While lauding the decision of Economic Coordination Committee to remove regulatory duty from certain items, Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javaid hoped that the duty would be withdrawn totally. Talking to a businessmen delegation, the LCCI President said he held fruitful meetings with the government high-ups including Prime Minister Shahid Khaqan Abbasi and demanded total withdrawal of regulatory duty on imports who had principally agreed to move in favor of the business community.
The Lahore Chamber informed the people sitting at the helm of affairs that duty on various essential items including raw materials would harm the economy which is already under pressure due to rupee devaluation, heavy borrowing, high trade deficit and poor ranking in ease of doing business, he added.
He said the regulatory duty regime will not only destroy the exporting sector but will also hit the manufacturing sector hard as a number of raw materials have been subjected to new regulatory duty. The FBR should totally withdraw the recently imposed duty otherwise its destruction would be beyond the imaginations, he added.
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