoicing will be phased, starting with multinationals, and will be supported by nationwide awareness sessions. Additionally, Clause 21(S) regarding cash payments has been clarified to ease business transactions.
Shad emphasized these reforms are designed to boost business confidence, reduce legal complexities, and stimulate economic growth. He urged the government to protect investors and resolve business challenges with urgency, citing recent property seizure concerns.
The LCCI remains hopeful that such collaborative efforts will continue to prioritize economic stability and transparency in the tax system.