Lahore  -   The Lahore Chamber of Commerce & Industry has urged the government to reduce the number of taxes, change the mode of payments and devise a mechanism for the payment of refunds.

In a statement issued here on Wednesday, the LCCI President Almas Hyder said that these measures are much needed to relieve the pressures from the businesses. He said that Pakistan stands at a mind-disturbing position of 173rd in the international ranking of paying taxes. According to the World Bank Report, Pakistani businessmen pay 47 taxes in a year as compared to Hong Kong 3, UAE 4, Ireland 9, Malaysia 8, India 13 and Sri Lanka 36 and these are those countries Pakistan has to compete with.

While giving a break-up, Almas Hyder said that one company, operating on four provinces in Pakistan, makes 5 payments of corporate Income Tax in a year, 12 payments of Employer paid-Pension Contributions, 12 payments of Social Security contribution, 1 payment of education cess, 1 payment of property tax, 1 payment of professional tax, 1 payment of vehicle tax, 1 payment of stamp duty, 1 payment of fuel tax and 12 payments of goods and sales tax. He demanded that monthly frequency of tax payments related to Employs Old Age Benefit Intuition (EOBI) and Punjab Employees Social Security Institution (PESSI) and provincial sales tax must be reduced to once a year.