The federal government has taken a right step by introducing another tariff slab of 15 percent in the customs duty as announced through federal budget 2005-06. Convenor Lahore Chamber of Commerce and Industry (LCCI) Standing Committee on Customs, Tariff, Valuation and Imports and the Dispute Resolution Committees for Sales Tax and Customs Chairman Irfan Qaiser expressed these views here on Wednesday.
He said it was very welcoming step on part of the central board of revenue (CBR) as the slab was not present in last year's budget. He added it was also a demand from the LCCI, which has been accepted like many other proposals. It showed government was interested in creating a business-friendly environment in the country and give due weight to recommendations sent to it by the business organisations and trade bodies, he added.
According to him, the government by introducing that new slab could provide relief in shape of lowering of duties, while not losing much in shape of revenue.
He also hailed the government for allowing import of raw materials of textile and many other industries on zero percent sales tax. He said government was earning less than it was paying in shape of refunds to the textile sector under that head. It would also encourage more export of textile products, which was the major sector of our exports besides ensuring its competitiveness in the international market, he Irfan Qaiser said.
The LCCI executive committee member also hailed the government for providing relief to the salaried class and pensioners in the budget. He also applauded the government for paying attention towards searching for alternative energy sources.
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