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Govt urged to continue getting corporate guarantee in provisional assessment dispute cases

Govt urged to continue getting corporate guarantee in provisional assessment dispute cases

Govt urged to continue getting corporate guarantee in provisional assessment dispute cases

LCCI Photo: File

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LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to continue the practice of getting corporate guarantee in provisional assessment dispute cases.

In letters to the prime minister, adviser to PM on finance and its secretary, LCCI president Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq said that the introduction of corporate guarantee in place of bank guarantee or pay order was a step in the right direction.

They said withdrawal of this decision would put the industrial importers in troubled waters, adding that corporate guarantee provided some financial space to the importers.

“It is learnt that the federal government is reconsidering this initiative,” they said, adding that such a move would adversely affect the businesses in these difficult economic conditions.

They urged the government to engage stakeholders to examine the issue and address any apprehensions regarding its usage. Any decision taken in haste would have negative consequences for the corporate sector, which was already suffering due to high prices of energy and other industrial inputs, the LCCI office-bearers added.

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