President of the Lahore Chamber of Commerce & Industry (LCCI) Malik Tahir Javaid has impressively advocated the case of business community at the supreme forum of parliament and demanded total withdrawal of Regulatory Duty until and unless a consensus is developed between the stakeholders.
The LCCI President had separate meetings with the Federal Minister for Industries & Production Ghulam Murtaza Khan Jattoi, Prime Minister’s Assistant on Revenue Haroon Akhter, and Member Customs FBR Zahid Khokhar and apprised them of the panic caused due to Regulatory Duty.
Malik Tahir Javaid was of the view that the Regulatory Duty regime will not only destroy the exporting sector but will also hit the manufacturing sector hard as a number of raw materials have been subjected to new Regulatory Duty.
He said that new Regulatory Duty regime would be hardly doing any service to the economy. Federal Board of Revenue should totally withdraw the recently imposed Regulatory Duty otherwise its destruction would be beyond the imaginations. 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 be continued to sink.