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LAHORE, Aug 08 (APP):Lahore Chamber of Commerce & Industry (LCCI) President Mian Abuzar Shad Friday expressed optimism that pro-business amendments made in the Finance Act 2025 on the LCCI’s demand, would serve as a cornerstone for a new era of economic revival, pave the way for sustained progress, enhance investor confidence and shared prosperity for both the business community and the national economy.
He was addressing a press conference, along with Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry and former LCCI president Muhammad Ali Mian here at Lahore Chamber.
The LCCI President said that the Federal Board of Revenue has decided to implement a transparent and structured procedure before initiating inquiries under sub-sections 8 and 9 of Section 37A of the Sales Tax Act 1990. For this purpose, Sales Tax General Order No. 02 of 2025 has been issued.
Mian Abuzar Shad extended heartfelt thanks to Prime Minister Shehbaz Sharif, Deputy Prime Minister & Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Interior Minister Mohsin Naqvi, Federal Minister Ali Pervaiz Malik, SAPM Haroon Akhtar, Bilal Azhar Kayani, Governor Punjab Sardar Saleem Haider and FBR Chairman Rashid Langrial.
He paid rich tribute to Pakistan’s Chief of Army Staff, Field Marshal General Asim Munir, Chairman Joint Chiefs of Staff Committee General Sahir Shamshad, SIFC’s General Sarfraz and General Asad Cheema, for listening attentively to the Chamber’s concerns and ensuring their implementation. They have proven that while Pakistan’s defense remains impregnable, our military leadership is equally committed to strengthening the nation’s economic frontiers.
Mian Abuzar Shad also lauded the efforts KCCI President Javed Balwani, former LCCI presidents Mian Anjum Nisar and Muhammad Ali Mian, former senior vice president Ali Hussam Asghar, former vice president Faheem Rehman Saigol, Kh. Shahzaib Akram, Gohar Ejaz and S.M. Tanveer.
He revealed that multiple Zoom meetings were held with government representatives, alongside seven visits to Islamabad. “Our consistent stance was that no inquiry or legal action should be initiated without prior consultation with business community representatives, to prevent fear and to build trust,” he added.
The LCCI President explained that under the original budget provision of Section 37A, FBR officers had unlimited powers to arrest, creating serious concerns within the business community. Now, no arrest will be made unless approved by a three-member committee nominated by the FBR Chairman and relevant chambers will be taken into confidence — ensuring transparency.
He said that concerns over the immediate rollout of e-invoicing had been addressed: it will be implemented in phases, beginning with multinational companies and will be operated solely via FBR’s PRAL system, with nationwide awareness sessions beforehand.
Regarding the controversial Clause 21(S) that disallowed 50 percent of expenses on cash payments exceeding Rs 200,000, Mian Abuzar Shad confirmed that FBR has now clarified: if payment is deposited directly into a seller’s bank account, it will be deemed as made via the banking channel, effectively removing the limit.
“These reforms are transparent, practical and designed to boost the confidence of Pakistan’s business community, reduce unnecessary legal complications and foster sustained economic growth,” he said.
He expressed deep gratitude once again to Field Marshal Asim Munir for extending a two-hour meeting to three and a half hours to listen to business concerns and appealed to the government to ensure the protection of local and foreign investors.