Press Release

LCCI welcomes Punjab budget

The Lahore Chamber of Commerce & Industry (LCCI) on Monday welcomed Punjab budget 2020-21 and hoped that maximum relief would be provided to the business community through practical measures.  In a statement, LCCI President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad appreciated slashing the Sales Tax on various services from 16% to 5% in the provincial budget 2020-21.

This measure will help to enhance the Sales Revenues of various service oriented sectors in provincial economy and help to stimulate economic growth. They said that business community deserves more reliefs as it has paid heavy cost due to COVID-19 which has pushed the trade, industry and economy to the wall.

They said that government would have to ensure that development budget should be spent on productive activities to cope with economic challenges.

They said that allocations for development projects, energy, health and education sectors are good steps, but at the same time elimination of double taxation, broadening the tax net and cut in discretionary powers of the tax collection machinery should be priorities of the Punjab government.