LCCI demands for withdrawal of regulatory duty

LAHORE: Lahore Chamber of Commerce & Industry President Malik Tahir Javaid on Thursday demanded the withdrawal of regulatory duty until and unless a consensus was developed between stakeholders.

According to a spokesman for the LCCI, the LCCI president had separate meetings with Federal Minister for Industries & Production Ghulam Murtaza Khan Jattoi, Prime Minister's Assistant on Revenue Haroon Akhter, and Member Customs FBR Zahid Khokhar and apprised them of the regulatory duty.

Tahir Javaid said the regulatory duty regime would not only destroy the exporting sector but will also hit the manufacturing sector as a number of raw materials had been subjected to new regulatory duty.

He demanded the Federal Board of Revenue for the withdrawal of the recently imposed regulatory duty.

He said that since various imported raw materials were being used in local industries for manufacturing and exporting of goods, therefore, regulatory duty on these important inputs