The Lahore Chamber of Commerce & Industry (LCCI) President Mian Misbahur Rehman has urged the CBR to act as a facilitator, and this can only be possible if all the genuine demands of business community are given due consideration in the process of policy making. He expressed these views while talking to Director General Valuation, Central Board of Revenue, Abdul Wadood Khan, who called on him here on Thursday. The LCCI president said that the CBR should set up valuation collectorate in Lahore besides starting sales tax registration, which is fast becoming hub of economic activity.
Among others, the Senior Vice President Sohail Lashari, Vice President Sheikh Mohammad Arshad and former LCCI Chief Mian Anjum Nisar, attended the meeting.
Speaking on the occasion, Sohail Lashari said that the CBR should declare year 2005 as anti-smuggling year in the larger interests of country. He said that there is a dire need to rationalise the rate of taxes to stop under-invoicing. "If the taxes are rationalised, the county would get more revenue as people would automatically stop under-invoicing. The CBR should be made service bound and time-bound if we want to compete the world", he said.
Sheikh Mohammad Arshad said that uniformity in policies is only way to generate more revenue. He said hide and skin sector is zero-rated as far as customs duty and sales tax are concerned while exemption in withholding tax is also granted to this sector but there must not be ITP or agreed prices.
Anjum Nisar said the system needs to be corrected by removing certain tariff anomalies existed in raw material and imported finished products. There should be cut in duties on raw material so that it could compete with imported finished products, he added. He urged the CBR official to form tripartite valuation committees for the sake of speedy industrialisation in the country.
After listening to the views of LCCI office-bearers the DG Customs Valuation reiterated the resolve and commitment of CBR top management to facilitate trade and industry in the larger interests of the country. He said that CBR would solve the problems and difficulties being faced by the business community with utmost dedication and team spirit.
Comments
Comments are closed.