‘LCCI can play key role in bringing down tax rates for textile traders’

LAHORE: Tax rate for the textile traders too high that must be brought down and the Lahore Chamber of Commerce & Industry can play a key role in this regard.

These views were expressed by the delegation of Textile Traders Association of Pakistan during a meeting with the LCCI President Mian Nauman Kabir at the LCCI. Adnan Sehgal was leading the delegation while LCCI Vice President Haris Ateeq and former LCCI President Tahir Javed Malik, former Vice President Tahir Manzoor Chaudhry and Executive Committee Member Ali Afzal were also present on the occasion. The delegation members sought help of the Lahore Chamber of Commerce and Industry (LCCI) for ease in business and to get their genuine issues resolved.

The delegation members said that rate of Sales Tax and withholding on supplies of textile traders is too high that should be brought down. They also highlighted the issues of poor mobile signals, inappropriate sewerage system and lack of infrastructure on Railway Road.

They hoped that the Lahore Chamber will get the matters resolved by having a close interaction with the government’s high authorities.

The LCCI President Mian Nauman Kabir said that businesses cannot grow in the presence of cumbersome taxation system, double taxation, high cost of doing business, lack of infrastructure in markets and severe traffic jams etc., therefore government should resolve these issues that would be equally good for both businessmen and the government.

Mian Nauman Kabir said that the government and private sector are vital for each other and they cannot run alone therefore the government must develop policies conducive for business environment and address genuine issues of the business community. He said that there is an urgent need to reform the taxation system by engaging all the stakeholders and called to get rid of the cumbersome taxation system that is hampering the trade and economic activities in the country.

The LCCI President said that the government has taken an appreciable step by taking back the decision of increase in property tax in its recent cabinet meeting. He said that such initiatives are much-needed to ensure a business friendly atmosphere in the country. He said that the government must take private sector on board while formulating trade and industry related policies. Being the engine of growth, private sector has the ability to supplement the government efforts aimed at economic revival of the country.

Mian Nauman Kabir said that a Help Desk for SMEs will be established at the LCCI soon.

Meanwhile, Lahore Chamber of Commerce & Industry and Multan Chamber of Commerce & Industry have agreed to make joint efforts for the promotion of trade and industry.

The decision was made at a meeting between LCCI President Mian Nauman Kabir, Senior Vice President Mian Rehman Aziz Chan and the delegation of Multan Chamber of Commerce & Industry, led by its President Khawaja Muhammad Hussain, at the Lahore Chamber of Commerce & Industry on Monday. Senior Vice President of Multan Chamber of Commerce & Industry Muhammad Suhail Tufail, Former LCCI Executive Committee Members Awais Saeed Paracha and Mian Abdul Razak were also present on the occasion.

It was also agreed that both the chambers will evolve a unified strategy on the issues of common interests. Both the chambers will share and exchange all trade-related data for increasing the competitiveness of goods and reducing cost of doing business. LCCI and Multan Chamber would also cooperate in preparation of proposals for economic uplift of the country and will conduct joint research studies to develop industries in Lahore and Multan.

LCCI President Mian Nauman Kabir said that both the chambers would forward joint proposals to the federal government for the budget. He said that efforts will also be made for attracting investment for industrial zones. He said that harmony between the two chambers would help solve the problems being faced by the business community in the country.

LCCI Senior Vice President Mian Rehman Aziz Chan said that the Lahore Chamber of Commerce & Industry had already signed MoUs with other Chambers of the country. He said that collaboration between Lahore Chamber of Commerce & Industry and Multan Chamber of Commerce & Industry will go a long way and help highlight the issues being faced by the business community of Lahore and Multan.

President of Multan Chamber of Commerce & Industry and Head of the delegation Khawaja Muhammad Hussain said that collaboration between Multan and Lahore Chambers of Commerce & Industry is a welcome step.

Copyright Business Recorder, 2021