LAHORE: Representatives of commerce and industry from Punjab and Balochistan on Wednesday decided to present joint proposals for the budget 2016-17.
In a meeting presided over by Lahore Chamber of Commerce and Industry President Sheikh Muhammad Arshad, representatives of DG Khan, Okara, Vehari, Sargodha, Rawalpindi, Gujrat and Quetta chambers’ of commerce and industry discussed budget proposals.
The meeting decided to go for joint efforts for elimination of harmful taxation, harmonisation in federal and provincial tax regime, withdrawal of import duty on raw materials, removal of prevailing anomalies in the statute, simplification of tax adjudication process, timely completion of China Pakistan Economic Corridor project and ensuring availability of uninterrupted and cheap energy.
The participants urged the government to invest in the energy sector, lower the ratio of indirect taxes, bring down taxes and duties on smuggling-prone items and ensure timely completion of CPEC to achieve key economic targets.
The participants stressed that a major portion of budget 2016-17 should be allocated for generation of cheap electricity through hydropower.
The meeting suggested that maximum funds should also be allocated for construction of large dams and tapping of natural resources.
Reliance on expensive thermal units is one of the biggest reasons of energy crisis in recent past. It has also jacked up the cost of production. The country needs an energy mix in favor of hydropower and local fuels, the representatives said.
The representatives stressed that smuggled goods through the borders of Afghanistan, Iran, China, India and the Afghan Transit Trade form a chunk of the informal economy, volume of which ranges between 50 to 60 per cent of the formal economy. They urged that smuggling should be curbed.
Courtesy : Dawn News