RE - Federation of Pakistan Chambers of Commerce and Industry and all other chambers across the country Saturday hailed the decision of government for immediate withdrawal of 35 per cent margin on LC.
President FPCCI Tanvir Ahmad Sheikh,President SCCI Tariq Sayeed,VP, SCCI Pakistan Chapter Iftikhar Ali Malik, President LCCI M Ali Mian and other office bearers of the chambers welcoming the decision termed it a good omen for the promotion of business activities in the country. They said its imposition had created a severe liquidity for the importers of industrial raw materials.
Tanvir feared that the imposition of 10 per cent withholding tax on electricity bills exceeding Rs 20,000 will definitely increase the cost of production which is already much more than that of all other countries of the world.
Pakistani products will never compete in the international and local markets as their cost of production is more than all other countries", he added. He said that withdrawal of the subsidy on power bills would also badly hit the entire industrial sector besides again increasing the cost of production; leaving the Pakistani merchandise uncompetitive in the global market.
President SAARC Chamber of Commerce and Industry Tariq Sayeed and VP SAARC CCI,Pakistan Chapter Iftikhar Ali Malik present on the occasion fully endorsed the views of federation chief.
Tanvir said when FPCCI, an apex body of chambers in the country demands immediate withdrawal of other taxes and duties,it means it is the voice of all chambers across the country which, he said, must be addressed on top priority.
Iftikhar Ali Malik said that federation, a non political forum wants to help strengthen the democratic system and extend whole hearted co-operation and repose full confidence in new coalition government in the larger national interest but the federation will never compromise on the interests of the business community which he added will ultimately strengthen the national economy. He said that world over,political stability and survival of a country exclusively depends on sound economy which he added is only possible if government provides incentives to attract local and foreign investors.
Tanvir Ahamd Sheikh,Tariq Sayeed,Iftikhar Ali Malik and Muhammad Ali Mian made an impassioned appeal to Prime Minister Syed Yousuf Raza Gilani to intervene and save the national economy from further loss.