The Lahore Chamber of Commerce and Industry (LCCI) on Tuesday termed the federal budget 2014-15 energy and infrastructure focused with ambitious tax collection plan.
Addressing a press conference soon after the budget speech of Federal Finance Minister Ishaq Dar, LCCI President Engineer Sohail Lashari flanked by his Senior Vice President Mian Tariq Misbah and Vice President Kashif Anwar said that a number of LCCI proposals had been incorporated in the budget document.
He said simplification of taxation system and expansion in tax base were prime demands of the Lahore Chamber of Commerce. He said that reduction in corporate tax, establishment of land port authority, establishment of boards for public sector enterprises, cut in taxes on marriage halls and tractors were some of the proposals that were forwarded to the finance ministry and has been made part of the budget document.
Engineer Sohail Lashari said the government focused on construction of water reservoirs, establishment of LNG terminal, approval for EXIM bank would go a long way in the revival of the economy.
The LCCI president said decision to constitute National Food Security Council is a step in right direction that would help ensure the security of food in the country.
He said in the previous year, growth in agriculture sector was not very encouraging therefore, the incentives announced in the federal budget 2014-15 would give required boost to agri-economy.
Increase in budget for higher education and health sectors is a laudable step that would give a big relief to the masses. Special initiatives to increase the exports of textile sector would help achieve the benefits of GSP Plus Status.
Expansion in tax net was need of the hour, therefore, bringing of these sectors would help generate more revenues to run day-to-day affairs of the country.