Business

Budget overview: LCCI urges reforms in taxation system

LCCI chairman said economic growth can only be achieved by reducing tax rates

Our Correspondent June 07, 2016

Asks govt to join hands with businessmen in the interest of economy. PHOTO: BLOOMBERG

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad has stated that the time is ripe to restructure the country’s taxation system.

According to Arshad, economic growth can only be achieved by reducing tax rates. He said that the business community is currently struggling due to issues such as smuggling, under invoicing, non-professional attitude of FBR officials and other issues.

He said that if the situation remains the same, it would cause irreparable loss to the industrial sector.

In a statement issued here, the LCCI president urged the parliamentarians to align the fundamental framework of the Federal Budget 2016-17 according to the economic challenges. “The business community would not be able to make inroads if their genuine reservations regarding the budget are not addressed,” Arshad added.

Published in The Express Tribune, June 8^th, 2016.

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