LAHORE: Lahore Chamber of Commerce and Industry (LCCI) Vice President Syed Mahmood Ghaznavi has urged the government to establish an industrial zone for plastic industry of Punjab and stop smuggling of plastic raw material and finished goods with iron hands.
He was talking to the delegation of Plastic Industry led by Chaudhry Wajid Ali here at the Lahore Chamber of Industry. Other members of the delegation were include Sheikh Pervaiz, Ali Asghar Malik, Iqbal Baig, Salman Haseen, Shahzad Aslam, Muhammad Shoaib, Muhammad Yaqoob, Javaid Jilani, M. Mobeen, M. Akram, M. Muneer Asghar and Shah Nawaz.
He said that plastic industry is third source of government’s revenue after petroleum sector therefore, government should establish an industrial zone for plastic industry of Punjab.
LCCI Vice suggested that Sales Tax on Plastic Industry should be reduced from 17% to 9%. This would discourage smuggling as a whole and also the sale/trade of smuggled raw material and at the same time encourage the value added products. He also suggested that income tax should be levied on the industry at the rate of 2% and on commercial importers at the rate of 2% and on commercial importers at the rate of 3%.
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.
Syed Mahmood Ghaznavi also urged the government to ensure uninterrupted electricity supply to the plastic industry as repeated power cuts causing huge loss this important sector.
