LAHORE - President of the Lahore Chamber of Commerce & Industry Monday urged the Federal Board of Revenue (FBR) to reduce the rate of General Sales Tax to single digit as existing rate of GST is too high and obstructing the growth of trade and industry.
He was addressing the delegations of Shahalam Market led by Chaudhry Wajid Ali. LCCI Vice President Nasir Saeed also spoke on the occasion.
The LCCI President said that existing 17 per cent rate of General Sales Tax is too high and not only one of the biggest reasons of high cost of doing business but is also encouraging tax evasion. He said that General Sales Tax rate should be brought down to a single digit.
Sheikh Muhammad Arshad urged the bureaucracy to facilitate the business community instead of looking for easy targets, squeezing the existing taxpayers and taking illogical measures like attaching their business accounts, undue notices and raids on business premises.
He said that businessmen want to put in their share in economic development of the country provided they are treated fairly. He said that huge revenue target set for next financial year could be achieved only through resolving the issued being faced by the existing taxpayers.
The LCCI president informed the visiting delegations that the Lahore Chamber of Commerce & Industry has formed the budget proposals after consultation with the other Chambers of Commerce & Industry of the country.