LAHORE - Punjab Minister for Industry & Trade Mian Aslam Iqbal on Wednesday visited Lahore Chamber of Commerce & Industry. He discussed problems faced by industrialists, steps taken for ease of doing business, budget for current financial year and policies to promote trade with LCCI President Almas Hyder and other office-bearers.

Aslam Iqbal said that the government has implemented a comprehensive and effective strategy to promote industry. He said that industrialists and traders would be facilitated by making the tax system easier. He said the government would improve tax collection system through effective reforms. He said that steps were being taken for clubbing all the taxes. He said artificial price-hike would not be tolerated and profiteers would be dealt with iron hand.

Almas Haider said that industrialists and traders would cooperate with the government for bringing the country out of the economic crisis and strengthening the economy. He also apprised the minister of the problems being faced by the industrialists.

Meanwhile, Lahore Chamber of Commerce & Industry has urged the government to relax condition of getting CNIC for sale to unregistered persons for one year.

“Trading activities will come to a grinding halt if condition of disclosing CNIC for sales to unregistered persons is not delayed for at least one year”, said LCCI President Almas Hyder while chairing a meeting of business community on Wednesday.

LCCI Senior Vice President Khawaja Shahzad Nasir, Vice President Faheem-ur-Rehman Saigal and Executive Committee Members attended the meeting.

Almas Hyder said that disallowing input tax relating to supplies made to an unregistered person without disclosing his CNIC was a burden on traders with inherent complications. He said that under the amendment introduced by the government in the Sales Tax Act, sellers were required to include the buyer’s CNIC number on the sales tax invoices. He said that the condition would result in a potential misuse of CNICs and these could be used in fraudulent transactions of billions of rupees as reported from time to time. He said that the buyers would also prefer purchases from unregistered sellers.

“There is no logic of traders charging sales tax at retail end”, he said and feared that trading activities would be halted if the condition was not delayed for at least one year.