LAHORE, June 1: The Lahore Chamber of Commerce and Industry (LCCI) on Friday termed the federal budget business and industry friendly.

At a press conference after the budget, President Irfan Qaiser Sheikh, flanked by Senior Vice-President Kashif Younis Meher and Vice-President Saeeda Nazar, said that the finance minister had accepted a number of LCCI demands, including cut in turnover tax, allocation of Rs10 billion for Export Development Fund (EDF), raise in tax exemption ceiling from Rs350,000 to Rs400,000, increase in limit of cash withdrawal, cut in withholding tax on commercial importers and on exports.

He said that abolition of duty on 28 pharmaceutical industry items is a good step. He said that application of same General Sales Tax rate will also support the dwindling economy.

The LCCI president said that decrease in tax slab from existing 17 to 5 per cent is also a good step.

He said that cut in FED on cement would also support construction sector.

He, however, said that the business community was expecting an announcement regarding new dams but no such announcement was made. Neither any new hydel project was announced, nor any measures were announced for exploitation of huge coal reserves.

No policy was announced for the loss-making public sector enterprises that are eating up huge amount annually. No measures were announced to broaden the tax net and it seemed that the existing taxpayers would be targeted to meet the revenue target, he regretted.

Former presidents Mian Anjum Nisar, Shahid Hassan Sheikh, Mohammad Ali Mian, Mian Muzaffar Ali, former Senior Vice-Presidents Sohail Lashari and Sheikh Moh-ammad Arshad also spoke.