LCCI presents budget proposals to FinMin

Chamber urges end to policy instability, restoration of final tax regime

LAHORE:

Lahore Chamber of Commerce and Industry (LCCI) President Faheemur Rehman Saigol met Federal Minister for Finance and Revenue Muhammad Aurangzeb to present the chamber's budget proposals for the upcoming fiscal year, focusing on industrial revival, export growth, tax reforms and reduction in the cost of doing business, according to a statement issued on Thursday.

The finance minister informed the LCCI president that the digitisation process within the Federal Board of Revenue (FBR) is being further strengthened through Pakistan Revenue Automation Limited (PRAL). The reforms aim to minimise human interaction, facilitate taxpayers and improve the overall business environment. Consultations with chambers of commerce and the business community will continue regularly to ensure effective stakeholder engagement in economic policymaking.

The LCCI budget proposals called for an end to policy instability caused by frequent SROs and shifting tax interpretations, terming unpredictability one of the major reasons behind de?industrialisation. The chamber urged the government to reduce the cost of doing business, which it said is currently 22 to 30% higher than competing regional economies.

The chamber proposed a sector?wise tariff structure to protect domestic industries operating under significantly higher costs than regional competitors. It also demanded restoration of a simple and predictable final tax regime for exporters and the introduction of a fixed tax regime for traders to broaden the tax base.