LAHORE - Prime Minister’s Special Assistant on Revenue Haroon Akhtar Khan has promised to review the issue of Regulatory Duty imposed on imports.

While talking to LCCI delegation, Akhtar said that issue of Regulatory Duty on imports would be reviewed in the larger interest of the business community as the government considers business community its partner and wants to ensure business-friendly atmosphere. He said that business community is backbone of the economy and the government is fighting hard to resolve the issues of trade and industry at the earliest.

He informed the LCCI delegation that the government is making all out efforts for the cause of business community in the country. He also lauded the LCCI role for supplementing the government efforts aimed at economic revival of the country saying that the government takes LCCI proposals seriously.

On the occasion, LCCI President Malik Tahir Javed lauded Akhter’s gesture to review the Regulatory Duty on imports and appreciated his friendly approach towards the business community. He said that the issues of Regulatory Duty on imports and withholding tax on banking transactions have pushed the business community into depressed state-of-affairs and they are worried about future of their businesses.

The LCCI president said that decision of Regulatory Duty imposition must be reviewed immediately as it would not only be hurting the trade and industry but issue of smuggling and under invoicing would become more severe.

Javed informed the PM’s special assistant that principally Regulatory Duty is imposed on such products where local industry needs protection. The LCCI understands that protection of local industry is important for any state as it provides employment opportunities and contribute sizeable amount of revenue to national exchequer. But business community fails to understand that why Regulatory Duty is being imposed on import of raw materials, he added.