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LCCI backs Commission’s findings on black money

LCCI backs Commission’s findings on black money

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) has supported the findings of a Commission on black economy in Pakistan and urged an early implementation of the recommendations.

Commenting on report, LCCI President Sohail Lashari said the Commission had rightly identified the sources of black economy within the tax regime that were incurring a loss to the tune of more than Rs100 to 125 billion per annum to the exchequer.

Lashari said it was on record that the LCCI for the last 15 years had been inviting the attention of authorities concerned towards under-invoicing, mis-declaration in HS code, weight and volume to the tune of billions of rupees by the importers of goods from China. But, it was very unfortunate that no concrete action had so far been taken to curb that menace, he added.

He said facts were also on record that there was a huge difference of $3.5 billion between China’s exports to Pakistan and Pakistan’s imports from China. He said that this phenomenon could be overcome by imposing a complete ban on import through TT but the business community was unable to understand why FBR/SBP, who always stressed business through banking channels, were silent on that particular subject for the last many years.