LAHORE: Removal of Regulatory Duty on 150 items will bring down the cost of doing business, discourage smuggling and enhance competitiveness of the industry.
LCCI President Almas Hyder reacting upon the Economic Reforms Package on Wednesday said that measures announced in Finance Amendments Bill 2019 will support the industry.
He said that measures for ease of doing business, elimination of withholding tax on banking transactions were longstanding demand of the Lahore Chamber of Commerce & Industry.
Removal of Regulatory Duty on 150 items will bring down the cost of doing business, will discourage smuggling and enhance competitiveness of the industry.
Cost of doing business in Pakistan is higher because of high rate of duties and taxes on industrial raw materials and machinery. Lowering the duties and taxes on essentials for industry will certainly boost the local industry and help exporters but further reduction or elimination is needed.
He said that reduction in bank tax rate for Small and Medium Enterprises will support the SMEs.
He said that production of car industry was fallen up to 30 per cent because of difference between filer and non-filer. Permitting filer to purchase vehicles will expand the size of auto industry. Focus on better conditions for investment is good because investment always play the role of oxygen for economy. Investment should be encouraged in all sectors of economy.
He said that reduction of tax on marriage halls and elimination of duty on news prints are good measures.
He said that tax exemption facility to the industries in SEZs is a good step but same facility should be given to the industrial expansions.
He said that tax exemption for the manufacturing of equipment for alternative energy will reduce dependence on traditional methods of power generation. He said that removal of super tax will give boost the manufacturing sector.
He said that reforms in stock market will give benefit to the investors at vast scale. He said that maintaining of current duty structure on mobile phone is a good step.
He said that elimination of withholding tax on banking transactions was demand of the Lahore Chamber of Commerce & Industry. It will not only give a huge benefit to the business community but will also help development of banking sector.
