LAHORE: Prime Minister’s Special Assistant on Revenue Haroon Akhter Khan has promised to review the issue of Regulatory Duty on imports. He was talking to members of the Lahore Chamber of Commerce and Industry (LCCI).
President Malik Tahir Javed was leading the six-member delegation. Senior Vice President Khawaja Khawar Rasheed, Vice President Zeshan Khalil former Presidents Sheikh Muhammad Asif and Mian Anjum Nisar also spoke on the occasion.
Haroon Akhter said that issue of Regulatory Duty on imports would be reviewed in the larger interest of the business community as the government considers business community its partner and wants to ensure business friendly atmosphere.
Prime Minister’s Special Assistant on revenue said that business community is backbone of the economy and government is fighting hard to solve the issues of trade & industry at the earliest. He informed the LCCI delegation that government is making all out efforts for the cause of business community in the country. He also lauded the LCCI role for supplementing the government efforts aimed at economic revival of the country saying that government takes LCCI proposals seriously and gives.
The LCCI President Malik Tahir Javed lauded the Haroon Akhter’s gesture to review the Regulatory Duty (RD) on imports and appreciated his friendly approach towards the business community. He said that the issues of Regulatory Duty on imports and withholding tax on banking transactions have pushed the business community into depressed state-of-affairs and they are worried about future of their businesses.
The LCCI President said that decision of Regulatory Duty imposition must be reviewed immediately as it would not only be hurting the trade and industry but issue of smuggling and under invoicing would become more severe.
Malik Tahir Javed informed the Prime Minister’s Special Assistant on Revenue 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 sizeable amount of revenue to national exchequer. But business community fails to understand that why Regulatory Duty is being imposed on import of raw materials etc.
He said that business community attaches high hopes with the Prime Minister’s Special Assistant on Revenue and expects that Regulatory Duty on imports will be reviewed immediately.
