AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore, June 04, 2012 (PPI-OT): The Lahore Chamber of Commerce and Industry Monday appreciated the government for accepting its demands regarding cut in Turnover Tax and bringing down the rate of Withholding Tax for commercial importers.
In a statement issued here Monday, the LCCI President Irfan Qaiser Sheikh said that the Lahore Chamber of Commerce and Industry understands that these taxations measures were long overdue and would help revive trade and industry.
The LCCI President said that cut in tax on exports, increase in cash withdrawal limit, decrease in tax slabs from existing 17 to 5 and application of same General Sales Tax rate are also good steps for the economy.
He said allocation of Rs.10 billion for Export Development Fund (EDF) and raise in tax exemption ceiling would also strengthen the economy by giving boost to businesses.
The LCCI president, however, said that the business community was expecting an announcement regarding the building of dams but no such announcement was made. He said that it would have been wiser on the part of the government if it had presented a roadmap for coal based power generation in the budget.
Irfan Qaiser Sheikh also suggested to the government to bring down the markup rate in the country as Interest rates in Pakistan are the highest in the region and making Pakistani merchandise uncompetitive.
The LCCI President said that markup rate in Pakistan is 16 per cent while in India it is 10.5 per cent and in Bangladesh it is 11 percent and the government would have to bring it in line with the region for bringing down the cost of doing business here.
Irfan Qaiser Sheikh also urged the government to initiate mega projects in the country as it would not only be supporting 44 ancillary industries but would be creating much-needed job opportunities in the country.
For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854