Pakistan Debts: Curbing smuggling may help reduce debts load

Pakistan Debts: Curbing smuggling may help reduce debts load
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LAHORE, June 16 (APP): Pakistan Debts : Curbing smuggling may help reduce debts load

 

The Lahore Chamber of Commerce & Industry  has said that elimination of smuggling , which is  causing loss of billions of dollars to the national exchequer,  could help reduce dependence on debts .

 

In a statement issued here, LCCI President Sheikh Muhammad  Arshad said  that the government could save billions of dollars  annually by eradicating the menace of smuggling . Then there would be  no need for dependence on loans to meet the budget deficit,  he added.

 

He said that smuggling had become a big threat to economic  growth. The  LCCI president urged the authorities concerned  to stop harassing traders and establish an effective monitoring  system at borders to stop the illegal trade.

 

He said that smuggled goods through the borders of  Afghanistan, Iran China, India and the Afghan Transit Trade form a  chunk of the informal economy.

 

Sheikh Muhammad Arshad said that high rate of taxes and duties  give way to smuggling . Therefore, there was dire need to bring down  the rate of duties and taxes especially on smuggling- prone items.

 

He suggested that in order to control the cross-border smuggling , scanners and other modern equipment should be installed at the border checkpoints.

 

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