The Lahore Chamber of Commerce and Industry (LCCI) and the Founders Group Wednesday said that present economic situation was not conducive for any new tax policy measure like imposition of Reformed General Sales Tax, as the businessmen were not in a position to take any new challenge.
This was expressed at a meeting between an eight-member delegation of the Founders Group and the newly elected Lahore Chamber of Commerce and Industry (LCCI) office-bearers here Wednesday.
The Founders Group delegation comprising Mian Javaid-ur-Rehman, Munir Ahmad Khan, Tahir Manzoor Chaudhry, Pervez Anwar Sheikh, Haji Mohammad Asif discussed with the LCCI office-bearers including President Shahzad Ali Malik, Senior Vice-President Sheikh Mohammad Arshad and Vice President Sohail Azhar country's overall economic situation and both the sides expressed the resolve that both the trade and industry should make collective efforts to bring country out of economic logjam. Reformed General Sales Tax, construction of water reservoirs, law and order situation and a number of other governance-related issues were also discussed in detail.
On Reformed General Sales Tax, there was consensus among the participants of the meeting that it was not the right time for any new tax policy measure. The participants said the business community was ready to supplement all government efforts aimed at revival of economic activities but the concerned government departments must take the private sector onboard being the real stakeholders.
Regarding the issue of construction of big reservoirs in the country, the LCCI President Shahzad Ali Malik said the issue of Kalabagh Dam had been politicised and the LCCI representatives would visit all the chambers of commerce in the country soon to get evolved a consensus on this issue, as there was no other way to have cheaper electricity except this dam. He said the government must get feedback of the chambers on all economy-related issues, as almost all the chambers of commerce and industry had sector-specific Standing Committees comprising top-notch businessmen as their members.
On law and order situation, the participants of the meeting were of the view that bad law and order situation was the biggest impediment in the way of new investment and the situation could be improved with active participation of the business community.
The LCCI Senior Vice President Sheikh Mohammad Arshad highlighted flood relief measures taken by the Lahore Chamber of Commerce and Industry. He said that the LCCI would continue to play its role in the larger interests of the country. He also expressed his grave concern over recent hike in interest rate and electricity tariff.
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