Latest news with #EPBD
Business Recorder
07-05-2025
- Business
- Business Recorder
EPBD asks govt to withdraw Tax Laws Ordinance
ISLAMABAD: Economic Policy and Business Development (EPBD) - a Think Tank has asked the government to immediately withdraw Tax Laws (Amendment) Ordinance 2025, as it would create cash flow disruptions for business community and undermines judicial safeguards that protect businesses during tax disputes. According to an analysis of EPBD of the said Ordinance on Tuesday, it explained that the Tax Laws (Amendment) Ordinance 2025 (Ordinance No. IV of 2025), promulgated by the President on May 2, 2025, introduces three significant amendments that pose grave concerns for Pakistan's business community at a critical economic juncture. Our analysis reveals serious issues with these amendments. First, changes to Sections 138(3A) and 140(6A) of the Income Tax Ordinance empower tax authorities to demand immediate payment when cases are decided by courts, effectively nullifying established legal timeframes and judicial stays. This creates potential for catastrophic cash flow disruptions and undermines judicial safeguards that protect businesses during disputes. Second, the new Section 175C grants unprecedented authority to tax officials to maintain continuous presence at business premises for monitoring operations. This surveillance mechanism will disrupt business activities, compromise confidential information, and increase compliance costs for enterprises already struggling in challenging economic conditions. Third, amendments to the Federal Excise Act dramatically broaden the government's seizure powers, allowing confiscation of goods based on technical non-compliance while extending enforcement authority beyond specialized tax officials to any government officer, creating heightened business uncertainty. These measures appear particularly unjustified given the remarkable improvement in tax compliance despite challenging economic conditions. The cumulative impact of these amendments extends far beyond tax administration and threatens fundamental aspects of Pakistan's economic environment. The creation of an unpredictable tax regime with diminished procedural safeguards signals a disregard for legal due process that will inevitably damage Pakistan's international competitiveness and deter both domestic and foreign investment at a time when capital formation is critically needed. The financial stability of businesses across sectors is placed at risk through the threat of unexpected tax demands that bypass normal judicial processes. Companies will be forced to maintain excessive cash reserves as protection against sudden tax liabilities, thereby reducing productive investment and economic growth potential. The diversion of management attention toward compliance with intrusive monitoring requirements will further impede business efficiency and innovation. Of particular concern are the constitutional implications of these amendments. By effectively limiting the authority of the courts to grant meaningful relief through stays and appeals, these provisions challenge fundamental protections established under Article 199 of the Constitution. The undermining of judicial authority and the resulting threat to separation of powers represents a troubling precedent that extends beyond tax matters to broader questions of governance. EPBD recommends that the government: (i) Review and withdraw the Ordinance to allow for open parliamentary debate and comprehensive stakeholder consultations. This would ensure that revenue objectives can be balanced against economic stability and constitutional principles through a deliberative process. (ii) Restore established legal timeframes for tax recovery and respect judicial stays and appeals as foundational elements of Pakistan's legal framework. A more balanced approach would implement targeted rather than blanket monitoring provisions and create robust safeguards against official overreach. (iii) Establish a structured business-government dialogue to address legitimate revenue concerns through consensus rather than unilateral action. If the government is serious about sustainable revenue generation, it must focus more on rightsizing and rationalizing expenses rather than implementing measures that undermine business confidence and economic stability. EPBD stands ready to facilitate constructive engagement to develop balanced policies that serve both fiscal needs and economic growth objectives. The goal is a prosperous, competitive, and economically stable Pakistan, and achieving this requires a predictable and fair tax regime that supports business growth rather than impedes it. The business community remains committed to contributing its fair share to national development, but this must occur within a framework that respects rule of law and economic sustainability. Copyright Business Recorder, 2025
Express Tribune
21-04-2025
- Business
- Express Tribune
US collected $611m in tariffs on Pakistani goods in 2024
Despite an increase in exports, Pakistan's rising import bill continues to put pressure on the trade balance. Photo: File Listen to article The United States collected approximately $611 million in tariffs on Pakistani exports in 2024, compared to $157 million in duties Pakistan imposed on US goods, according to an analysis by the Economic Policy Business Development (EPBD) Think Tank. Pakistan's exports to the US totalled $5.71 billion last year, with a weighted average tariff of 10.7% applied by the US. Only 14.8% of these exports entered duty-free, while over half—around 52.9%—faced tariffs. In contrast, Pakistan maintains a simple average MFN duty of 10.3% on imports, with a trade-weighted average of 7.6%. Textiles remain Pakistan's dominant export to the US, comprising 77% of the total. This heavy concentration places the sector at risk, especially with the US's announcement of a new reciprocal tariff policy that could raise duties on Pakistani goods to 29% by 2025. Despite the looming increase, EPBD notes that Pakistan may gain a strategic edge over competitors like China (facing 245% tariffs), Vietnam (46%), and Bangladesh (37%) under the new policy. Sectors such as wearing apparel, woven fabrics, food products, and sports goods are projected to benefit from relatively better market access. For example, in sports goods, Pakistan stands to gain a 17 percentage point advantage over Vietnam, 8 points over Bangladesh, and 216 points over China. However, India remains a key competitor with a slightly more favorable reciprocal tariff rate of 26%, especially in textiles, where Pakistan faces a sharper hike. To manage these shifts, the think tank recommended that Pakistan diversify its export portfolio beyond textiles and the US market, improve competitiveness in sectors with lower tariff impacts, and pursue trade diplomacy to secure better terms.
