LAHORE, July 16: The Lahore and Rawalpindi chambers of commerce on Saturday signed a memorandum of understanding to jointly struggle for the withdrawal of withholding tax on cheques exceeding Rs25,000 and rationalization of Section 73 of Sales Tax Act. The MoU was signed by LCCI vice-president Sheikh Arshad and RCCI president Najam Rehan in the presence of former president of Pakistan Federation of Chambers of Commerce and Industry Iftikar Ali Malik, LCCI former president Mian Anjum Nisar and executive committee members of the two chambers.

Mr Arshad said signing of the MoU would help develop mutual trust between the business communities of the two cities and help them struggle for the resolution of problems jointly.

He said withholding tax on cheques and rationalization of Sales Tax Act were the most important issues being faced by the trade and industry.