LAHORE: Lahore Chamber of Commerce & Industry (LCCI) President Sheikh Muhammad Arshad said on Monday that economic growth lies in implementation of good economic governance, therefore government should review economic policies in the federal budget 2016-17 to overcome economic challenges in a shortest possible time.
He was addressing a mammoth gathering of traders from various markets, led by Ashraf Bhatti, here at Lahore Chamber of Commerce & Industry.
The LCCI Vice President Nasir Saeed, representatives of trading community Zaheer Babar, Naeem Badsha, Arshad Khan, Arshad Iqbal, Mian Saleem, Mian Tariq, Mian Waqar and former Vice President Abuzar Shad were prominent amongst the others.
Sheikh Muhammad Arshad informed the participants that according to the Prime Minister's Advisor on Revenue concerned government departments are seriously considering the LCCI industry-related budget proposals 2016-17.
He said that well-consulted budget proposals of trading community would also be forwarded to the government.
He stressed upon the business community to do put forth workable proposals to resolve economic issues including trade and current account deficit.
The LCCI President agreed with the delegation members that discretionary powers of Federal Board of Revenue (FBR) officials should be withdrawn as their undue interference in business matters was not giving a good message to local and foreign investors.
Sheikh Muhammad Arshad said that as an essential element of good governance, Pakistan lacked culture of tax compliance, so there was an urgent need to reform the taxation system by engaging all the stakeholders.
He urged the government to withdraw withholding tax on bank transactions, citing that it would give a big relief to the business community.
He also called to remove the double taxation system that was hampering the trade and economic activities in the country.
The LCCI President said that the government must put in place more effective measures to weed out the menace of smuggling and under-invoicing, besides bringing the untaxed sectors/businesses into tax net.
On this occasion, Ashraf Bhatti said that 100,000 traders were paying tax out of one million in Lahore approximately.
He said that government should broaden tax base which would bring down the burden from the existing tax payers.
He also urged the government to use available data to broaden the tax net.
One of the participants suggested that evaluation of goods should be made on invoice value to provide some breathing space to the people attached with this business.
The suggestion of issuance of trade certificate also came under discussion.
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