Karachi: Sheikh Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), has issued a stern rebuke of recent amendments to the Income Tax Law 2025, introduced via presidential ordinance. He criticized the move as a threat to investor confidence, constitutional rights, and democratic values in Pakistan, urging immediate intervention from President Asif Ali Zardari, Prime Minister Shehbaz Sharif, and the Ministry of Law and Justice to revoke the ordinance.

In his statement, Rehan expressed concern over the Federal Board of Revenue (FBR) being granted extensive powers, such as freezing bank accounts without prior notice or court orders. "This is a blatant violation of the legal and constitutional rights of the business community," he asserted, arguing that such authority enables extrajudicial actions, which are unacceptable.

Rehan highlighted specific sections of the amended Income Tax Ordinance, Sections 138(3A) and 140(6A), as undermining the judiciary's sanctity and taxpayers' rights to defense. He emphasized that these changes conflict with principles of trust and transparency and should be dismissed.

Furthermore, Rehan pointed out inconsistencies in the FBR's approach by promoting digital systems while proposing amendments for physical monitoring by officers. He warned that this contradiction could severely damage investor trust, noting that while the amendments might temporarily increase tax revenue, they pose long-term risks to economic growth, employment, and industrial development.

Rehan called for the amendments' withdrawal and a return to the parliamentary process. He urged the government to formulate a balanced tax policy through consultations with trade and industry stakeholders. "The business community is ready to cooperate with the government, but unilateral decisions and coercive tactics will not be tolerated," he concluded.