Lahore Chamber of Commerce and Industry (LCCI) President, Faheem ur Rehman Saigol, has said that decrease in policy rate by 50 basis points will help promote economic activity.
Chairing the Extraordinary General Meeting at LCCI on Monday, he thanked Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, and stressed the need for bringing the interest rate into single digits.
LCCI President said that the cost of doing business has increased to an unbearable level, making it difficult for industry and trade to operate. Therefore, the industrial sector urgently needs immediate and effective relief. He warned that high interest rates, along with expensive electricity and gas tariffs, are forcing industries to shift abroad, which is a dangerous trend for the national economy.
Mr Saigol said that inflation has caused an unusual increase in costs across all sectors of life, putting severe pressure on the business community. He emphasised that electricity prices should be brought into line with other countries in the region to make the local industry competitive. He called for bringing non-filers into the tax net through incentives, while providing more facilitation to existing taxpayers.
He also demanded a simple, transparent, and business-friendly tax system and the abolition of unnecessary withholding taxes. He said that Pakistan is facing a growing trade deficit, which makes it essential to promote exports and provide facilitation to exporters. He stressed the restoration of the Final Tax Regime and the timely payment of duty refunds.
Former LCCI President Mian Anjum Nisar noted that rising business costs have become a serious challenge for industry and trade, and called for policy continuity and practical measures to address the situation. He urged the government to provide relief to industrialists and traders through tax reforms and cost reduction to boost economic activity.
