Latest news with #Aleem
Business Recorder
5 days ago
- Business
- Business Recorder
OICCI demands implementation of tax reforms
KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has called on the government to immediately implement long-delayed tax reforms, including a phased reduction in the corporate tax rate from 29 percent to 25 percent by 2030, to align Pakistan with regional economies and attract sustainable foreign direct investment. Declaring that Pakistan is at a crossroads, OICCI Secretary General M Abdul Aleem warned that the window for reform is rapidly closing, and stressed the need for a fair, predictable, and investment-friendly tax regime in the upcoming Budget 2025-26. 'If we want to attract sustainable investment, widen our tax base, and support economic growth; the time to act is now, and initiate long term tax reforms. OICCI's proposals are not just about reducing taxes, they're about creating a system that is fair, predictable, and future-ready.' Talking to Business Recorder on Budget proposals related to tax, the Secretary General said that every year the OICCI, after consultation with its members, put forward practical, data-backed recommendations to the government of Pakistan whose aim is to encourage investment, promote ease of doing business, and a growth-oriented tax system. OICCI seeks key tax reforms to increase tax-to-GDP ratio For Budget 2025–26, OICCI focused on five key areas including corporate tax rationalisation, broadening of the tax base, encouraging local manufacturing, supporting exports and green investments, and easing compliance for taxpayers. 'We have also proposed a gradual phasing out of the super tax; 6 percent this year, 3 percent next year, and full elimination by FY28,' he added. OICCI strongly believes the proposed action will encourage formalisation and ease the burden on compliant taxpayers who are currently facing a disproportionately high effective tax rate, he said. Aleem said that broadening the tax base remains a high-priority area and all sectors especially trade, agriculture, and services to be brought into the tax net proportionate to their share in GDP. It has observed that with some extra efforts there is data available in the overall banking and trade system to broaden the tax base. In addition, OICCI has also called for a timeline to phase out tax exemptions in FATA/ PATA, greater transparency in refund disbursements, and strict enforcement against the illicit tobacco trade. Copyright Business Recorder, 2025
Daily Tribune
26-05-2025
- Entertainment
- Daily Tribune
Aleem Zafar's "Raaste" Focuses on Letting Go Without Regret
Pakistani indie pop artist Aleem Zafar has released his latest single Raaste, marking a stylistic shift from his previous tracks Rehna Yun and Mere Khuda. Written and composed by Zafar, Raaste explores themes of emotional closure and acceptance following the end of a relationship. Unlike conventional breakup songs that often focus on conflict or loss with dramatic flair, Raaste takes a restrained, reflective approach. The song centers on the concept of parting ways without resentment, emphasizing peace and understanding over heartbreak and regret. Musically, Raaste features minimalistic production, led by soft guitar melodies and a subdued rhythmic beat. The track opens with a distinct guitar note that underpins the composition's contemplative tone. Aleem's vocal delivery is deliberately understated, aiming to create an intimate atmosphere that complements the lyrical content. One of the notable lyrical passages includes the lines: 'Shayad jo kuch hua hai, qismat ka hi faisla hai, phir shikwa kaisa ho, ab kyun na aisa ho', which loosely translates to, 'Perhaps what happened was fate's decision—so why hold grievances? Maybe this is how it was meant to be.' The lyrics reflect the central idea of the song—letting go without bitterness. Raaste has received positive feedback both from listeners and from figures within the entertainment industry. Bollywood playback singer Jubin Nautiyal hit the like button and showed his appreciation for the track! The release adds to Aleem's growing discography and continues to establish his presence in the independent South Asian music scene. Raaste is available on major streaming platforms.
NDTV
22-05-2025
- Automotive
- NDTV
Bengaluru Man Highlights Absence Of Kannada In Vehicle Loan Papers: "How Is A Kannadiga...?"
