LCCI president says regulatory duty issue to be resolved soon

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LAHORE, Dec 22 (APP):Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javaid has said that high government functionaries have given assurance regarding resolution of Regulatory Duty on imports issue.
The LCCI president was talking to a buinessmen delegation
at the LCCI here on Friday.
He said that he had important meetings with Prime Minister
Shahid Khaqan Abbasi, PM Assistant on Revenue Haroon Akhter, Federal Minister for Industries & Production Ghulam Murtaza Khan Jatoi, Chairman NA Standing Committee on Finance, Revenue and Economic Affairs Qaiser Ahmed Sheikh, Chairman FBR & Member Customs FBR Zahid Khokhar and demanded total withdrawal of Regulatory Duty on imports.
“Good news is that they had, in principal, agreed to move
in favour of business community,” he added.
Malik Tahir said that the LCCI was active from the very
first day on Regulatory Duty and meeting the people sitting on the
helm of affairs and informing them that RD on various essential
items including raw materials would harm the economy, which
is already under pressure due to rupee devaluation, heavy
borrowing, high trade deficit and poor ranking in ease of
doing business.
He said that since various imported raw materials are
being used in the local industries for manufacturing and
exporting of goods, therefore Regulatory Duty on these
important inputs would add to the miseries of export-oriented
industries. Resultantly, he said, exports would continue
to sink.
The LCCI president said that principally Regulatory Duty
is imposed on such products where local industry needs
protection.
The LCCI understands that protection of local industry is
important for any state as it provides employment opportunities
and contribute size able amount of revenue to national exchequer.
He said that if Regulatory Duty is not withdrawn totally
it would also adversely affect the industrial sector. On the
other hand it would open flood gate of smuggling and under
invoicing that are already causing huge financial loss to the
national kitty.
The LCCI president said that positive response from the
high officials is a good omen and hopefully Regulatory Duty
would be withdrawn totally until and unless genuine
reservations of business community are addressed.