The Lahore Chamber of Commerce and Industry has said that at present when Pakistan is becoming an emerging market of Asia, the role of business community has become very crucial, so the government should resolve their issues like huge increase in valuation of goods, attachments of bank accounts and misuse of discretionary powers by the tax officials.
LCCI President Abdul Basit stated this while talking to a delegation of traders led by patron-in-chief of Readymade Garments Importers Association Haji Muhammad Hanif at the Lahore Chamber on Friday. LCCI former Presidents Mian Anjum Nisar and Muhammad Ali Mian also spoke on the occasion.
Abdul Basit said that the Director General of Valuation should take the stakeholders on board and resolve the issue of high increase in valuation of goods immediately. The increase in valuation would cause massive revenue loss to the national exchequer besides encouraging smuggling which is already hollowing the foundations of economical infrastructure of the country, he said. He urged the government to simplify the taxation system besides reducing the number of duties and taxes. It would not only curtail burden from the existing taxpayers but would also encourage people to come into the tax net, he maintained.
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