President FPCCI emphasises continuity of policies
KARACHI: President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh said that continuity of policies is necessary to continue the journey of economic improvement.
Response to the economic survey of Pakistan presented by Senator Muhammad Aurangzeb Minister for Finance & Revenue, he said Pakistan has achieved many successes on the economic front in the past one year and the economic survey does not reflect economic successes in this way.
Pakistan has made a good economic recovery, the government needs to take this recovery towards stability, he added.
This year, the size of the economy has exceeded $ 400 billion for the first time, which is a great achievement, said Atif Ikram Sheikh. However, he was of the view that in addition to these achievements, more work is needed on many sectors of the economy. The major decline in large-scale manufacturing in the current fiscal year is worrying, he expressed.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
2 hours ago
- Business Recorder
Rs17.6trn budget to be unveiled today
ISLAMABAD: The federal government Tuesday would present budget 2025–26 with an estimated size of Rs17.6 trillion in the National Assembly for debate and approval. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb would present federal Budget-2025-26 in the National Assembly. He would also lay the Finance Bill 2024 in the Senate on the same day, as required under Article 73 of the Constitution. Finance Minister Aurangzeb will deliver his second budget speech in the National Assembly. According to official sources, the government is projecting gross federal revenues at record Rs19.4 trillion for next fiscal year, higher by Rs1.6 trillion, while the tax collection target is Rs14,130 billion. The sources said that the proposed breakdown includes direct taxes worth Rs6,450 billion, sales tax revenue of Rs4,900 billion, excise duties of Rs1,150 billion, and Customs duties totaling Rs1,740 billion. Petroleum levy collection is expected to bring in Rs1,311 billion. They said that non-tax revenue is projected at Rs4,000 billion, and the provincial surplus budget is estimated at Rs1,200 billion. According to statement issued by National Assembly Secretariat, Speaker National Assembly Sardar Ayaz Sadiq has approved the schedule for the upcoming sessions of the National Assembly regarding the presentation and discussion of the Federal Budget for the fiscal year 2025–26. The Federal Budget 2025–26 will be presented in the National Assembly on June 10, 2025. The House will remain in recess on June 11 and 12, and the budget debate will commence on June 13, 2025. Speaker Sadiq stated that all parliamentary parties represented in the National Assembly will be given appropriate time to participate in the budget debate in accordance with the assembly's rules and procedures. The general discussion on the budget will continue until June 21, and the debate will formally conclude on the same day. There will be no sitting of the House on June 22. On June 23, the National Assembly will hold a discussion on the charged expenditures for the fiscal year 2025–26. This will be followed by debates and voting on Demands for Grants and Cut Motions on June 24 and 25. The Finance Bill 2025 will be taken up for approval by the National Assembly on June 26, while supplementary grants and other related matters will be discussed and voted on June 27, 2025. Copyright Business Recorder, 2025
Business Recorder
4 hours ago
- Business Recorder
President FPCCI emphasises continuity of policies
KARACHI: President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh said that continuity of policies is necessary to continue the journey of economic improvement. Response to the economic survey of Pakistan presented by Senator Muhammad Aurangzeb Minister for Finance & Revenue, he said Pakistan has achieved many successes on the economic front in the past one year and the economic survey does not reflect economic successes in this way. Pakistan has made a good economic recovery, the government needs to take this recovery towards stability, he added. This year, the size of the economy has exceeded $ 400 billion for the first time, which is a great achievement, said Atif Ikram Sheikh. However, he was of the view that in addition to these achievements, more work is needed on many sectors of the economy. The major decline in large-scale manufacturing in the current fiscal year is worrying, he expressed. Copyright Business Recorder, 2025
Business Recorder
5 hours ago
- Business Recorder
KMEDA urges govt to revisit ‘unjustified' taxes, duties
KARACHI: Karachi Mobile and Electronics Dealers Association (KMEDA) has presented key suggestions ahead of the budget 2025–26, urging for tax reforms on electronic items. President of the KMEDA Minhaj Gulfam has put forward these proposals to the federal government. He urged the federal government to consider a substantial and immediate reduction in what he described as 'unjustified taxes and customs duties' on mobile phones, laptops, computer parts, tablets, and other electronic products. Gulfam highlighted that the current fiscal year's high tax rates on electronic items have created serious challenges for the business community, as well as, for customers. 'These excessive duties have disrupted imports and caused a significant rise in retail prices, placing a heavy burden on consumers.' He said that these products are essential in the digital era, playing a crucial role in education, employment, freelancing, online business, and the overall vision of a 'Digital Pakistan.' According to him, the existing tax regime is one of the main obstacles to growth in this sector. He asked the government review its tax policy in the upcoming budget and take meaningful steps to ease the financial pressure on both businesses and consumers. Copyright Business Recorder, 2025
