LAHORE: The Lahore Chamber of Commerce & Industry has welcomed the remarkable rise in the confidence of businessmen and foreign investors in Pakistan’s economy and called to keep the momentum going.
“Overall Business Confidence Score in Pakistan now stands at positive 9% which is a very good news for the economy”, President of the Lahore Chamber of Commerce & Industry Mian Tariq Misbah, Senior Vice President Muhammad Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry said adding that according to a survey, a phenomenal increase has been recorded in the confidence of entrepreneurs, companies and foreign investors in the economy of Pakistan.
They said that a record improvement of 59% from the previous negative 50% is an ample proof of the fact that the government had adopted prudent monetary and fiscal policies despite the Covid-19 challenge.
The LCCI office-bearers said that the achievement is good and encouraging but still a lot of room is available for further improvement at the economic front. They said that the Lahore Chamber of Commerce & Industry has always played an instrumental role for the promotion of trade, industry and the national economy.
They said that some more steps will help to increase the confidence of the business community and can attract the foreign investment. They said in this regard Lahore Chamber has presented a set of proposals to the Prime Minister Imran Khan and the concerned departments in which, it has been demanded that the government should take notice of the new clause 203 through which exorbitant powers have given to the tax authorities to arrest and prosecute business community.
The LCCI office-bearers said that the Government has withdrawn the facility of reduced rate of Sales Tax (10%) on import of Pharmaceutical Plant, Machinery, HVAC equipment and capital goods. This would hamper the competitiveness of Pharma sector. They said that this facility should be restored.
They further said that exorbitant fines have been imposed for the importers under section (28)156 in the Federal Budget 2021-22 if they for any reason are not able to complete the paperwork for redemption of their shipments.
