LAHORE - The LCCI on Tuesday appreciated the Federal government for announcing a number of relief measures in the larger interests of the trade and industry. In a statement issued here, the LCCI President Mian Muzaffar Ali, SVP Tahir Javaid Malik and VP Irfan Iqbal Sheikh said that declaration of income tax collected on export proceeds as final discharge of liability, cut in withholding tax from four to three percent for industrial importers and abolishment of 'Carbon Surcharge on CNG would go a long way for the revival of economic activities in the country. The LCCI office-bearers said that they were particularly thankful to the Minister of State for Finance Hina Rabbani and Federal Secretary Finance Salman Siddique for withdrawing the requirement of NTN or CNIC for sales to unregistered purchasers as LCCI was of the firm opinion that the requirement is impracticable. The LCCI said that reduction in difference in the charge of additional tax on delayed payments and compensation on refund to 3pc from present about 12pc is also appreciable. The LCCI thinks that quite a few other steps including streamlining and simplification of procedures relating to resolution of tax disputes and withdrawal of all such proposals that were considered to be unnecessarily harsh and punitive like conducting raids on business premises without approval of FBR are a step in right direction and bound to create a win-win situation for both the government and the private sector, they added. The LCCI said that end to culture of harassment of business concerns was need of the hour and the LCCI had already repeatedly requested to the govt to ensure conducive business environment and the recent measures wherein it has been ensured that the concept of third party audit by established and certified Chartered Accountant cos does not result in unnecessary harassment of business concerns is laudable. They said that lowering of withholding tax from four percent to three percent for industrial imports would also provide some relief to manufacturers, adding that there must not be any import duty on industrial raw materials. This would definitely reduce their cost of production and making of income tax collected on export proceeds as final discharge of liability of the exporters would facilitate export oriented activities and would help exporters compete more effectively in the international market.