Lahore: The Lahore Chamber of Commerce & Industry (LCCI) has proposed a reduction in the land-use conversion fee; providing its recommendations to the Punjab government, a news source reported. To this effect, the chamber has suggested to limit the charges to 1% for industry and for regularising the existing industrial units without implementing prescribed fee and conversion charges.
LCCI President Irfan Iqbal Sheikh recently wrote a letter to
Punjab Chief Minister (CM) Usman Buzdar. He stated that the current land-use conversion
charges were quite high and the industry would be unable to incur these. He
added that the LCCI had always maintained to regularise the existing industrial
units without the prescribed fee and conversion charges. In the letter, the
LCCI president asked to limit the conversion charges to 1% for industry.
Shiekh stated that lowering the conversion charges would put an end to uncertainty among the business community. It would also promote industrialisation in Punjab in addition to attracting significant investments and creating employment, he added.
The LCCI president opined that the CM’s support in this
matter would strengthen the relation between the public and private sectors,
which was the need of the hours for the country’s economic development.
