LCCI expresses concerns over tax system

President Lahore Chamber of commerce and industries Almas Hyder presided over the meeting to discuss the export and tax related issues of the country.

While addressing a meeting President Lahore Chamber of commerce said that the amount of public sector enterprises having more than four hundred billion annually, which is a waste of taxpayers’ money, the government should formulate a clear policy about them.

He expressed reservations about the tax system, the tax regime and restore self-assessment scheme and urged the government to resolve the problems immediately.

He said the decline in the value of money has created many problems for the business community to take concrete steps to strengthen the rupee

Senior Vice President Khawaja Shahzad Nasir and Vice President Fahim Akhtar Rahman also addressed the meeting and expressed their views.

Participants said that the devaluation of the rupee, policy rate, inflation, tax system, SRO end of 1125, refunds, public sector enterprises, imbalance in regulations and income and expenses for investment are matters requires immediate attention.

Members also urged Government to abolish duties on all raw materials in order to reduce the production costs of industries and be able to compete in the global market.

Participants said that without solving the problems of business community, it is not possible to increase revenue and also rated Zero has created major problems for the elimination of export regime, it will be immediately restored.