LCCI Lauds Financial Reforms

LAHORE, (UrduPoint / Pakistan Point News - 23rd Jan, 2019 ) :Lahore Chamber of Commerce & Industry (LCCI) on Wednesday expressed positive feelings on Finance Amendments Bill-2019 saying that various proposals of LCCI had been accepted by the government.

While addressing a Press Conference, the LCCI President Almas Hyder said that measures announced in Finance Amendments Bill 2019 would support the industry. He said that measures for ease of doing business, elimination of withholding tax on banking transactions were longstanding demand of the LCCI.

He said that removal or decrease in Regulatory Duty on 150 items would bring down the cost of doing business; discourage smuggling and enhance competitiveness of the industry.

Cost of doing business in Pakistan was higher because of high rate of duties and taxes on industrial raw materials and machinery. Lowering the duties and taxes on essentials for industry would certainly boost the local industry and help exporters but further reduction or elimination was needed, he added.

Almas Hyder said that reduction in bank tax rate for Small and Medium Enterprises (SMEs) would support this vital sector of economy. He said that production of car industry was fallen up to 30 per cent because of difference between filer and non-filer. Permitting non-filer to purchase vehicles would expand the size of auto industry.

Focus on better conditions for investment was good because investment always played the role of oxygen for economy. Investment should be encouraged in all sectors of economy, he urged.

He said that reduction of tax on marriage halls and elimination of duty on news prints were good measures, asserting that tax exemption facility to the industries in SEZs (Special Economic Zones) was a good step but same facility should also be given to the industrial expansions.

LCCI President said that tax exemption for the manufacturing of equipment for alternative energy would reduce dependence on traditional methods of power generation. He said that removal of super tax would give boost the manufacturing sector.

He was of the view that reforms in stock market would give benefit to the investors at vast scale, and maintaining of current duty structure on mobile phone was a good step. He said that elimination of withholding tax on banking transactions was demand of the Lahore Chamber of Commerce & Industry and it would not only give a huge benefit to the business community but also help development of banking sector.

Almas Hyder further stated that zoning should be made for establishment of new industries, he said and asserted that announcement of full and final regime for the industry was also a good step.