LCCI calls for taxation reforms for industrial revival

KARACHI, Jun 08 (APP): Lasbela Chamber of Commerce and Industry (LCCI) has urged the federal government to introduce comprehensive reforms in taxation, energy, trade and investment policies in the upcoming Budget 2026-27 to stimulate industrial growth, attract investment and strengthen business confidence.

In a statement, LCCI office bearers said Pakistan’s economic revival depended on creating a competitive and predictable business environment, adding that its recommendations were aligned with the government’s stated objective of promoting industrialization and generating employment opportunities.

The LCCI called for a multi-year macroeconomic stabilization framework with clearly defined targets for inflation and fiscal deficit reduction, coupled with a transparent foreign exchange policy to ensure policy consistency and investor confidence.

On taxation, the chamber proposed an immediate halt to ad hoc tax measures, gradual reduction in corporate tax rates to bring them in line with regional economies, rationalization of withholding taxes and simplification of the tax system.

To encourage foreign direct investment (FDI), the chamber sought targeted incentives for export-oriented industries, high-value manufacturing, pharmaceuticals, agro-processing and mineral value-addition sectors. It also advocated fast-track one-window approval services for major investment projects.

Lasbela Chamber also highlighted the need to strengthen exports through faster duty drawback and tax refund mechanisms, modernisation of ports and customs operations through digitalisation and round-the-clock services, and the pursuit of preferential market access agreements with key trading partners.