LCCI rejects decision to revise GIDC

KARACHI: 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 unjustified GIDC until the government announces its complete withdrawal.

According to a statement issued on Wednesday, he said that LCCI was fully supporting the decision of all chambers of commerce across the country and strongly opposed GIDC.

He said: “All chambers of Commerce and industrial bodies have appealed to 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 will 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community un-competitive in the region and would result in flight of capital, therefore, it should immediately be withdrawn.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 GIDC would not be accepted at any cost as it would increase the cost of production.

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