LAHORE, Nov 18: Lahore Chamber of Commerce and Industry President Mian Misbahur Rehman has said that the Central Board of Revenue should establish a valuation collectorate and start sales tax registration in the provincial metropolis as it was becoming a hub of economic activity.

Talking to CBR Director-General (Valuation) Abdul Wadood Khan during his visit to the chamber here on Thursday, he said due consideration should be given to the genuine demands of the business community during policy making.

LCCI Senior Vice-President Sohail Lashari said year 2005 should be declared as Anti-Smuggling Year by the CBR to protect the industry in the country from unfair competition. He said taxes should be rationalized to discourage smuggling and under-invoicing.

LCCI Vice-President Sheikh Muhammad Arshad said the CBR should evolve an effective strategy for controlling under-invoicing. He also stressed the need for exempting the hide and skin sector from all kinds of taxes for ensuring its progress.

Former chamber president Mian Anjum Nisar proposed formation of tripartite valuation committees to facilitate prompt clearance of imported goods and stressed the need for removal of tariff anomalies in taxes on local raw materials and imported finished products. Taxes and duties on raw materials should be kept to the minimum to encourage its use for competing with imported products. He said the misuse of bank guarantee should be checked by its verification.

The director-general said the CBR was committed to facilitate the trade and industry in the larger interest of the country for improving the investment climate. He said the board would redress the genuine grievances of the industry and solve the problems being faced by the business community.