A Bengaluru resident's social media post about a bank providing vehicle loan documents only in Hindi and English, without Kannada translation, has sparked debate on linguistic accessibility in banking. Syed Aleem noted that it took him approximately 90 minutes to fully comprehend the document due to its complex language. He raised concerns about how native Kannadigas, who may not be proficient in English or Hindi, are expected to understand and agree to such contracts. The agreement contained critical details about car parts, servicing requirements, penalties, and default conditions, all embedded in technical jargon, making it difficult for non-English speakers to navigate without a translation in their native language, Mr Aleem said. "I recently applied for a vehicle loan in Bangalore. The entire loan agreement was only in Hindi & English. It took me about 1.5 hr to understand it properly. How is a local Kannadiga who is not familiar with English expected to understand & sign?", he wrote. See the tweet here: I recently applied for a vehicle loan in Bangalore. The entire loan agreement was only in Hindi & English. It took me about 1.5 hr to understand it properly. How is a local Kannadiga who is not familiar in English expected to understand & sign ? — Syed Aleem (@aleem_1690) May 21, 2025 Mr Aleem chose not to name the specific bank or branch, emphasising that the issue is broader than a single institution. He suggested providing loan documents in both Kannada and English would be ideal, but noted that even requesting Kannada alongside Hindi is often perceived as language politics. "Ideally, it should be Kannada and English. But asking for Kannada to be included along with Hindi in itself will be seen as language politics. And not naming the bank & branch, because this isn't bank-specific. This change should be uniform across banks," he added. The post resonated with many social media users, who shared similar concerns about linguistic accessibility in banking services. Others responded dismissively, suggesting that since he understood English, the lack of Kannada documentation shouldn't be an issue. One user wrote, "The bank should print documents/form as per customers preferred language. Problem solved. Imposing local language on a central government employees with help of political goons is not the solution." Another commented, "It's a waste of your education if it took you 1.5 hours to understand a loan agreement in English, while you're able to write a post in English just to seek attention." A third said, "Hindi and English are two official languages of India, i.e. used by the government for official purposes. That's why there is only English and Hindi on agreement."
Arab News
24-04-2025
- Business
- Arab News
Pakistan's top commerce body says traders incurring $2 million daily losses due to canal protests
KARACHI: The president of Pakistan's top trade body said on Wednesday that sit-in protests blocking highways in the southern Sindh province for the past six days are inflicting daily losses of $2 million in demurrages on traders, disrupting the country's supply chain and hampering its exports. Lawyers, civil society activists and nationalist parties have staged sit-in protests at the National Highway in Sindh since Friday. Protesters are demanding the federal government reverse its ambitious project that aims to build six canals at Indus River. The move has triggered protests in Sindh, where nationalist parties believe the initiative would cause water shortages for the province. Television footage shows thousands of vehicles and containers with perishable and non-perishable items stranded at various points in Sukkur, Khairpur and Larkana districts of Sindh where hundreds have blocked the highway. The protest entered its sixth day on Wednesday. 'The traders are incurring more than $2 million daily losses in demurrages,' President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh said in a statement. The FPCCI president said over 12,000 vehicles, including 2,500 oil tankers, were unable to reach their destination due to road blockades on the highway. Sheikh said Pakistan may lose more than $50 million because of a weeklong delay in the shipment of its textile and seafood exports to the European and Middle Eastern markets. Abdul Aleem, chief executive of the Overseas Investor Chamber of Commerce and Industry (OICCI), said the protest has halted local trade and industrial activity. He said it has also paralyzed supply chains throughout the country, sending shockwaves to the national economy. 'Over 3,500 vehicles remain stranded near Sukkur, many carrying export consignments, perishable items, and critical industrial inputs,' Aleem said in a statement. The OICCI represents more than 200 leading foreign investors and multinational firms operating in Pakistan. The losses are a blow to Prime Minister Shehbaz Sharif's government, which says it is focused on getting rid of Pakistan's prolonged macroeconomic crisis. 'Industries across provinces are facing shutdown risks due to raw materials stuck at Karachi Port, while exporters are missing delivery deadlines further damaging Pakistan's credibility as a reliable trading partner and threatening future contracts,' Aleem explained. Jawed Bilwani, president of the Karachi Chamber of Commerce and Industry (KCCI), criticized the government for neglecting the canals issue, which he said had damaged the entire country's economy. He said the highway in Sindh was a key route through which shipments traveled to Afghanistan and Central Asian countries. 'All the import and export activities have come to a halt,' Bilwani said. 'The gates of the seaports (in Karachi) have been shut.' Bilwani said he would write a letter to PM Sharif to invite his attention to the crisis. 'Pakistan will go bankrupt is this situation persisted for a long time,' he said. 'The country will plunge into a balance of payment crisis and goods worth billions of rupees would perish.' Pakistan desperately wants to increase its foreign exchange reserves, which have dropped to $10.6 billion as per latest figures. The cash-strapped nation is mainly relying on the International Monetary Fund's loan disbursement to ensure the repayment of its soaring external debt obligations, which amount to $26 billion this year. Syed Nazir Abbas Zaidi of the Oil Companies Advisory Council (OCAC) said as many as 1,000 lorries carrying petroleum products for Sindh and Punjab provinces were stuck due to the protests. 'This may disturb the supply chain in peak harvesting season,' Zaidi told Arab News.
