LAHORE -  The Lahore Chamber of Commerce & Industry (LCCI) has urged the Federal Board of Revenue (FBR) to not impose Regulatory Duty (RD) on the import of raw materials and other essentials that are not being manufactured locally.

In a statement, LCCI President Malik Tahir Javed, Senior Vice President Khawaja Khawar Rasheed and Vice President Zeshan Khalil said that existing mechanism of imposition of Regulatory Duty on imports is not only hitting the importers hard but is also depriving the government of huge revenue. They said that imposition of any tax or duty should be progressive. They said 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. They said that business community fails to understand that why Regulatory Duty is being imposed on import of raw materials and other goods (especially on chemicals used in industry) which are either not locally manufactured or produced in very small quantity as compared to their imports.

 

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