LCCI President Says Regulatory Duty Issue To Be Resolved Soon

Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javaid has said that high government functionaries have given assurance regarding resolution of Regulatory Duty on imports issue

LAHORE, (UrduPoint / Pakistan Point News - 22nd Dec, 2017 ) :Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javaid has said that high government functionaries have given assurance regarding resolution of Regulatory Duty on imports issue.

The LCCI president was talking to a buinessmen delegation at the LCCI here on Friday. He said that he had important meetings with Prime Minister Shahid Khaqan Abbasi, PM Assistant on Revenue Haroon Akhter, Federal Minister for Industries & Production Ghulam Murtaza Khan Jatoi, Chairman NA Standing Committee on Finance, Revenue and Economic Affairs Qaiser Ahmed Sheikh, Chairman FBR & Member Customs FBR Zahid Khokhar and demanded total withdrawal of Regulatory Duty on imports.

"Good news is that they had, in principal, agreed to move in favour of business community," he added. Malik Tahir said that the LCCI was active from the very first day on Regulatory Duty and meeting the people sitting on the helm of affairs and informing them that RD on various essential items including raw materials would harm the economy, which is already under pressure due to rupee devaluation, heavy borrowing, high trade deficit and poor ranking in ease of doing business.

He said that since various imported raw materials are being used in the local industries for manufacturing and exporting of goods, therefore Regulatory Duty on these important inputs would add to the miseries of export-oriented industries.

Resultantly, he said, exports would continue to sink. The LCCI president said that principally Regulatory Duty is imposed on such products where local industry needs protection. The LCCI understands that protection of local industry is important for any state as it provides employment opportunities and contribute size able amount of revenue to national exchequer.

He said that if Regulatory Duty is not withdrawn totally it would also adversely affect the industrial sector. On the other hand it would open flood gate of smuggling and under invoicing that are already causing huge financial loss to the national kitty.

The LCCI president said that positive response from the high officials is a good omen and hopefully Regulatory Duty would be withdrawn totally until and unless genuine reservations of business community are addressed.