LCCI terms budget energy, infrastructure focused

The Lahore Chamber of Commerce and Industry (LCCI) on Tuesday termed the Federal Budget 2014-15 energy and infrastructure focused with an ambitious tax collection plan. Speaking at a press conference soon after the budget speech of Federal Finance Minister Ishaq Dar, LCCI President Engineer Sohail Lashari, who was flanked by Senior Vice President Mian Tariq Misbah and Vice President Kashif Anwar, said that a number of LCCI proposals had been incorporated in the budget document.
He said that the simplification of taxation system and the expansion of tax base were prime demands of the Chamber. He said that reduction in corporate tax, establishment of land port authority, establishment of Boards for Public Sector Enterprises, cut in taxes on marriage halls and tractors were some of the proposals that were forwarded to the Finance Ministry and had been made part of the budget document. Lashari said that the government focus on construction of water reservoirs, establishment of LNG terminal, approval for EXIM bank would go a long way in the revival of the economy. He said that the decision to constitute National Food Security Council was a step in right direction that would help ensure food security in the country.
He said that in the previous year, growth in agriculture sector was not very encouraging therefore, the incentives announced in the Budget 2014-15 would give the required boost to agri economy. Increase in budget for Higher Education and Health sectors was a laudable step that would give a big relief to the masses. Special initiatives to increase the exports of textile sector would help reap the benefits of GSP Plus Status. He said that the expansion of tax net was need of the hour therefore, bringing of these sectors would help generate more revenues to run day-to-day affairs of the country. LCCI former presidents Mian Muhammad Ashraf, Shahid Hassan Sheikh, Mian Muzaffar Ali, Muhammad Ali Mian, Irfan Qaiser Sheikh, Farooq Iftikhar, former senior vice presidents Malik Tahir Javed, Ejaz A Mumtaz and Sheikh Muhammad Arshad were also present on the occasion.