LAHORE: The Lahore Chamber of Commerce & Industry has said that elimination of smuggling, which is causing loss of billions of dollars to the national exchequer, could help reduce dependence on debts.
In a statement issued here, LCCI President Sheikh Muhammad Arshad said that the government could save billions of dollars annually by eradicating the menace of smuggling. Then there would be no need for dependence on loans to meet the budget deficit, he added.
He said that smuggling had become a big threat to economic growth. The LCCI president urged the authorities concerned to stop harassing traders and establish an effective monitoring system at borders to stop the illegal trade.
He said that smuggled goods through the borders of Afghanistan, Iran China, India and the Afghan Transit Trade form a chunk of the informal economy.
Sheikh Muhammad Arshad said that high rate of taxes and duties give way to smuggling. Therefore, there was dire need to bring down the rate of duties and taxes especially on smuggling- prone items.
He suggested that in order to control the cross-border smuggling, scanners and other modern equipment should be installed at the border checkpoints.
Comments
Comments are closed.