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LCCI, KCCI vow joint efforts for economic revival amid rising tax burden: Faheem Ur Rehman Saigol

LCCI President Faheem Ur Rehman Saigol visited the Karachi Chamber of Commerce & Industry and met KCCI President Rehan Hanif to discuss economic challenges. Both chambers agreed to work together for Pakistan’s economic revival. Saigol warned that high taxes and strict regulations are driving investors abroad.

The Tribune International Posted on 3 weeks ago

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By Our Correspondent

LAHORE, November 8– President Lahore Chamber of Commerce & Industry, Faheem Ur Rehman Saigol Saturday visited the Karachi Chamber of Commerce & Industry and held a meeting with KCCI President Rehan Hanif.

Former Presidents of KCCI Anjum Nisar and Javed Bilwani, and former President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Nasir Hayat Maggo were also present on the occasion.

During the meeting, both chambers Presidents discussed challenges facing the country’s business and economy and explored ways to solve them together.

LCCI President Faheem Ur Rehman Saigol said that while the world is rapidly shifting towards digital transformation, Pakistan is imposing more restrictions on its business community. He added that Pakistan is blessed with natural resources, but those resources are not being used properly, and this needs urgent improvement.

He expressed serious concerns over the taxation system and said that due to complex tax laws, around 12 billion dollars of Pakistani capital is lying in Dubai. He stressed that the business community must have a direct role in policy and law-making to ensure that reforms are made according to ground realities.

KCCI President Rehan Hanif emphasized that unless the business communities of Lahore and Karachi speak with one voice, issues will not be resolved. He said both chambers should play a stronger role in shaping policies.

Former KCCI President Anjum Nisar said SMEs are suffering greatly, and the government must provide relief to them.

Former KCCI President Javed Bilwani questioned why circular debt continues to rise if the economic direction is truly correct.

Former FPCCI President Nasir Maggo said the current tax system is based on mistrust and has trapped businesses.

Both chambers agreed that unity among the business community is essential for Pakistan’s economic revival and vowed to continue raising their voice through a joint platform.