The Lahore Chamber of Commerce & Industries (LCCI) on Monday has welcomed Punjab Budge 2020-21 and hoped that maximum relief would be provided to the business community through practical measures.
In a statement, the LCCI President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad said that we appreciate the Punjab Revenue Authority (PRA) Government of Punjab for slashing the Sales Tax on various services from 16% to 5% in the provincial budget 2020-21.
This measure will help to enhance the Sales Revenues of various service oriented sectors in our provincial economy and help to stimulate our economic growth.
They said that business community deserves more reliefs as it has paid heavy cost to the Covid-19 which has pushed the trade, industry and economy to the wall.
They said that government would have to ensure that development budget should be spent on productive activities to cop the economic challenges.
The Lahore Chamber of Commerce & Industries office-bearers said that allocations for development projects, energy, health and education sectors are good steps but at the same time elimination of double taxation, broadening the tax net and cut in discretionary powers of the tax collection machinery should be priorities of the Punjab government.
They said that allocations for agriculture sector of Pakistan should be enhanced as recent locust attacks have ruined the agriculture base of the country. They said that farmers should be fully supported by the government.
