LCCI presents proposals for economic growth to Senate body.

LAHORE -- Lahore Chamber of Commerce and Industry (LCCI) President Kashif Anwar has presented a number of proposals to Senate Standing Committee on Finance and Revenue and advocated for legislation that would help the economy and encourage business growth.

The LCCI spokesman told media here on Tuesday that Kashif Anwar highlighted the improving position of foreign reserves and recommended measures such as local currency trade and barter trade mechanisms to mitigate the ongoing foreign exchange crisis.

To reduce the cost of doing business, Anwar emphasized the need to align Pakistan's interest rates with regional economies. He also urged the government to lower the refinance rate, introduce soft policies for small and medium-sized enterprises (SMEs), and provide special financing schemes with low markup rates.

The LCCI President emphasized on the importance of reducing the cost of doing business, particularly energy costs and land expenses, to promote industrialization and private sector growth in line with regional economies.

In order to enhance tax compliance and documentation, he proposed the introduction of a declaration scheme. This scheme would encourage individuals to bring undeclared foreign reserves, local assets, and wealth into the economic system, injecting liquidity into the economy.

President LCCI stressed the importance of raising awareness among non-filers about the benefits of entering the tax net.

He suggested expanding the tax base by bringing individuals with industrial or commercial electricity or gas connections into the tax net. He recommended charging a 25 percent income tax on the bills (electricity/gas) of non-filers and emphasized the need for a National Tax Number (NTN) for new commercial electricity/gas connections.

The LCCI President also called for the reduction of fines, penalties, and surcharges imposed on taxpayers. He suggested...