Business Recorder
21-04-2025
- Business
- Business Recorder
US collected $611mn in tariffs on goods exported by Pakistan: report
The United States collected approximately $611 million in annual tariffs on goods exported by Pakistan, while Pakistan collected about $157 million in duties on US products in 2024, an analysis of trade and tariff data reveals, says Economic Policy Business Development (EPBD) Think Tank. EPBD further stated that Pakistan's exports to the US were valued at $5.71 billion in 2024, with the US applying a weighted average tariff of 10.7% on these goods. Only 14.8% of Pakistani exports to the United States enter duty-free, while approximately 52.9% face some form of tariff. In contrast, Pakistan imposes a simple average MFN duty of 10.3% on imports (13.0% for agricultural products and 9.9% for non-agricultural goods), with a trade-weighted average of 7.6%. Textiles dominate Pakistan's exports to the US, accounting for 77% of total export volume, making this sector particularly vulnerable to any changes in US tariff policies. US tariffs put growth at risk The data indicates a significant tariff burden on Pakistani exports to the US market compared to other major trading partners like the European Union, where Pakistan benefits from preferential trade arrangements. The impending increase in US tariffs to 29% under the reciprocal tariff policy presents both challenges and opportunities for Pakistan. A research of the Think Tank further noted that while the overall tariff burden will increase significantly, Pakistan's position relative to competitors like China (facing 245% tariffs), Vietnam (facing 46% tariffs) and Bangladesh (facing 37% tariffs) may create strategic advantages in certain sectors. Pakistan's upcoming challenges include addressing the US's recent announcement of a reciprocal tariff policy that could raise duties on Pakistani goods to 29% in 2025, potentially affecting its trade surplus which stood at $3.65 billion in 2024, the Think Tank added. The impending increase in US tariffs to 29% under the reciprocal tariff policy presents both challenges and opportunities for Pakistan. Trump tariffs: Pakistan to send high-level delegation to US While the overall tariff burden will increase significantly, Pakistan's position relative to competitors like China (facing 245% tariffs), Vietnam (facing 46% tariffs) and Bangladesh (facing 37% tariffs) may create strategic advantages in certain sectors. Pakistan could leverage its competitive advantage in wearing apparel, woven fabrics, and food products where tariff increases are lower compared to regional competitors. In sectors like sports goods, Pakistan is projected to see improved market access relative to competitors, with 17 percentage points advantage over Vietnam, 8 percentage points over Bangladesh, and 216 percentage points over China. However, India's slightly better positioning with a 26% reciprocal tariff rate poses a competitive threat, particularly in textile, where Pakistan faces a 17.73 percentage point increase compared to India's 7.962. To navigate this shifting trade landscape, Pakistan should consider diversifying its export markets beyond the US, enhancing competitiveness in sectors with favorable tariff differentials, and engaging in diplomatic efforts to negotiate better terms. The heavy concentration of exports in textiles (77%) makes diversification particularly urgent as a risk mitigation strategy, it added.
