Lahore, May 14, 2016 (PPI-OT):The Lahore Chamber of Commerce and Industry on Saturday issued its budget proposals prepared in consultation with all the Chambers in Punjab. The LCCI President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder, Vice President Nasir Saeed and Convener of the Standing Committee Kamal Mahmood Amjad Mian said that the proposals have been prepared with due diligence and it is hoped that the proposals would be made part of upcoming budget document.
The LCCI budget proposals have been divided into three major chapters. First chapter contains the proposals regarding stimulating growth in the local economy through CPEC projects. Second chapter consists of various suggestions for the elimination of harmful taxation that hinders business and trade in the country. This chapter proposes the government to bring taxation reforms by reviewing withholding tax regime, tax audit, refunds, advance tax, bank accounts’ attachment and various anomalies in the sales tax.
Chapter three covers suggestions regarding harmonization in federal and provincial tax regime to counter double taxation and harassment by the provincial tax authorities. The major issues due to non-collaboration between various taxation bodies are jurisdiction disputes, non-uniformity of provincial laws, structural issues in provincial revenue collection bodies and overall lack of collaboration and harmonization.
Fourth chapter contains recommendations regarding simplification of tax adjudication process and strengthening of alternate dispute resolution mechanism. It is proposed that the disputes between the department and the registered persons may be allowed for alternative dispute resolution committee (ADRC).
Chapter five explains as to how imposition of duties on industrial raw materials for manufacturers has out-competed the manufacturing units in Pakistan. It is proposed that duties on import of raw materials should be abolished.
Chapter six proposes various recommendations to improve Pakistan’s ease of doing business ranking. Proposals with regard to individual factors including starting a business, getting electricity, getting credit, paying taxes, trading across borders, enforcing contracts and resolving insolvency have been made.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan