Tag Archives: LCCI President

LCCI Terms Withholding Tax an “Economic Intimidation”

LCCI Terms Withholding Tax an “Economic Intimidation”


admin | category: Business

LCCI Terms Withholding Tax an “Economic Intimidation”. The Lahore Chamber of Commerce & Industry has termed the withholding tax on banking transaction “economic intimidation” for the business community and called for its immediate withdrawal.

The LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil said that withholding tax on banking transactions is doing more harm than good and continuously affecting the business atmosphere in the country. “Issue of withholding tax is top of the list in the other miseries like disparity in taxation system, dual taxation, high input cost and delay in refunds that must be resolved according to the demand of the business community, the LCCI office-bearers said while talking to a delegation of
All Pakistan anjuman-e- Tajran, led by Khalid Pervez.

They said that business community has rejected withholding tax on banking transactions from the first day but concerned authorities are not ready to realize the ground realities.  They said that though expansion of tax net is need of the hour but  government would have to find out new ways to bring the untaxed sectors into the tax net.

They said that measures like imposition of withholding tax on bank transactions are not doing any service to the economy as it has been observed that tax collection machinery has no authentic data to specify difference between filers and non-filers.

They said that tax on all bank transactions has been imposed forcefully, that is not only hampering the trade and economic activities but is also tarnishing the soft image of the government. They said that a number of  trade & industrial associations have approached to the LCCI and informed that imposition of tax on all banking transactions has caused
unrest and put the interests of business community on stake.

They said  that imposition of this tax has forced business community to conduct its monetary transactions in cash that is promoting undocumented economy. The LCCI office-beares hoped that withholding tax on banking  transactions will be withdrawn immediately in the larger interest of the industry, trade and economy.

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Historic Visit to the LCCI French Parliamentarians to Act as Pakistan’s Ambassadors

Historic Visit to the LCCI French Parliamentarians to Act as Pakistan’s Ambassadors


Shahid | category: Business

Historic Visit to the LCCI French Parliamentarians to Act as Pakistan’s Ambassadors. Back in France, we would be Pakistan’s ambassadors as it has huge untapped economic potential and perfect geographical location.

This was stated y the members of French Parliamentary ddelegation elegation while speaking at the Lahore Chamber of Commerce & Industry. The LCCI President Malik Tahir Javaid presented the address of welcome while Senior Vice President Khawaja Khawar Rashid, Vice President Zeshan Khalil, Members of French Parliamentarian delegation Jean Bernard Sempastous, Mrs. Annaig Le Meur, Jean-Luc Reitzer, Mrs. Sonia Krimi, Alexandre Michel, Mian Ahsan Abbas, Michael Boucault and Philippe FOUET spoke on the occasion while Ali Hassam
Asghar, Awais Seed Piracha, M. Nawaz, Moazzam Rasheed, Kalim Ahmed,
Tehmina Saeed Chaudhry and Mian Zahid Javed were also present on the
occasion.
The Parliamentarian said that French government values high its relations with Pakistan and keen to further strengthening its economic relations with Pakistan that is an important country of the region. They stressed the need for close contacts between the businessmen through use of modern technology like video  conferencing in order to develop deep and lasting linkages and networks for sharing each other’s experiences for strengthening of economic relations. They said that they would play their role for increasing bilateral trade between the two
countries.
The French Parliamentarians highly spoke about Pakistan and said that investment opportunities in Pakistan are of great attraction for foreign businessmen. They said that they would tell their businessmen about the sectors that could create win-win situation. The LCCI President Malik Tahir Javaid appreciated the initiative taken by the leadership of the France Pakistan Friendship Group for visiting Pakistan to promote trade & investment relations between two countries.

He said that France is Western Europe's largest country by area. Including overseas regions, it ranks 41st in the world in size. By economic measurements, France is among the
world's most successful countries. Being Europe's third largest economy, its
nominal GDP ranked seventh largest in the world at more than $2.4 trillion in total
output.
The LCCI President said that France is well known around the world for its colours, designs, festivals, fashion, foods and monuments etc. France is rightly considered the birth place of modern democracy. The revolutionary ideals of 1789 i.e. Liberty, Equality and Fraternity were impressive and contributed to a great deal in attaining ultimate triumph. That victory owes much to the French men and women who have defended freedom and democracy.

“I am sure that you being French Parliamentarians and members of France Pakistan Friendship Group would be noticing certain changes in political scenario  of Pakistan particularly taking place in the last decade. Unlike past, the democratic setup of Pakistan faced highs and lows in a sensible way. Pakistan is all set to gain further political stability in years to come. We hope that we will soon start reaping the fruits of attaining political maturity”, Malik Tahir Javaid
added.
While sharing trade figures, he said that in 2015, the total volume of bilateral trade was dollar 778 million which surged to dollar 817 million in 2016. The main reason of that increase was consistent rise both in imports and exports to France. He said that from 2015 to 2016, the exports to France registered an increase of 3.3% whereas the imports from France went up by 6.5%. This trend needs to be continued. In the present scenario of bilateral trade, the balance of
trade should be in favor of Pakistan and its products should have easy access to the markets of France. Your support is desperately needed in this connection.
The LCCI President said that in terms of tourism, Pakistan is a beautiful and historical country and you will be amused by its scenic beauty. We are peace loving nation and desirous of maintaining peace in the whole region. There is no such situation in Pakistan which is mostly portrayed by international media. He urged the French Parliamentary delegation to share actual perception about Pakistan.

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