Business Recorder
21-04-2025
- Business
- Business Recorder
Pakistan faces higher US tariffs despite $3.65bn trade surplus
The United States collected approximately $611 million in annual tariffs on goods exported by Pakistan, while Pakistan collected about $157 million in duties on US products in 2024, an analysis of trade and tariff data reveals, says Economic Policy Business Development (EPBD) Think Tank. EPBD further stated that Pakistan's exports to the US were valued at $5.71 billion in 2024, with the US applying a weighted average tariff of 10.7% on these goods. Only 14.8% of Pakistani exports to the United States enter duty-free, while approximately 52.9% face some form of tariff. In contrast, Pakistan imposes a simple average MFN duty of 10.3% on imports (13.0% for agricultural products and 9.9% for non-agricultural goods), with a trade-weighted average of 7.6%. Textiles dominate Pakistan's exports to the US, accounting for 77% of total export volume, making this sector particularly vulnerable to any changes in US tariff policies. US tariffs put growth at risk The data indicates a significant tariff burden on Pakistani exports to the US market compared to other major trading partners like the European Union, where Pakistan benefits from preferential trade arrangements. The impending increase in US tariffs to 29% under the reciprocal tariff policy presents both challenges and opportunities for Pakistan. A research of the Think Tank further noted that while the overall tariff burden will increase significantly, Pakistan's position relative to competitors like China (facing 245% tariffs), Vietnam (facing 46% tariffs) and Bangladesh (facing 37% tariffs) may create strategic advantages in certain sectors. Pakistan's upcoming challenges include addressing the US's recent announcement of a reciprocal tariff policy that could raise duties on Pakistani goods to 29% in 2025, potentially affecting its trade surplus which stood at $3.65 billion in 2024, the Think Tank added. The impending increase in US tariffs to 29% under the reciprocal tariff policy presents both challenges and opportunities for Pakistan. Trump tariffs: Pakistan to send high-level delegation to US While the overall tariff burden will increase significantly, Pakistan's position relative to competitors like China (facing 245% tariffs), Vietnam (facing 46% tariffs) and Bangladesh (facing 37% tariffs) may create strategic advantages in certain sectors. Pakistan could leverage its competitive advantage in wearing apparel, woven fabrics, and food products where tariff increases are lower compared to regional competitors. In sectors like sports goods, Pakistan is projected to see improved market access relative to competitors, with 17 percentage points advantage over Vietnam, 8 percentage points over Bangladesh, and 216 percentage points over China. However, India's slightly better positioning with a 26% reciprocal tariff rate poses a competitive threat, particularly in textile, where Pakistan faces a 17.73 percentage point increase compared to India's 7.962. To navigate this shifting trade landscape, Pakistan should consider diversifying its export markets beyond the US, enhancing competitiveness in sectors with favorable tariff differentials, and engaging in diplomatic efforts to negotiate better terms. The heavy concentration of exports in textiles (77%) makes diversification particularly urgent as a risk mitigation strategy, it added.
Yahoo
11-03-2025
- Business
- Yahoo
Thermal Insulation Material Market Global Outlook Report 2025 to 2035: Growing Demand for Lithium Ion Battery Drives Opportunities for Thermal Insulation Materials
The thermal insulation industry is at a pivotal moment as energy efficiency, sustainability, and technological advancements redefine market dynamics. High-performance insulation materials are no longer just an option—they are becoming a necessity for businesses, homeowners, and industries looking to reduce costs, improve efficiency, and comply with environmental regulations. NEWARK, Del, March 11, 2025 (GLOBE NEWSWIRE) -- The global thermal insulation material market is undergoing a major transformation as demand for sustainable insulation materials and high-performance Thermal Insulation Material Market continues to rise. With increasing regulations on energy efficiency, rapid advancements in material technology, and growing consumer awareness about sustainable construction, the industry is set for significant expansion in the coming years. Some of the more prominent thermal insulation materials include fiberglass, mineral wool, cellulose, polyurethane foam, and polystyrene. Increasing awareness and investments towards sustainability, reducing emissions, and energy consumption from fossil fuel sources are also supporting the adoption of thermal insulation materials. Market Growth Driven by Energy Efficiency and Sustainability Energy efficiency has become a top priority across industries, particularly in construction, where heating and cooling costs contribute significantly to overall energy consumption. Rising energy prices and stricter government regulations aimed at reducing greenhouse gas emissions are driving the demand for building insulation materials that minimize heat loss and improve energy conservation. Governments worldwide are implementing policies that encourage the use of energy-efficient insulation in both new construction and retrofitting of older buildings. For instance, the European Union's Energy Performance of Buildings Directive (EPBD) and the