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LAHORE, Feb 13 (APP):Lahore Chamber of Commerce and Industry (LCCI) and ACCA Pakistan have agreed to set up a tax clinic at LCCI for the awareness of the business community.
The weekly tax clinic at LCCI will provide necessary information to the business community and they will also be able to discuss taxation related issues with the senior experts.
This was decided during an awareness session on Audit Proceedings and Section 122(5), Notice for Re-Assessment to understand the compliance with taxation regulations, here on Tuesday.
The session, chaired by LCCI President Kashif Anwar, saw a notable participation from business stakeholders eager to grasp the nuances of taxation procedures. Chairman MNP & Taxation Committee at ACCA Pakistan Omer Zaheer Malik, delivered a comprehensive presentation, shedding light on crucial aspects of audits and assessments.
President LCCI Kashif Anwar underscored the significance of comprehending the taxation system to address prevalent apprehensions surrounding audit proceedings. He emphasized that the fear often stems from a lack of knowledge and the perceived complexity of the tax structure.
Kashif Anwar emphasized on the importance of documentation and said that because of the introduction of technology in all the departments, the departments are now integrated and it is hard to hide anything from the authorities.
He said that it is important that every business should be documented which also help them in audit and any other tax related matter. He said that such sessions will be held on regular basis.
During the presentation, Omer Zaheer Malik explained the details of audits and outlined its purpose which is to scrutinize an organization’s finances and books to identify any potential misreporting of business activity. He provided detailed insights into the audit process, aiming to clarify misconceptions and enhance participants’ understanding.
The session served as a platform for constructive dialogue, enabling attendees to engage with experts and clarify their queries regarding taxation practices. By fostering awareness and knowledge-sharing, the LCCI aims to empower businesses to navigate taxation procedures effectively, thereby promoting compliance and fostering a conducive business environment.
At the end, question and answer session was also held.