Govt to impose tax on Agriculture: LCCI

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) has urged the government to impose agriculture tax and ensure business community representation in all economy related policy-making government bodies and institutions.

The Chamber's Acting President Sheikh Mohammad Arshad raised these demands while chairing a post-budget discussion with Anjuman-e-Tajiran at the LCCI here Thursday. Anjuman-e-Tajiran President Mohammad Ashraf Bhatti, former LCCI President Mohammad Ali Mian, Executive Committee Members Mian Zahid Javaid, Yousaf Shah, Ch Wajid Ali, Ghulam Sarwar Malik and former PIAF Chairman Mian Abuzar Shad also spoke on the occasion.

Sheikh Arshad said the agriculture share in GDP is 22 percent but unfortunately its share in revenue is negligible, adding, the government would be able to achieve revenue target with ease by taking agriculture sector into the tax net.

He said the economy is declining due to little representation of stakeholder in the policy-making process.

The LCCI Acting President also urged the government to rationalise duties on petroleum products to make Pakistani merchandise competitive in the global market.

He said there was a dire need to focus on construction of water reservoirs as it is the only solution to ensure cheaper electricity.

He said the government should bring down the interest rate to single digit for being a prerequisite to expedite the process of industrialization and the taxable limit for income tax should be increased to Rs 400,000.

He said that chambers and trade associations should be taken into confidence before issuing notices to businessmen, contributing to the economy despite difficult economic scenario.

President Anjuman-e-Tajiran Mohammad Ashraf Bhatti assured the LCCI of his full support for the cause of business community.

Copyright APP (Associated Press of Pakistan), 2011