LCCI chief asks govt to mitigate effects of IMF terms

LAHORE: The newly elected president of the Lahore Chamber of Commerce and Industry, Mian Abuzar Shad, has said that in the current situation, there was no other option but to go to the IMF, but the effects of the conditions will have to be reduced.

Talking to “Jang” after taking the oath of his office, he said that some positive aspects of economic stability were being seen in the country as a result of the agreement, however, measures to be implemented with it would create challenges for taxpayers, especially the business community. “Instead of increasing the burden on the existing taxpayers, attention should be given to expanding the tax net. The government should reform the existing tax system to make it simpler, transparent and workable for businessmen, and also take steps to bring new taxpayers into the net,” he suggested. He welcomed the government’s decision to digitize the Federal Board of Revenue (FBR) as it would bring transparency in the tax system and reduce the chances of tax payers being harassed. “However, a digital system alone will not suffice. It is necessary that the government should introduce a tax system that will facilitate the small traders so that they can fulfill their tax obligations without any pressure. In response to a question about the recent visit of a Russian trade delegation to Pakistan, he said that it was an important milestone for the strengthening of trade relations between the two countries. “New avenues are opening for Pakistan’s trade relations with Russia, which will not only increase trade between the two countries but also create new opportunities in various sectors of the economy, especially energy, agriculture and technology,” he added.