U.S. Energy Star program set strict energy efficiency guidelines, pushing builders and manufacturers to adopt high-performance Thermal Insulation Material Market solutions. Discover key market opportunities – Request your sample report now! Innovative Materials Shaping the Future of Insulation Advancements in insulation materials have introduced lightweight, high-performance, and sustainable solutions that enhance efficiency without compromising durability. Some of the most promising materials include: Aerogel Insulation – One of the lightest solid materials known, aerogels have extremely low thermal conductivity, making them ideal for extreme temperature applications such as aerospace, industrial pipelines, and high-performance building insulation. Phase-Change Materials (PCMs) – These materials absorb, store, and release heat at specific temperatures, reducing energy consumption in buildings by regulating indoor temperature fluctuations more effectively than traditional insulation. Bio-Based Insulation – Sustainable alternatives like hemp, sheep's wool, and cellulose insulation are gaining popularity due to their low environmental impact, biodegradability, and excellent insulating properties. Vacuum Insulation Panels (VIPs) – These highly efficient insulation panels provide superior thermal resistance in a thinner profile, making them suitable for space-constrained applications such as refrigerators, transportation, and modular are Automotive Applications Supporting Market Growth? With growing emphasis on passenger comfort, climate control systems are rapidly gaining ground in the global automotive sector. Innovations in terms of ventilation, integrated heating, and air conditioning systems are finding roles in maintaining ambient comfort levels within the industry. Today, suppliers of automotive climate control technologies are being pushed by evolving requirements in terms of changing industry needs, increasing environmental pressures, and changing customer expectations. As a result, priorities have grown to encompass not only the insulation technologies, but also eco-friendliness, passenger comfort, and fuel efficiency. This in turn has created major opportunities for thermal insulation offerings. Thermal insulation barriers are also gaining importance in engine related heat issues to minimize excess heat from the floorboard and firewall regions, keeping driver cabins comfortable. Such innovations also help to maximize component and paint coating lifespans, without significant pressures in terms of costs. Pioneered by the Lawrence Berkeley National Laboratory in 1999, polymer film and low-conductivity gas products have since evolved with proprietary innovations, expanding applications outside road-based applications to marine and aerospace setups. Rising Demand Across Multiple Industries Thermal Insulation Material Market materials are no longer limited to traditional residential and commercial construction. Their applications have expanded across various industries, fueling market growth: 1. Construction & Green Buildings Growing adoption of net-zero energy buildings has accelerated the use of high-performance insulation materials that reduce carbon footprints and enhance building sustainability. The retrofit market is booming, with older buildings being upgraded to meet modern energy efficiency standards. 2. Industrial and Manufacturing Factories and industrial plants rely on Thermal Insulation Material Market for heat-sensitive processes, reducing energy loss and improving operational efficiency. Insulation for industrial piping systems is in high demand to maintain process stability and prevent heat loss in oil & gas, chemical, and food processing industries. 3. Automotive & Aerospace The automotive industry is incorporating lightweight insulation materials to improve fuel efficiency and enhance battery life in electric vehicles (EVs). In aerospace applications, high-performance Thermal Insulation Material Market is crucial for maintaining optimal temperatures in extreme environments. 4. Renewable Energy & Sustainability Solar power plants use Thermal Insulation Material Market materials to reduce heat loss and improve energy efficiency in photovoltaic panels and solar thermal systems. Wind turbines require insulation to protect electronic components from extreme temperatures and moisture. 'With sustainability and energy efficiency becoming global priorities, Thermal Insulation Material Market materials are now being integrated into multiple industries beyond traditional construction,' added says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI). 'This shift is driving innovation and creating new opportunities for manufacturers and suppliers.' Discover Key Market Trends – Read the Complete Report! Challenges and Opportunities in the Thermal Insulation Material Market Despite the rapid growth and technological advancements, the insulation market faces several challenges, including: Raw Material Costs – The fluctuating prices of raw materials such as polyurethane, fiberglass, and aerogels impact overall production costs and profit margins. Regulatory Compliance – As governments introduce stricter energy efficiency regulations, manufacturers must continuously innovate to meet evolving industry standards. Sustainability Concerns – While bio-based and recyclable insulation materials are gaining traction, transitioning away from traditional petroleum-based products remains a challenge. However, these challenges present significant opportunities for