Call For Evolving Business Friendly Measures:Lahore Chamber Of Commerce And Industry

Government and private sector are vital for each other therefore government must develop policies conducive for business environment and address genuine issues of the business community.

LAHORE, (UrduPoint / Pakistan Point News - 14th Mar, 2018 ) :Government and private sector are vital for each other therefore government must develop policies conducive for business environment and address genuine issues of the business community.

This was stated by the LCCI Acting President Khawaja Khawar Rashid and Vice President Zeshan Khalil while speaking at a dinner hosted by Textile Traders Association, according to spokesman of Lahore Chamber of Commerce and Industry here Wednesday.

Iftikhar Ali Malik, Farooq Iftikhar Sheikh Muhammad Asif, Abdul Basit, Awais Saeed Piracha, Ch. Aurangzeb Aslam, Sheikh Zafar Iqbal, Ch. Khadim Hussain, Rana Mahmood and Nadeem Abbas also spoke on the occasion.

Khawaja Khawar Rashid said that business community was the driving force of the economy but it could not play its due role for economic wellbeing of the country with mutiple problems including complex taxation.

He said that there was an urgent need to reform the taxation system by engaging all the stakeholders.

He urged the government to withdraw withholding tax on bank transactions in the larger interest of the trade and industry.

He said that this tax had forced the business community to conduct its monetary transactions in cash. He said that withdrawal of withholding tax on bank transactions would give relief to the business community.

He also called to remove the double taxation system hampering the trade and economic activities in the country. The LCCI Vice President Zeshan Khalil said that the government would have to weed out the menace of smuggling and under-invoicing before implementing any tax measures.

He called for widening tax base and bringing the untaxed sectors into the tax net. The LCCI Vice President, while inviting the budget proposals of Textile Traders Association, said that concerned government departments seriously considered the LCCI trade & industry-related budget proposals.