LAHORE: The Lahore Chamber of Commerce and Industry has demanded of the government to take stringent measures to stop smuggling of plastic raw material and finished goods from Iran which are destroying the local plastic industry.
The demand was raised by the LCCI president Sheikh Muhammad Arshad while talking to the delegation of Plastic industry, led by Khadim Hussain, here at the Lahore Chamber of Commerce and Industry. LCCI Vice president Nasir Saeed also spoke on the occasion.
Sheikh Muhammad Arshad said plastic industry is the third largest source of government revenues therefore government should establish a cluster for plastic industry of Punjab that would not only be a great favor to the businessmen attached with this sector but would also enhance the government revenue. He also demanded of the Federal Board of Revenue to reduce the sales tax on Plastic products.
“This would discourage smuggling as a whole and also the sale/trade of smuggled raw material and finished products”, the LCCI president added.
He said smuggling of plastic raw material and finished goods causing huge loss of Rs 50 to 60 billion to the national exchequer therefore government should cope with the menace of smuggling with iron hands.
The LCCI vice president Nasir Saeed also urged the government to ensure uninterrupted electricity supply to the plastic industry as repeated power cuts causing massive damage to this important sector as huge amount of plastic raw material is being wasted due to unscheduled load shedding.
He informed the visiting delegation that the Lahore Chamber of Commerce and Industry would give a set of comprehensive proposals to the government for revival of the economic activities in the country in general and in the province of Punjab in particular.
He said that the Lahore chamber of Commerce and Industry had already started spade work to this regard and fast holding meeting with the representatives of trade and industry to gather the challenges being faced by them.
He said that business community is the backbone of the economy as more than 90% revenue is being generated through trade & industry. Therefore the businessmen should be given due facilitation and for the purpose the LCCI would continue to play its role proactively.
He hoped that issue of withholding tax on banking transactions would be resolved amicably as assured by the Federal Finance Ishaq Dar.
Earlier, head of the delegation of Plastic Industry Khadim Hussain briefed the LCCI office-bearers about challenges being faced by the Plastic Industry of Pakistan. He said that high input cost and smuggling are making the Pakistani plastic good uncompetitive while huge load shedding is also adding the miseries of the businessmen attached with this important sector.
He hoped that the LCCI would raise their voice to the policy making corridors. He also lauded the LCCI role for economic uplift of the country.
