LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) President Abdul Basit has said that at present when Pakistan is taking off and becoming an emerging market of Asia, role of business community has become very crucial therefore government should resolve their issues of huge increase in valuation of goods, attachments of bank accounts and misuse of discretionary powers by the tax officials at priority.
He was talking to the delegation of traders, led by Patron-in-Chief of Readymade Garments Importers Association Haji Muhammad Hanif here at the Lahore Chamber of Commerce & Industry. The LCCI Vice President Muhammad Nasir Hameed Khan, former President Mian Anjum Nisar and Muhammad Ali Mian also spoke on the occasion.
Abdul Basit said that Director General of Valuation should take the stakeholders on board and resolve the issue of high increase in valuation of goods immediately. He said that increase in valuation would cause massive revenue loss to the national exchequer besides encouraging smuggling which is already hollowing the foundations of economical infrastructure of the country.
He urged the government to make complicated taxation system simple and easy to understand besides reducing the number of duties and taxes. It would not only curtail burden from the existing taxpayers but would also encourage people to come into the tax net.
The LCCI Vice President Muhammad Nasir Hameed Khan informed the visiting delegation that the Lahore Chamber also tries to secure a business-friendly environment through sharing views with the government. The primary objective of LCCI is to protect the interests of the business community while remaining committed to the cause of development of the country. There are a number of issues that must be tackled on priority and the biggest one is how to keep the momentum of growth in the wake of a less than targeted growth of the agriculture and the manufacturing sectors.
