Upcoming budget termed crucial

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has warned that the ongoing economic scenario has made upcoming budget more crucial, a statement said.

Business community expects the government to keep its suggestions on top if it wants to reduce the economic challenges, it added.

LCCI office-bearers said electricity and gas prices must be uniform in all provinces, as these are the basic raw materials for the industry and any fluctuation in their prices directly affects the cost of doing business.

All raw materials must attract zero or low Customs duties, they said, adding the government must eliminate regulatory duties and additional Customs duty on raw materials so that the local industry can be able to compete with smuggling and mitigate the effect of low tariff FTAs.

The rate of duties for trade and industry must be the same so that the small and medium enterprises (SMEs) who procure from trade should have a level-playing field, the LCCI office-bearers said.

Nonpayment of refunds is drying out liquidity from the markets. Payment through promissory notes should also be extended to all sectors, including five zero-rated sectors, they said, adding that refunds should be issued automatically without application, or pre-audit, within 60 days as per the rules.