LAHORE - The Lahore Chamber of Commerce and Industry Wednesday urged its members to submit their evidence-based and solid budget proposals positively by March 5 as the Chairman FBR has promised to incorporate them in the upcoming budget document.

Presiding over a meeting of Conveners and Co-Conveners of 119 LCCI Sector-specific Standing Committees, the LCCI President Irfan Qaiser Sheikh urged them to prepare and submit properly worked-out proposals to the LCCI as the FBR had already started the budget making exercise. LCCI Senior Vice President Kashif Younis Meher, Vice President Saeeda Nazar, former presidents Syed Mohsin Raza Bukhari, Bashir A. Baksh, Mian Anjum Nisar, Sheikh Muhammad Asif, former Senior Vice Presidents Abdul Basit, Tahir Javed Malik, Sheikh Muhammad Arshad, Sohail Lashari and former Vice President Shafqat Saeed Piracha also spoke on the occasion.

Irfan Qaiser Sheikh informed the participants that the Chairman FBR had promised to accommodate almost all LCCI proposals in the forthcoming budget. He said that he had taken up the issues of high rate of turnover tax, SRO 821(I)2011, cut in duties on smuggling prone items and  rationalization of taxes and duties with the Chairman FBR in his recent meeting in Islamabad and got a positive response.

The LCCI President said that the Lahore Chamber of Commerce and Industry always forwards budget proposals of its members to the Federal and Provincial governments with an objective to create an enabling business atmosphere in the country. Irfan Qaiser Sheikh said that the government would have to bring down the rate of turnover tax in the upcoming budget. He also urged the government to rationalize taxes and duties to check smuggling and enable the business community to cope with multiple internal and external challenges.

German Agriculture Minister is arriving in two to three months time to explore new business avenues in Agriculture sector while a German auto sector giant is also making a huge investment by establishing its manufacturing plant in Pakistan.

This was stated by the head of Commercial Section, German Embassy, Samy Saddi, while talking to LCCI President Irfan Qaiser Sheikh here at the Lahore Chamber of Commerce and Industry on Wednesday. Elaborating the point, Samy Saddi said that German auto sector giant M/s MAN is putting up a trucks and busses manufacturing plant in Pakistan that would not only be creating a large number of job opportunities but would also be sending a very positive signal to the investors in other developed countries.