LAHORE: Lahore Chamber of Commerce & Industry (LCCI) President Sheikh Muhammad Arshad said here Tuesday that it was the most opportune time to revamp taxation system to produce desired results.
He was of the view that economic growth can only be achieved by reducing rate and number of taxes, adding that business community was facing many problems including smuggling, under invoicing and other taxation issues.
The LCCI President underscored the need to align fundamental framework of Federal Budget 2016-17 according to economic challenges and enable trade and industrial sector defy with the competitors at global level.
He said that since Federal Budget 2016-17 was under debate in National Assembly and the parliamentarians should suggest corrective measures. He said that private sector had ability and capacity to bring the country at par with developed nations of the world, provided genuine reservations of the business community on Federal Budget were addressed.
He said that withholding tax on banking transactions, bank accounts attachment, misuse of discretionary powers of the FBR officials and smuggling were the burning issues being faced by the business community. He said that Parliamentarians should bring these issues under discussion particularly and remove these hitches which are coming in the way of smooth running of the businesses.
The LCCI President hoped that all aspects of the Federal Budget 2016-17 would came under discussion in the National Assembly and corrective measures would be taken in the larger interest of trade, industry and economy.
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