LAHORE: Lahore Chamber of Commerce & Industry (LCCI) on Tuesday termed Federal Budget 2019-20 as balanced despite economic hardship.
Addressing a media conference after the federal budget speech here at Lahore Chamber, the LCCI President Almas Hyder, who was flanked with the Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal, said that various proposals of Lahore Chamber of Commerce & Industry had been accepted in the federal budget.
Former LCCI Presidents Iftikhar Ali Malik, Mian Anjum Nisar, Shahid Hassan Sheikh, Muhammad Ali Mian, Malik Tahir Javed, former Senior Vice Presidents Irfan Iqbal Sheikh, Mian Tariq Misbah, Amjad Ali Jawa, Kh. Khawar Rasheed, former Vice Presiden Zeshan Khalil and Executive Committee Members were also present on the occasion.
Almas Hyder said that zero-rate of duties on 1600 items including raw materials would reduce the cost of doing business.
Terming it a very good step, he mentioned, it was a joint proposals of all Chambers of commerce & Industry of the country. He said that after good reforms, current account deficit would be reduced from $ 12 billions to $ 7 billions, adding that government had allocated collectively Rs. 100 billions for dams/water projects that showed the seriousness of present regime and it would help get rid of water scarcity and also generate cheap hydel power.
LCCI President said that privatization of loss-making public sector enterprises was a good step as these were eating-up huge money of the taxpayers. He also lauded increase in minimum wages, crops insurance and cut in salaries of the cabinet.
He said that government should ensure early payment of refunds as delay was not only causing hardship to the business community but also promoting trust deficit. He said that Assets Declaration Scheme was idea of the Lahore Chamber of Commerce & Industry and business community must avail this opportunity.
He said that vehicle prices would go up after increase in federal excise duty on vehicles that would affect auto industry development plan.
The LCCI office-bearers said that government would have to make exceptional efforts to achieve the economic targets set for the next financial year.
They said that tax revenue target of Rs. 5550 billion was set for the next financial year and to achieve this huge target, government would have to facilitate the trade and industry, taxpayers besides focusing on broadening of tax base.