LAHORE: Lahore Chamber of Commerce & Industry (LCCI) President Sheikh Muhammad Arshad Tuesday urged the government not to withdraw the Statutory Regulatory Orders (SROs) benefiting trade, industry and economy.
Talking to a delegation of the representatives of various markets led by Waqar Ahmed Mian here at LCCI, he said that government was expected to withdraw around Rs 130 billion worth concessionary SROs of customs duty, sales tax, income tax and federal excise duty in federal budget 2016-17 that was not a good news for trade, industry and economy as whole.
He viewed that withdrawal of concessionary SROs jack up the cost of doing business in the country.
He said, though budget document had been finalized for presentation but still there was a lot of room for induction of business community's proposals.
Sheikh Arshad informed the delegation that Lahore Chamber made aware the policy corridors about the reservations of business community and forwarded well consulted budget proposals.
The LCCI, he added, had also urged Federal Board of Revenue (FBR) to stop attaching of business accounts; release long pending refund claims of income tax and sales tax; and withdraw withholding tax immediately. He said that attaching of business accounts was discourging taxpayers, adding that attachment of bank accounts should be the last option.
Lahore Chamber President said that LCCI had suggested issuance of banking bonds for large amount of refunds withheld since years, besides raising the issues of double taxation, smuggling and Punjab Infrastructure Development Cess (PIDC).
He mentioned, "Government has been urged to tackle the issue of smuggling with iron hands, reduce the discretionary powers of tax machinery and prefer the local manufacturers for China Pakistan Economic Corridor (CPEC).
There should be no duty or tax on import of industrial machinery and a fully empowered National Tax Commission should be established to resolve tax related issues."
Lahore Chamber was taking up these issues with full force and would continue its struggle for the sake of trade and industry, he vowed.
The delegation head Waqar Ahmed Mian stressed the need for resolving the traders' problems of encroachment, parking and infrastructure related issues. He also called for a more focus on health and education sectors in federal budget 2016-17.
Khawaja Aamir, Haroon Arora, Mian Abdul Razaq, Safdar Butt, Muhammad Anwar Bobi, Khalil Abeer, Hafiz Rizwan Butt, Waqas Butt, Mian Saeed, Mian Waseem, Muhammad Shahid and Muhammad Nadir also spoke on the occasion.
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