LCCI submits budget proposals to finance minister

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has presented its budget proposals for the next fiscal year to Federal Minister for Finance and Revenue Muhammad Aurangzeb, with recommendations centred on industrial revival, export growth, tax reforms and lowering the cost of doing business.

According to a statement issued on Thursday, LCCI President Faheemur Rehman Saigol met the finance minister to share the chamber’s proposals ahead of the upcoming budget.

During the meeting, Aurangzeb told the LCCI president that digitisation in the Federal Board of Revenue (FBR) was being strengthened further through Pakistan Revenue Automation Limited (PRAL). The minister said the reforms were intended to reduce human interaction, make compliance easier for taxpayers and improve the broader business environment.

The finance minister also said consultations with chambers of commerce and the wider business community would continue on a regular basis to ensure stakeholder participation in economic policymaking.

Chamber calls for tax and policy stability

In its proposals, the LCCI urged the government to address what it described as policy instability arising from frequent statutory regulatory orders (SROs) and changing tax interpretations. The chamber said such unpredictability was among the major factors contributing to de-industrialisation.

The chamber also asked the government to bring down the cost of doing business, saying it was currently 22 to 30% higher than in competing regional economies. It proposed a sector-wise tariff structure to support domestic industries that are operating under substantially higher costs than their regional competitors.

The LCCI further recommended the restoration of a simple and predictable final tax regime for exporters. It also called for the introduction of a fixed tax regime for traders, saying the move would help broaden the tax base.

The proposals were presented as part of the chamber’s recommendations for the upcoming fiscal year, with a focus on measures it says are needed to support industry, improve exports and create a more predictable tax environment.

The meeting also reflected the government’s ongoing engagement with business stakeholders on budget-related matters. According to the statement, the finance minister reiterated that the consultation process with chambers and the business community would continue regularly as part of efforts to improve economic decision-making and strengthen the business climate.

The LCCI’s recommendations place particular emphasis on reducing uncertainty in taxation and easing cost pressures on businesses, while the government highlighted digitisation and continued stakeholder engagement as part of its reform agenda.