Foreign Exchange
LAHORE/ISLAMABAD: The foreign currency exchange dealers would be brought under the tax-net.
Army chief General Asim Munir stated this in a meeting with the business community at the Corps Commander’s Headquarters in Lahore on Sunday.
General Munir assured the businessmen about transparency in dollar exchange and interbank rates.
The Lahore Chamber of Commerce and Industry (LCCI) issued a statement. It said the LCCI’s president Kashif Anwar, along with prominent business figures, met the army chief and discussed the economic challenges with him.
Interim Punjab Chief Minister Mohsin Naqvi also attended the meeting.
General Munir highlighted the pivotal role of the Special Investment Facilitation Council (SIFC). He emphasized the SIFC potential to attract substantial investments of up to $100 billion from countries such as Saudi Arabia, the UAE, Kuwait, and others.
To bolster economic decision-making, he revealed the formation of task forces focused on economic matters and different sectors.
Kashif Anwar recommended active engagement with all chambers to incorporate diverse perspectives into the task force’s agenda.
Addressing critical issues faced by the public, the LCCI chief proposed reducing income and sales tax rates on electricity bills.
He noted that the populace grapples with the burden of high taxation on electricity, impacting daily lives, businesses, and common people.
He recommended a pragmatic approach to fuel adjustment charges. He advocated for their collection during the winter months when electricity consumption is lower.
The LCCI president also pointed out that the disparity between the SBP’s and the Hundi rate. It leads to a preference for Hundi channels when it comes to remittances. He emphasized that if these rates are aligned, remittances would naturally flow through the SBP.
Anwar emphasized the importance of an enhanced and sustained interactive dialogue between the business community and relevant authorities. He expressed concerns over the prevailing lack of responsiveness to suggestions put forth by the business sector.
LCCI chief recommended incentivizing the grey economy sector to transition into the formal white economy.
He said the expansion of the tax base will remain elusive as long as the grey economy remains unincorporated.
