LAHORE - Lahore Chamber of Commerce & Industry President Sheikh Muhammad Arshad has said that there is a dire need to avoid increase in duties & taxes in the upcoming budget. Withholding tax on banking transactions should be withdrawn and undue checking of trading goods should be stopped to ensure smooth running of the businesses, he demanded.
“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 was addressing a pre-budget consultative meeting and a high-powered delegation of traders led by Babar Mahmood, here at the Lahore Chamber of Commerce & Industry on Friday. LCCI Vice President Nasir Saeed, former LCCI President Muhammad Ali Mian and Executive Committee Member Mian Zahid Javed also spoke on the occasion. Sheikh Muhammad Arshad said that federal budget should be formed while keeping in view business community’s stakes.
He said that all departments including Federal Board of Revenue (FBR) and Punjab Revenue Authority (PRA) should act as facilitator to the business community but unfortunately situation is quite different and traders’ complaints are multiplying with every passing day and that is not a good sign for the economy.
He said that measures being taken on the name of controlling smuggling are actually affecting those traders who are doing their businesses legally. He said that reportedly intelligence officials establish their own check posts out of the markets, stop all consignments and harass the traders without any reason. He said that there is 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. He said that smuggled goods should be stopped at borders instead of conducting raids in the markets.
Sheikh Muhammad Arshad said that interference of government departments in the business activities should be reduced to ensure a business friendly atmosphere in the country.
He assured the delegation that Lahore Chamber will arrange their meeting with the customs department for early solution of their custom duty and valuation related problems. He said that the Lahore Chamber of Commerce & Industry will continue to highlight the challenges being faced by the trade and industry.
Former LCCI President Muhammad Ali Mian said that the Lahore Chamber of Commerce & Industry is quite actively struggling for the cause of business community. He appreciated the efforts of LCCI President Sheikh Muhammad Arshad in this regard.
Head of the delegation Babar Mahmood called to remove the hurdles like 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.