Daily Times

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Friday said that there was a dire need to avoid increase in duties and taxes in the federal budget, Daily Times has learnt.

LCCI President Sheikh Muhammad Arshad that withholding tax on banking transactions should be withdrawn and undue checking of trading goods should be stopped to ensure smooth running of the businesses.

“There is a dire need to evolve policies to discourage illegal trade of goods. Government should encourage the honest businessmen and join hands with them in the larger interest of the economy,” he told a pre-budget consultative meeting.

Arshad said that the federal budget should be formed keeping in view stakes of the business community as it had a crucial role in Pakistan’s economy.

He said all departments, including the Federal Board of Revenue (FBR) and the Punjab Revenue Authority (PRA), should act as facilitator to the business community.

The LCCI president said that measures being taken on the name of controlling smuggling, were actually affecting those traders who were doing their businesses legally. He said that there was a dire need to encourage the honest businessmen through stopping raids on business premises. He also stressed the need for a strategy to remove the menace of smuggling.

Former LCCI president Muhammad Ali Mian said that the chamber was actively struggling for the cause of business community. He appreciated the efforts of LCCI President Sheikh Muhammad Arshad in this regard.

On the occasion, Babar Mahmood called to remove the hurdles like the Pakistan Telecommunication Authority (PTA) certification for the import of smart phones. He said that tax and duties slab should be same to ensure level playing field for the traders.