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Business Recorder
24-05-2025
- Business
- Business Recorder
Tax ordinance will be reviewed, SAPM tells FPCCI
KARACHI: Haroon Akhtar Khan, Special Assistant to Prime Minister (SAPM) for Industries & Production, has assured a high-profile FPCCI delegation that the government will review the Tax Laws (Amendment) Ordinance, 2025, in the light of apex body's recommendations to help resolve the profound grievances of the entire business, industry and trade community of Pakistan. This was informed by Atif Ikram Sheikh, President FPCCI, President ECO-CCI and VP CACCI, after the meeting with SAPM on Friday. Sheikh led a senior delegation of the business community to meet Haroon Akhtar on several issues including Tax Laws (Amendment) Ordinance 2025, highhandedness of the Federal Board of Revenue (FBR), tax & tariff barriers in doing business in the country and the issues of Dangerous Petroleum Liquids. 'The meeting with SAPM and assurance is a resounding success of the rigorous policy advocacy endeavours on this critical issue of national significance,' he said. FPCCI demands reviewing Income Tax Amendment Ordinance During the meeting, Haroon Akhtar reiterated his commitment to playing a proactive role in resolving the problems faced by the business community. Additionally, he informed that Prime Minister Muhammad Shehbaz Sharif has given clear instructions to formulate problem-solving committees and advised to take business community on board in the policymaking consultations. FPCCI President maintained that all chambers, trade bodies and associations have grave reservations and apprehensions on Income Tax (Amendment) Ordinance 2025, as they believe that it will give rise to avenues of harassment, corruption and maladministration. He explained that it is an established fact and practice globally that the more a tax collector is allowed to intervene or interact with the taxpayer, the more it is likely to undermine the principles of fairness, transparency and impartiality due to the increased role of human-to-human interaction, and human judgement becomes a nuisance. 'Therefore, we do not need to reinvent the wheel in this matter', he added. Saquib Fayyaz Magoon, SVP FPCCI, apprised that during the meeting with SAPM, he decided to extend the six-month exemption granted till May 25, 2025 by another 6 months vis-à-vis 'Dangerous Petroleum Liquids' on FPCCI's demand. 'We need to define DPL well and resolve the transportation, availability, storage and regulatory issues vis-à-vis important raw materials for the industry and manufacturing in the form of chemicals,' he added. Hamid Arshad Zahur, Chairman of Pakistan Tanners' Association and Haroon Ali Khan, Chairman of Pakistan Chemical Manufacturers Association (PCMA), were also part of the FPCCI delegation. Copyright Business Recorder, 2025
Business Recorder
14-05-2025
- Business
- Business Recorder
Trade, industry needs long-term, trade policy: FPCCI
KARACHI: Atif Ikram Sheikh, President FPCCI; President ECO-CCI and VP CACCI, has explained that trade and industry of country needs a long-term, reliable and facilitative trade policy to enable export growth in both conventional and non-conventional sectors of the economy. He was speaking to the opening session of FPCCI's Export Advancement Conference. He apprised that the passionate participation of diverse industries and sectors in FPCCI's Export Advancement Conference is a testimony to the fact that all sectors want to grow in the export markets – provided they are given an enabling, incentivizing and encouraging environment to operate. It is pertinent to note that Faiz Ahmad Chadhar, Chief Executive, TDAP, visited FPCCI to grace FPCCI's Export Advancement Conference as the Chief Guest. CE TDAP informed the conference that his institution believes in a robust and ongoing consultative process with the stakeholders in trade and industry; and, rigorous research and planning activities are being undertaken on a sectorial basis to support the recommendations and queries. Saquib Fayyaz Magoon, SVP FPCCI, presented the resolution at the culmination of FPCCI's Export Advancement Conference. The key demands of trade & industry are: The country needs to have a long-term Export & Industrial Policy for a period of 20 years. Role of Pakistan's Trade & Investment Officers (TIOs) should be more active and result-oriented to make them tangibly deliver support to export promotion. FPCCI demands that the previously implemented Fixed Tax Regime (FTR) should be restored for exporters. Additionally, a fixed withholding tax (WHT) of 1.25% should be levied to streamline it or 1.5% WHT can be levied; but, in that case, 0.25% EDS should be abolished. Export Facilitation Scheme (EFS) should be made available to local manufacturers and 18% tax on the supplies of local manufacturers should be abolished with immediate effect. Free Trade Agreements (FTAs) should be signed with countries where not in place to encourage exploration of new markets. Banking Channels in Africa should be established to enable trade with them. Women Entrepreneurs should be supported from the platform of TDAP to foster micro, small and medium enterprises (MSMEs) and promote a culture of inclusivity. Mines & Minerals; IT and Processed Foods should be encouraged as these sectors can grow exponentially vis-à-vis their current export volumes. Copyright Business Recorder, 2025
