Removal of the reservation of business community in federal budget 2020-21 would pave way for collective efforts to cope with the ongoing and post-Covid-19 economic challenges.
It was upshot of the speeches delivered at post budget 2020-21 session at the Lahore Chamber of Commerce & Industry (LCCI). The seminar, which was jointly organized by the LCCI and Lahore Economic Journalists Association, was chaired by Lahore Chamber of Commerce & Industry President Irfan Iqbal Sheikh while Vice President Mian Zahid Jawaid Ahmad and LEJA President Ashraf Mehtab also spoke on the occasion.
The speakers said that various measures have been proposed in the federal budget 2020-21 which can have a profound impact on our economy and businesses. Government did well by presenting the budget, in really challenging times when our economy has been adversely impacted by the Covid-19 outbreak.
“The business community applauds the government for showing clear intent of promoting industrialization in the country because in the budget, custom duty has been reduced on 40 raw materials of various industries.
Furthermore, the government has reduced customs duty on 90 tariff lines from 11% to 3% and 0%. The government has also exempted additional custom duties on those tariff lines which are at 0% customs duty”, said by Lahore Chamber of Commerce & Industry President Irfan Iqbal Sheikh.
He added that to enhance the competitiveness of iron and steel industry in the country, the government has reduced the regulatory duty from 12.5% and 17.5% to 6% and 11% respectively on hot rolled coils. These measures are in line with Lahore Chamber of Commerce & Industry’s budget proposals and would help in making the local industry more competitive by reducing its input cost.
The Lahore Chamber of Commerce & Industry president said that the CNIC condition has not been abolished as per the demand of business community. He recommended that CNIC condition should be abolished in the future to facilitate the businesses.
