LCCI demands for total withdrawal of regulatory duty

F.P. Report

LAHORE: Malik Tahir Javaid, President Lahore Chamber of Commerce & Industry has demanded from the government for a total withdrawal of regulatory duty.

This he said while talking to Parliamentarians in National Assembly. He said that the impose regulatory duty will only destroy all the sectors of the economy. NA Standing Committee on Finance, Revenue & Economic Affairs Chairman Qaiser Ahmed Sheikh, Saeed Ahmed Khan Manais, Dr Shezra Mansab Ali Khan, Sheikh Fayyaz-ud-Din, Syed Naveed Qamar, Dr Nafisa Shah, Syed Mustafa Mehmud and Asad Umer and other parliamentarians endorsed the LCCI President’s stance on regulatory duties.

Malik Tahir Javaid added that regulatory duty will also affect the manufacturing sector hard as numbers of raw materials have been subjected to the new regulatory duty.

He added that new regulatory duty will not bring any positive impact on the economy but it will destroy it further to worst. The federal board of revenue needs to 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.

He said that if the regulatory duty is not totally withdrawn it would also adversely affect the industrial sector. On the other hand, it would open a floodgate of smuggling and under-invoicing that is already causing huge financial loss to the national economy.