Arab News
23-04-2025
- Business
- Arab News
Pakistan's top trade body says traders incurring $2 million daily losses due to Sindh protests
KARACHI: The president of Pakistan's top trade body said on Wednesday that sit-in protests blocking highways in the southern Sindh province for the past six days are inflicting daily losses of $2 million in demurrages on traders, disrupting the country's supply chain and hampering its exports. Lawyers, civil society activists and nationalist parties have staged sit-in protests at the National Highway in Sindh since Friday. Protesters are demanding the federal government reverse its ambitious project that aims to build six canals at Indus River. The move has triggered protests in Sindh, where nationalist parties believe the initiative would cause water shortages for the province. Television footage shows thousands of vehicles and containers with perishable and non-perishable items stranded at various points in Sukkur, Khairpur and Larkana districts of Sindh where hundreds have blocked the highway. The protest entered its sixth day on Wednesday. 'The traders are incurring more than $2 million daily losses in demurrages,' President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh said in a statement. The FPCCI president said over 12,000 vehicles, including 2,500 oil tankers, were unable to reach their destination due to road blockades on the highway. Sheikh said Pakistan may lose more than $50 million because of a weeklong delay in the shipment of its textile and seafood exports to the European and Middle Eastern markets. Abdul Aleem, chief executive of the Overseas Investor Chamber of Commerce and Industry (OICCI), said the protest has halted local trade and industrial activity. He said it has also paralyzed supply chains throughout the country, sending shockwaves to the national economy. 'Over 3,500 vehicles remain stranded near Sukkur, many carrying export consignments, perishable items, and critical industrial inputs,' Aleem said in a statement. The OICCI represents more than 200 leading foreign investors and multinational firms operating in Pakistan. The losses are a blow to Prime Minister Shehbaz Sharif's government, which says it is focused on getting rid of Pakistan's prolonged macroeconomic crisis. 'Industries across provinces are facing shutdown risks due to raw materials stuck at Karachi Port, while exporters are missing delivery deadlines further damaging Pakistan's credibility as a reliable trading partner and threatening future contracts,' Aleem explained. Jawed Bilwani, president of the Karachi Chamber of Commerce and Industry (KCCI), criticized the government for neglecting the canals issue, which he said had damaged the entire country's economy. He said the highway in Sindh was a key route through which shipments traveled to Afghanistan and Central Asian countries. 'All the import and export activities have come to a halt,' Bilwani said. 'The gates of the seaports (in Karachi) have been shut.' Bilwani said he would write a letter to PM Sharif to invite his attention to the crisis. 'Pakistan will go bankrupt is this situation persisted for a long time,' he said. 'The country will plunge into a balance of payment crisis and goods worth billions of rupees would perish.' Pakistan desperately wants to increase its foreign exchange reserves, which have dropped to $10.6 billion as per latest figures. The cash-strapped nation is mainly relying on the International Monetary Fund's loan disbursement to ensure the repayment of its soaring external debt obligations, which amount to $26 billion this year. Syed Nazir Abbas Zaidi of the Oil Companies Advisory Council (OCAC) said as many as 1,000 lorries carrying petroleum products for Sindh and Punjab provinces were stuck due to the protests. 'This may disturb the supply chain in peak harvesting season,' Zaidi told Arab News.
