LCCI rejects FM’s decision to revise GIDC

KARACHI: The President, Lasbela Chamber of Commerce and Industry (LCCI) Ismail Suttar has vehemently rejected the government’s decision to revise the rate of Gas Infrastructure Development Cess (GIDC) announced by Federal Finance Minister Ishaq Dar at a press conference on Tuesday. Suttar said that LCCI would continue to protest against the unjust GIDC until the government announces its complete withdrawal.
According to a statement issued, he said that LCCI is fully supporting the decision of all chambers of commerce across the country strongly opposing the GIDC and they remain united against such anti-business initiatives.
All chambers of Commerce and industrial bodies have appealed the government to immediately withdraw this anti-business initiative and facilitate growth of businesses which will automatically generate more tax revenue, create more jobs and enhance exports.
The stakeholders are of the view that GIDC would make the business community un-competitive in the region and would result in flight of capital therefore it should immediately be withdrawn.
They said that imposition of GIDC would prove to be disastrous for the industry and terribly affect Pakistan’s exports. The value-added and export-oriented industries had been instrumental in earning valuable foreign exchange to the tune of billions of rupees while the GIDC would not be accepted at any cost as it will increase the cost of production.