innovation. Companies investing in R&D and eco-friendly solutions are expected to gain a competitive edge. The rise of smart insulation technologies, which integrate IoT-enabled sensors to monitor insulation performance in real time, is also opening new growth avenues. Global Market Outlook and Regional Trends The global Thermal Insulation Material Market materials market is projected to grow at a CAGR of 5.6% over the next five years, driven by urbanization, industrial expansion, and technological advancements. Asia-Pacific – The fastest-growing market, driven by rapid urbanization, increasing infrastructure projects, and government initiatives promoting energy-efficient construction in countries like China, India, and Japan. North America – Growth is being fueled by strict energy efficiency policies and the retrofitting of aging infrastructure with modern insulation technologies. Europe – The market is heavily influenced by the European Green Deal, which aims for climate neutrality by 2050, encouraging the use of sustainable insulation materials. Middle East & Africa – Increasing demand for high-performance insulation to combat extreme temperatures in residential and industrial applications. General & Advanced Materials: Innovations, Market Dynamics, and Growth Strategies Category-wise Insights Why is Plastic Foam Insulation Holding the Lead? Thermal insulation products comprise a wide range of source materials. The most prominent of these include stone wool, fiber glass, and plastic foam among others. Of these plastic foam insulation materials are projected to hold a major market share through the end of the assessment period. The growth of plastic foam insulation can be broadly attributed to high insulation values, ease of installation, and moisture resistance characteristics. However, stone wool and fiber glass alternatives will also reflect steady growth on the back of superior fire resistance characteristics. What Temperature Range for Thermal Insulation Will Reflect Higher Adoption? Manufacturers produce thermal insulation materials for applications in varied environmental conditions including a wide range of temperatures including residential, commercial, and industrial uses. Commonly, insulation temperatures include −160°C to −50°C, −49°Cto 0°C, 1°C to 100°C, and 101°C to 650°C. The demand for thermal insulation between 1°C to 100°C, will remain relatively higher. This can be attributed to the demand arising from the residential construction sector. −160°C to −50°C products will also display strong growth, backed by rising interest in LNG and cryogenic applications. Future Market Insights has also analyzed the following players in the thermal insulation material market in its detailed report: Asahi Kasei Corporation BASF SE E. I. du Pont de Nemours and Company Rockwool International A/S Berkshire Hathway (Johns Manville) Bayer AG Owens Corning Dow Chemicals Company Kingspan Group PLC Saint Gobain S.A. Key Segments of Thermal Insulation Material Market By Material Type: In terms of Material Type: the industry is divided into Stone Wool, Fiber Glass, Plastic Foam, Others By Temperature Range: In terms of Temperature Range: the industry is divided into 160°C to -50°C, -49°C to 0°C, 1°C to 100°C, 101°C to 650°C By Region: The report covers key regions, including North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and the Middle East and Africa (MEA). Have a Look at Related Research Reports of Chemicals & Materials The global OEM insulation market size was predicted to reach around USD 13,727.6 million in 2018. It is anticipated to cross revenues of USD 15,224.6 million in 2023. Global sales of cold insulation were reported at USD 6,275.7 million in 2020. Demand for cold insulation is anticipated to reach USD 9,135.9 million in 2025. The tank insulation market is projected to be valued at USD 6.2 billion in 2024 and rise to USD 10.2 billion by 2034. It is expected to expand at a 5.1% CAGR during the forecast period. In 2022, the global building thermal insulation market size is estimated to be worth USD 29,034 Million. The market is expected to grow at a CAGR of 4.3% during the forecast period. The global thermal interface material market size is estimated to reach USD 2,482.6 million in 2024 and is projected to reach USD 7,623.3 million by 2034. The global textile flooring market is expected to witness steady growth, driven by rising urbanization, increasing demand for aesthetic interior solutions, and the expansion of the construction sector. The global textile staples market is projected to grow significantly, with a market size of USD 189,329.5 million in 2025, expanding at a 5.5% CAGR to reach USD 323,402.2 million by 2035. Global textile colors market was reported at USD 5.4 billion in 2020. The market is anticipated to register a year on year growth of 5.8% in the year 2024, thus, leading to a market size of USD 7.3 billion by end of 2025. The global textile auxiliary market size is estimated to reach a value of USD 11,058.6 million in 2024. The basalt fibre market is forecast to witness a remarkable surge during the next decade with an estimated market value of USD 275.2 million by 2024 and a projected value of USD 824.8 million in 2034. About Future Market Insights (FMI) Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise. Contact Us: Future Market Insights Corporate, 200 Continental Drive,Suite 401, Newark, Delaware - 19713, USAT: +1-347-918-3531For Sales Enquiries: sales@ Twitter| Blogs | YouTubeSign in to access your portfolio
