LAHORE: Reduction in rate of customs duty is the need of the hour to arrest the menace of smuggling in the country.
This was stated by Lahore Chamber of Commerce and Industry (LCCI) Standing Committee Chairman on Pakistan India Trade Development Aftab Vohra while talking to Customs Today on post budget scenario.
Giving his reaction on Budget 2015-16, Vohra said that the government should reduce the rate of duty and taxes to promote legal trade.
When the customs duty is enhanced the smuggled goods and articles make their routes in the markets thus damaging the legal business activities.
“When the duties and taxes are reduced the genuine traders never accommodate the smugglers besides they prefer to clear their goods legally.
“Additionally, when the goods are assessed and valued the customs duties are exorbitantly increased resultantly the importers have to pay access money.
In the presence of smuggling and under invoicing genuine businessmen cannot survive, he said adding that, the government should take the all the chambers of commerce on board to evolve strategies to address the issues.
