LCCI hails PM’s assurance

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Friday welcomed assurances by the prime minister and Chief of the Army Staff to the business community for removal of impediments to the economic growth, a statement said.

LCCI President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad said that the prime minister’s and COAS pledge to remove hurdles and problems, being faced by the businessmen, are a good sign.

Economic growth can speed up provided reservations of the business community regarding taxation system are removed, refunds are paid expeditiously, discretionary powers that have opened floodgates of corruption are clipped, agriculture stagnation is reversed and utility prices are reduced, they said.

The role of the Federal Board of Revenue (FBR) is considered as a key facilitator to the private sector, but experience shows that dealing with the FBR, is not always easy.

Tax system is complicated and burdensome, which creates room for complicities between taxpayers and the tax collectors, they said, adding that the number of taxes and frequency of paying taxes must be reduced.