Lahore Chamber of Commerce and Industry (LCCI) has demanded Federal Board of Revenue to impose 25 percent regulatory duty on copper export.

The entire cottage industry in general and wire manufacturers in particular is in deep trouble due to the withdrawal of 25 percent duty on export of copper, he said.

He added that all such steps hitting the economy hard should be withdrawn and all economic policies should be redesigned in consultation with the business community. LCCI President, Irfan Qaiser Sheikh stated this during a meeting with a delegation of Shahalam Market Board led by its Chairman Talal Butt on Monday.

The recent decision taken by the government regarding two weekly holidays and early closure of shops would further slowdown economic activities thus the decisions should immediately be withdrawn. He also said that the business community out rightly rejected SRO 821(I) 2011 and would not accept conditionality being imposed under the impugned SRO, as provision of NIC copy is practically impossible.

LCCI President said that if government is interested in widening of tax net it should take all chambers in the country onboard. "No new policy that would implemented without due consultation of the stakeholders would be resisted tooth and nail." He said that the days are gone when business related policies were implemented without fulfilling the due process of consultation. He said that all over the world, the private sector is considered as engine of the growth and is part of policy making but it is very sad that in Pakistan the situation is the other way round.

Speaking on the occasion, LCCI Senior Vice President, Kashif Younas Mehar urged the trading community to show unity in their ranks to wear off the intensity of economic crisis. He said that coming four months would be very critical for all the businesses as not only the power crisis would worsen further but gas situation would also cause closure of many industries. He also urged the government to initiate dialogue with business community before granting MFN status to India.

SOURCE: BUSINESS RECORDER