- Home
- Business
- News
- Lahore Chamber of Commerce and Industry (LCCI) for result-oriented budget to end economic miseries
Lahore Chamber Of Commerce And Industry (LCCI) For Result-oriented Budget To End Economic Miseries
Mohammad Ali (@ChaudhryMAli88) Published April 16, 2018 | 06:22 PM
Lahore Chamber of Commerce and Industry (LCCI) on Monday emphasized the need for a result-oriented federal budget aimed at addressing the miseries of trade, industry and economy.
LAHORE, (UrduPoint / Pakistan Point News - 16th Apr, 2018 ) :Lahore Chamber of Commerce and Industry (LCCI) on Monday emphasized the need for a result-oriented federal budget aimed at addressing the miseries of trade, industry and economy.
LCCI President Malik Tahir Javaid stated here that federal budget was the most important document of any country as it set economic directions the entire year. "It is important that budget for financial year 2018-19 should have doable suggestions of business community in its fold," he added.
Pakistan was energy and water starved country and needed to make substantial investment for development of power sector infrastructure that was capable of meeting the growing needs of the economy; therefore, the government should ensure substantial amount of public investment first into generation, transmission and distribution infrastructure to bridge demand and supply gap, he suggested.
Malik Tahir said that to tackle circular debt on sustainable basis - ultimately Pakistan would have to ensure that the electricity power sector was efficient and competitive and this would require consistent structural and institutional reforms.
In particular, removing subsidies and adherence to full cost recovery would have to be ensured, while tariffs should fully reflect normal profits. The sector's huge debt overhang also needed to be eliminated on sustainable basis.
Stressing the importance of Kalabagh Dam, he said the project would give one million-acre-feet of water thus ensuring fiscal benefit of US$2 billions annually to the economy, and called for allocating funds for this vital project in the upcoming budget.
He also called for making tax collection mechanism more economically neutral, taxpayer-friendly, equitable, facilitative and supportive to generate healthy business activities. "Taxation is of course important source of revenue collection but tax policies must be based on the best international practices and universally accepted canons of taxation," he opined.
Moreover, he added, the taxes should be collected quarterly instead of every month and for that matter, all para-tariffs must be merged into the main tariffs. Similarly, there should be electronic communication between taxpayers and tax departments.
About China-Pakistan Economic Corridor (CPEC), he said that projects under it would stimulate local economy by increasing the demand for locally manufactured goods and such increase in demand would not only allow full utilisation of existing manufacturing capacity but also encourage manufacturers to enhance their capacity.
Lahore Chamber president urged the government to take steps to control smuggling at the borders and Frontier Corps deployed there should be equipped with state of the art technology and made them more vigilant enabling them to play their role more effectively in controlling the smuggling.
He suggested that duties on smuggle-pron goods should be reduced as it had been practiced successfully in many other countries. He mentioned that Pakistan needed a long-term integrated export strategy for which Federal Commerce Minister had taken encouraging steps recently to enhance the country's exports.
He said that removal of business climate challenges could help considerably in this regard.
Related Topics
Recent Stories
Dubai Police Marks International Workers' Day with 'Talabat' Riders
Sharjah Ruler inaugurates 15th annual Sharjah Children’s Reading Festival
Parineeti Chopra opens up about her decision to marry politician Raghav Chadha
PCB decides to set up training camp for national team ahead of England, Ireland ..
Virat Kohli's sweet birthday wish for Anushka Sharma
Interior Minister commends Pakistan Coast Guards
Pakistan women’s squad announced for England tour
Punjab CM Maryam inaugurates initiative of field hospitals
PM Shehbaz constitutes committee to investigate caretaker govt’s wheat import ..
Women T20I: Pakistan to face West Indies in fourth match tomorrow
Pak-UK 6th Regional Stabilization Conference underway at NDU, Islamabad
World Labor Day being observed today
More Stories From Business
-
SRB tax collection surges 29% to Rs 185.2 billion
11 hours ago -
WSSP, district admin to launch joint operation against water bills defaulters
13 hours ago -
Mega Cotton Seminar held in Bahawalpur
15 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 1 May 2024
17 hours ago -
Today Gold Rate in Pakistan 01 May 2024
18 hours ago -
Petrol prices slashed by Rs 5.45 per liter
1 day ago
-
Govt reduces petrol price by Rs5.45 per litre
1 day ago -
FBR issues Income Tax General Order to enforce return filing
1 day ago -
Planning minister reviews preparations for upcoming 13th JCC meeting, PM Shehbaz’s expected visit ..
1 day ago -
FBR issues Income Tax General Order to enforce return filing
1 day ago -
LCCI delegation visits Business Facilitation Center
1 day ago -
2-day Pak-International Poultry Expo begins
1 day ago