LCCI urges govt to resolve issues

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to resolve the issues being faced by the artificial leather industry, a statement said on Saturday.

Talking to a delegation of Pakistan Leather Importers and Merchants Association, which visited the chamber, LCCI Vice President Faheem-ur-Rehman Saigal said that the role of artificial leather industry in the provision of revenue to the state and employment to the people is of utmost importance.

The delegation members discussed the issues of SRO 1125, valuation of invoices, surge in dollar prices, sales tax and duty rates.

They informed the LCCI president that Customs duty is more than double after withdrawal of SRO 1125 and implementation of sales tax and it is almost impossible to continue their businesses.

They demanded reduction in the duty rate on raw materials and to control rupee devaluation, saying that these issues have multiplied the input cost.

Saigal said that 17 percent sales tax and increase in income tax from one percent to six percent would result in rise in the cost of doing business and decline in exports.

The government should get rid of discrimination between trade and industry, he said, and feared that rise in duty and requirement of CNIC number for the buyer would encourage smuggling.