Businessmen urged to avail additional time for assets declaration scheme

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) on Monday appealed to the business community to avail additional time provided for assets declaration scheme.

While talking to a large group of businessmen belonging to various sectors of trade and industry here, LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal said that extension was demanded by Lahore Chamber to facilitate businessmen, who were unable to avail it due to paucity of time.

LCCI office-bearers urged the government to restore zero-rating facility for the export sector, besides relaxing the mandatory condition for the ID card of the buyer for at least one year. They were of the view that mandatory condition of the ID Card of buyer had slowed down business activities in the markets as buyers were reluctant to make purchases from registered persons.

They said that the government had withdrawn SRO 1125 under which five export-oriented sectors were exempted from sales tax and its withdrawal would not only add burden to the government exchequer but also affect the overall country's exports.

Lahore Chamber's office-bearers said that exporters were working in difficult circumstances and making  all out efforts to bring much-needed foreign exchange in the country. Withdrawal of zero-rating facility, they feared, would squeeze the working capital of the industry and dry out liquidity from the market.

They said that restoration of zero-rating facility for the export-oriented sectors would go a long way and help promote country's exports and also boost the trust of not only local businessmen but also give a very good message to foreign investors.

LCCI office-bearers said that the country could not afford to lose international export market; therefore, the government should continue zero rating facility for the export-oriented industry in the larger interest of the economy.