Chief of Army Staff General Asim Munir on Sunday assured that money exchanges will be taxed to promote transparency in US Dollar exchange and interbank rates.
He further emphasized the role of the Special Investment Facilitation Council (SIFC), in its potential to attract investments of up to $100 billion from countries like Saudi Arabia, the UAE, Kuwait, and others. He said this in a meeting with the President of the Lahore Chamber of Commerce & Industry (LCCI) Kashif Anwar, alongside prominent business figures and interim Chief Minister of Punjab Mohsin Naqvi.
In line with the broader business community, LCCI President Kashif Anwar advocated for all chambers to join forces in order to support this task force agenda. He recommended lowering income and sales tax rates on electricity bills, while also suggesting the collection of fuel adjustment costs during the winter months when power consumption is lower.
The LCCI President also advocated for increased control over US dollar rates in both interbank and open markets. He explained that the difference between the interbank and hundi rates frequently leads to a preference for informal channels for remittances, which should flow naturally through the central bank if these rates were aligned.
He proposed incentives for the grey economy to shift towards the formal channel, warning that increasing the tax base would be difficult as long as the grey sector remains undocumented.
He urged political parties to work together, proposing the signing of an economic charter as a precondition for holding elections.
General Asim Munir assured that money exchanges will be taxed to promote transparency in USD exchange and interbank rates. To improve economic decision-making, he announced the formation of task forces particularly for addressing economic issues and various industries.
