LAHORE: President of the Lahore Chamber of Commerce and Industry, Kashif Anwar, emphasized that the taxpayer traders and industrialists should be respected and urged to provide facilities to taxpayers.
He pointed out that both local and foreign investors are currently taking their investments out of the country, and identifying and addressing the root causes of this issue is crucial.
President LCCI stated that it is essential to find answers to why investments are going abroad instead of being invested domestically and to take concrete and comprehensive measures to stop this capital outflow. He was speaking to the media at the conclusion of the 16th All Pakistan Chambers Presidents Conference. The conference was organized by the Rawalpindi Chamber of Commerce at a private hotel in Islamabad.
Kashif Anwar mentioned a recent court decision, which bans single-use plastic. While the ban is on plastic weighing less than 75 microns, he stressed that immediate bans can harm the industry. He warned that such decisions against investment and industry could jeopardize investments and millions of jobs related to the plastic industry, making it very difficult to attract new investments to the country.
He also expressed a desire to increase exports. He pointed out that those investing in solar and green energy, whether domestically or industrially, should be given tax relief instead of being burdened with additional taxes. He called for a clear investment policy regarding these sectors.
Kashif Anwar urged the new government to introduce policies where the budget is presented once a year, as it used to be, providing stability and predictability for traders. He lamented that the current situation is unpredictable, with conditions changing frequently. He stressed that improving the tax culture is crucial for expanding the tax base, and policies should focus on those not yet in the tax net. He called for providing them with facilities and respect to encourage them to join the tax system.
He advocated for including all stakeholders in policy-making, noting that representatives from more than fifty chambers attended the conference. He urged that all sectors be onboarded in policy development. He noted the dire economic situation, where even securing a billion dollars requires international assistance.
Kashif Anwar suggested that instead of relying on international financial institutions like the IMF, the government should seek funds from its citizens and bring dormant money into the economy, especially from the property sector. He also highlighted the need to promote the construction sector.
President LCCI reiterated that the chambers’ role is advisory and stressed that policies should be made in consultation with the chambers. He called for leasing plots for new industries to facilitate investment in industrial plants.
He emphasized the need to reduce business costs and stabilize the currency to boost exports, underlining the importance of political stability for these measures. He concluded by stating that if 75 chambers can agree on these points, then five political parties should also come together and signs a Charter of Economy.
Copyright Business Recorder, 2024
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