LCCI presents proposals for budget 2022-23.

LAHORE -- Lahore Chamber of Commerce and Industry Saturday presented proposals for the Federal Budget 2022-23 at a press conference here.

LCCI President Mian Nauman Kabir presented the budget proposals while Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq also spoke on the occasion.

Mian Nauman Kabir said that the private sector is the engine of growth and suggested that proposals should be the part of federal budget 2022-23. He said that in developing countries, the private sector generates 90% of jobs, funds 60% of all investments and provides more than 80% of government revenues. In this regard, feedback from the private sector plays a important role in formulating appropriate policies for the trade, industry and economy.

The robust linkage between the government and private sector boosts the economy, creates the friendly environment, generates employment, attracts investment and helps in the growth of SME sector.

'All the political parties should sign a charter of economy and follow a single economic policy that should be evolved in consultation with the stakeholders', the LCCI president added.

He said that being premier chamber of the country, the Lahore Chamber of Commerce and Industry has formed a set of proposals for the federal budget 2022-23.

Mian Nauman Kabir said that Pakistan's tax base is narrow. Out of total population of 220 million only around 3 million people are filing their income tax returns. It is proposed that all the persons having industrial or commercial electricity or gas connections should be brought into the tax net.

The LCCI president suggested that to remove uncertainty among businesses and for sustainable growth, there should be consistency in economic policies (both macro-economic and sector specific).

He said that SMEs are backbone of the industry. There are up to 5.2 million SMEs in Pakistan with 25% share in exports and 30% contribution in GDP. Considering the vital role of SMEs, it is proposed that the turnover threshold for definition of SMEs may be enhanced to eight hundred million rupees net of sales tax, FED and discounts.

He said that customs tariff rationalization is need of the hour. To protect and promote local industry and for import substitution custom duties on import of raw material may be reduced to minimum or zero percent.

Similarly, import of finished products and luxury goods may be discouraged through levy or enhancing...