Govt urged for policy reforms

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to address the genuine reservations of the business community through policy reforms, a statement said on Thursday.

LCCI acting president Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal said that the economy is shrinking due to high cost of doing business, unfavourable business atmosphere, cumbersome taxation system and various other challenges. The government would have to take policy measures that can help create business-friendly atmosphere, they said.

The government has withdrawn duties on more than 1,600 items, but has also imposed additional Customs duties on 3,000 items, they said, adding that additional Customs duty should be withdrawn immediately, as it has increased the input cost of the industrial sector, besides burdening the common man.

The LCCI office-bearers also called for restoration of zero-rating regime for five export-oriented sectors. The State Bank of Pakistan should immediately reduce markup rates, they demanded.