Taxation measures alarm businessmen

LAHORE- The Lahore Chambers of Commerce and Industry (LCCI) on Thursday expressed their grave concern over the Federal budget 2008-09, demanding the govt to review the proposed taxation measures, as it will multiply the problems of manufacturing sector. 'We have serious reservations over the Federal budget. Therefore, we are proposing the govt to review the tax policy particularly about General Sales Tax (GST), raw-material, withholding tax on utility bills, and e-filing system', Muhammad Ali Mian President LCCI told reporters at a Press conference here on Thursday.

The LCCI President while appreciating the govt for taking care of agriculture sector in a winsome manner, deplored that the industry expecting similar favours, was unduly penalised.

He also termed one per cent increase in the rate of General Sales Tax as a harsh decision and totally against the expectations of the masses in general and the business community in particular. He said that this single step would take the inflation to new highs.