Pre-budget seminar at LCWU: Call to reduce tax rate, encourage investment

LAHORE : The Department of Economics, Lahore College for Women University (LCWU) organised a pre-budget seminar ‘Current economic scenario & priorities of Pakistan Budget 2023-24’ here on Friday.

The objective of the seminar was to provide an insight into the upcoming budget and its implications, as well as its potential impact on the economy. Kashif Anwar, President of the Lahore Chamber of Commerce and Industry (LCCI) was the chief guest.

Dr Ejaz Sandhu of a private organisation also attended the seminar and shared his insights.

In a statement, LCWU Vice-Chancellor Prof Dr Bushra Mirza said that the potential for opening up untapped areas such as land use would be a key option to explore. This would involve identifying areas of land that are currently not being used to their full potential, and finding ways to utilise them for various industries such as agriculture, renewable energy, or even tourism, she said.

Kashif Anwar emphasised the need for the formulation of an industrialist-friendly tax policy. He stressed the lowering of interest rates and the introduction of an amnesty scheme for the promotion of investment. He also stated that undeclared assets in the form of foreign exchange should be declared.

Dr Ejaz Sandhu, on the other hand, highlighted the urgency for the reduction of unproductive and unnecessary government expenditure on protocol. He also suggested the need to increase the tax base and reduce tax rates. Additionally, he put forth the proposition that the government should formulate policies to enhance livestock and agriculture production.

Prof Dr Muhammad Afzal, Dean of the Faculty of Arts & Social Sciences, LCWU, emphasised the importance of formulating grassroots-level policies that encourage investment. He also highlighted the need for stimulating economic growth and addressing the challenges faced by different segments of society. He called for a town/tehsil level nationally representative survey that can provide the base for town-level planning and policies.

Moreover, he emphasised the significance of having a true local government system in collaboration with provincial and federal governments to achieve economic objectives. Dr Samia Nasreen, Chairperson of the Department of Economics, put the spotlight on the significance of understanding the budget and its potential impact on various sectors of the economy. The seminar was attended by PhD, MS, BS students, and faculty members from various departments of Lahore College for Women University.