The Lahore Chamber of Commerce & Industry on Fridaywelcomed assurances by the Prime Minister Imran Khan and Chief of ArmyStaff General Qamar Javed Bajwa to the business community for removal ofimpediments to the economic growth
Lahore (Pakistan Point News / Online - 04th October, 2019) - The Lahore Chamber of Commerce & Industry on Fridaywelcomed assurances by the Prime Minister Imran Khan and Chief of ArmyStaff General Qamar Javed Bajwa to the business community for removal ofimpediments to the economic growth.*In a statement, the LCCI President Irfan Iqbal Sheikh, Senior VicePresident Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad saidthat Prime Minister's and COAS pledge to remove hurdles and problems beingfaced by the businessmen is a good sign.
*They added that economic growth can speed up provided reservations ofbusiness community regarding taxation system are removed, refunds are paidexpeditiously, discretionary powers that have opened floodgates ofcorruption are clipped, agriculture stagnation is reversed and utilityprices are reduced.*They said that the role of Federal board of Revenue is considered as a keyfacilitator to private sector. But our experience shows that dealing withFBR, is not always easy.
Tax system is complicated and burdensome whichcreates room for complicities between tax payers and the tax collectors.They said that number of taxes and frequency of paying taxes must bereduced. Moreover, taxes may be paid quarterly instead of every month. Forthat matter, all Para tariffs must be merged in the main tariffs."Similarly, there should be electronic communication between taxpayersand tax departments. These proposals can make noticeable difference and winthe confidence of taxpayers", they added *They suggested that the government should take steps to control smugglingat the borders and Frontier core deployed there should be equipped withstate of the art technology and made them more vigilant and to advise themto play their role in controlling the smuggling by exercising theirauthority under customs Act.
They suggested that the duties on such goodswhich are prone to smuggling should be reduced as it has been practicedsuccessfully in many other countries. They also called for reduction induties and taxes on raw materials.*They said that all export-oriented sectors, including Halal food sector,should be given zero rated facility as the country has a little share inthe international Halal food trade of about 3 trillion Dollars. *They said that Bhasha and Kalabagh, both dams are essential for thenational economy.
They said that opponents of Kalabagh dam are actuallysafeguarding the interests of anti-Pakistan elements therefore they shouldnot be given any weight. *They said that energy mix of the country is very expensive due to lack ofhydel power generation. This results in tariff hikes and makes the industryuncompetitive in the international market. *They said that despite an agrarian country, Pakistan is importing fruits,vegetables and other agri products on large scale that is a matter ofconcern. They said that this particular sector should be focused and issuesshould be resolved at the earliest.
