LAHORE: Chief of Army Staff Gen Asim Munir promised transparency in exchange rate and bringing currency exchanges into tax net. Statement is of great significance as difference between rupee and dollar in official exchange rate and open market is widening which is even higher when it comes to black market.

According to Lahore Chamber of Commerce and Industry (LCCI), Army Chief expressed these views in meeting with business community at Corps Headquarters here as they discussed wide range of issues pertaining to economy and their impacts on country. “Money exchanges would be brought under purview of taxation, fostering transparency in dollar exchange and interbank rates,” Gen Asim said. Army Chief made this promise after delegation called for greater control on money market.

He highlighted pivotal role of Special Investment Facilitation Council (SIFC) which has potential to attract $ 100 billion investment from Saudi Arabia, UAE, Kuwait, and others.

Gen Asim revealed formation of task forces focused on economic matters and different sectors to bolster decision-making process.

As far as demands made by businessmen are concerned, they proposed reduction in Income and Sales Tax rates on electricity bills which had overburdened both ordinary consumers and businesses.

They introduced “Pragmatic approach” to fuel adjustment charges, advocating for their collection during winter months when electricity consumption is lower, alleviating financial stress on consumers.

Meanwhile, they called for unified commitment from political parties, suggesting signing of ‘charter of economy’ as precondition before upcoming elections. They warned that expansion of tax base would remain elusive as long as grey economy remained unincorporated.

Published in The Daily National Courier, September, 05 2023

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