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Home » Business News, General Business News

Businessmen urged to avail additional time for Tax Amnesty Scheme

July 1, 2019

Lahore, July 01, 2019 (PPI-OT): The Lahore Chamber of Commerce and Industry has appealed to the business community to avail additional time for Assets Declaration Scheme. In a statement, the LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal said that extension was demanded by the Lahore Chamber of Commerce and Industry to facilitate the businessmen who were unable to avail it due to paucity of time.

Meanwhile, while talking to a large group of businessmen belonging to various sectors of trade and industry, the LCCI office-bearers has urged the government to restore zero-rating facility for the exporting sector besides relax the mandatory condition for ID card of the buyer for at least one year.

They said that mandatory condition of ID Card of buyer has slowed down business activities in the markets as buyers are reluctant to make purchases from the registered persons. They said that government has withdrawn SRO 1125 under which five export oriented sectors are exempted from sales tax and its withdrawal will add burden to the government exchequer besides hitting the national exports badly.

They said that exporters are working in difficult circumstances but making their all-out efforts to bring much-needed foreign exchange in the country. Withdrawal of zero-rating facility will squeeze the working capital of the industry and dry out liquidity from the market.

They said that restoration of zero-rating facility for the export-oriented sectors would go a long way and help promote country’s exports and would also boost the trust of not only local businessmen but would also give a very good message to the foreign investors. The LCCI office-bearers said that country cannot afford to lose international export market therefore government should continue zero rating facility for the export-oriented industry in the larger interest of the economy.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854

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