LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Saturday welcomed the government’s decision to withdraw the recent increase in the property tax, a statement said.

LCCI president Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq said that it was encouraging that the government is listening to the suggestions of the business community.

“We are thankful to Punjab Chief Minister Sardar Usman Buzdar for accepting the LCCI demand and providing relief to the business community,” the LCCI office-bearers said.

Punjab Minister for Excise and Taxation Hafiz Mumtaz Ahmad and secretary Waqas Ali have played important roles in the withdrawal of property tax hike.

The LCCI officials expressed the hope that the formal notification, in this regard, would be issued soon.

They said the decision is a good omen, as the business community is already facing challenges due to rupee depreciation, increase in the key policy rate and inflation.

They expressed the hope that the government would take the business community into confidence, while devising trade and industry-related policies.