The Lahore Chamber of Commerce and Industry Friday welcomed the suspension of controversial SRO 191(I)2012 and appreciated the Finance Minister for giving patient hearing to all the LCCI demands. In a statement issued here, the LCCI President Irfan Qaiser Sheikh said that the decision to suspend the SRO 191 would go a long way in giving boost to economic activities in the country as seeking Computerised National Identity Card numbers or National Tax Numbers of the unregistered buyers, manufacturers, importers and exporters was practically impossible. The LCCI President said that the Federal Finance Minister Dr Abdul Hafeez Sheikh had also promised to look into the other LCCI budget proposals including reduction in Turnover Tax from existing 1 per cent to 0.5 per cent. He said that the Lahore Chamber of Commerce and Industry had conveyed to the Minister that the SRO 111 pertaining to whitening of capital through Telegraphic Transfer (TT) should be withdrawn in order to promote tax culture and broaden the tax net. Withholding Tax for commercial importers should be equivalent to manufacturers. Annexure D of the Income tax Return should also be withdrawn. Irfan Qaiser Sheikh said that the Lahore Chamber has also demanded the withdrawal of Sales Tax on Local and Imported machinery to strengthen and rejuvenate the process of industrialization in the country.
