LAHORE: Lahore Chamber of Commerce & Industry President Malik Tahir Javaid has once again called for a total withdrawal of regulatory duty regime.
While talking to the Parliamentarians in National Assembly in an over three-hour long meeting, the LCCI President Malik Tahir Javaid said that regulatory duty is nothing else but a death knell for all sectors of the economy.
The Parliamentarians including 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, endorsed the LCCI President’s stance on regulatory duties. Former LCCI president Mian Anjum Nisar was also present on the occasion.
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 the 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.
He said that if the regulatory duty is not totally withdrawn it would also adversely affect the industrial sector.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 are already causing huge financial loss to the national economy.
