ovt urged to develop consensus among stakeholders on VAT

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) Wednesday urged the government to put off the implementation of value-added tax (VAT) until and unless a consensus is developed among all the stakeholders including all the chambers and trade bodies in the country. In a joint statement LCCI President Zafar Iqbal Chaudhry and Senior Vice President Faisal Iqbal Sheikh said that there were a number of points in the proposed VAT law that needed to be amended and in the existing shape it is bound to open floodgates of corruption besides discouraging any new investment. They said abolition of zero-rating facility available to five export-oriented sectors and reverting back to refund regime is beyond the understanding of the business community, as it will open the way of corrupt practices to obtain flying invoices and seriously impede cash flow of the companies. staff report

Source: http://www.dailytimes.com.pk/default.asp?page=2010\03\18\story_18-3-2010_pg5_2