Business

LCCI, carpet association unite against tax burden

Our Correspondent July 11, 2024

The government has also introduced a new definition of tax fraud, which now includes the intentional evasion of legally due tax or obtaining an undue refund by submitting false documents, false returns, or withholding correct information. photo: REUTERS

LAHORE:

The Lahore Chamber of Commerce and Industry (LCCI) and the Pakistan Carpet Manufacturers and Exporters Association(PCMEA) expressed strong concerns on Wednesday regarding the implementation of various taxes and strict laws in the current financial year’s budget. They agreed to collectively voice their opposition on all platforms.

LCCI President Kashif Anwar visited the Pakistan Carpet Manufacturers and Exporters Association, where he met with Senior Vice Chairman Usman Ashraf, Senior Central Leader Abdul Latif Malik, Chairperson of Carpet Training Institute Ijazur Rehman, and other key representatives. Anwar stressed that he has been advocating for all business sectors, stating, “No business can operate under the difficulties created by the government, affecting not only exporters but every sector.”

He highlighted that the government’s increasingly stringent regulations and the removal of the final tax regime have subjected exporters to audits, which will inevitably reduce exports. Anwar warned that high production costs already make it difficult for Pakistani exporters to compete internationally. He further noted that the capital drain has begun, with industries considering relocation to Dubai and Bangladesh, jeopardising the country’s economic stability.