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Business

January 14, 2018

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LCCI opposes fresh regulatory duties

LCCI opposes fresh regulatory duties

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has opposed the government’s plan to impose fresh regulatory duties, as it would wreck havoc with the trade and industry and would also shatter the confidence of local and foreign investors, a statement said on Saturday.

LCCI President Malik Tahir Javaid and Vice President Zeeshan Khalil said that the government is considering imposing fresh regulatory duties on a number of items to curtail the rising budget deficit.

The existing regulatory duty regime was already indigestible for the business community and the LCCI is demanding its complete withdrawal, while the government is posing to impose more that would affect the business atmosphere and would also create distance between the government and the private sector, they added.

They called for reducing non-productive expenditures of the state. The government should broaden the tax base and bring in untaxed sectors in the tax net, which would increase the revenues and reduce the budget deficit.

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