LAHORE : The Lahore Chamber of Commerce & Industry has urged the government to address the reservations of commercial importers.

In a statement, LCCI president Malik Tahir Javaid said that the commercial importers were being treated under final tax regime and they were allowed audit exemption on the payment of 6 percent withholding tax. “This regime has been replaced with minimum tax in the budget. Reassessment of raw material and opening of audit cases of commercial importers has also been proposed in the budget,” he said. Javaid further said that new proposals were injustice to commercial importers and the same would not be acceptable. He said that commercial importers are also feeding the local industries and their difficulties would also hit the industrial sector hard.

He said that commercial importers import raw material for various sectors. “Bringing commercial importers into minimum tax regime will increase the cost of raw material,” he said and added that this will increase the cost of production for various sectors.

He appealed the prime minister and the finance minister to keep the final tax regime for commercial importers and reduce the withholding tax rate to four percent from 6 percent.