LAHORE - The Punjab Business Symposium has stressed the need for withdrawing discretionary powers given to FBR officials, as they use these powers for harassing business community.

They said that one window facilitation cell should be established for industrialization, dealing with increasing trade deficit and improving ease of doing business ranking. Double taxation and withholding tax on banking transaction are the practices which promote undocumented economy. Tax amnesty scheme should also be announced for the economic growth. Tax refunds should be made as soon as possible to improve our exports. Tax return system should be simplified. Help desk of Punjab Revenue Authority should be established at each chamber of district. Business representative should be included as Board of Directors of all government institutions, PBIT, TDAP, FBR and NTC.

These were the views of Symposium Chairman & former president FPCCI, Mian Muhammad Adrees, Ghanzanfar Bilour, President FPCCI, SM Muneer, former president FPCCI, Iftikhar Ali Malik, Vice President SAARC, Ch. Arfan Yousaf regional chairman and vice president FPCCI in a special press conference organized after the symposium". The leadership stressed for bringing efforts for trade promotion, industrialization, balancing trade, increasing exports.

They said there should be specific zones for sugarcane, rice, maize and cotton cultivation. Sugarcane cultivation on cotton belt should be avoided. Government should understand that economy can only be strengthened by supporting industrialists. It was stated that current government is ignoring business community and bringing non- business friendly policies. Our economy is falling; our trade balance is declining due to high tariff and taxes. We have unfortunately lost our textile sector exports and same situation is being noted in each sector.

Appreciating CPEC initiatives, it was demanded that domestic business community and Chinese investor should be equally treated.  The presidents and chairmen of all trade chambers and trade associations of Pakistan attended this event and provide full support of leadership of Federation of Pakistan Chamber of Commerce and Industry.