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Business Recorder
a day ago
- Business
- Business Recorder
FPCCI opposes new taxes in budget
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice President Muhammad Aman Paracha has voiced strong opposition to reports of new taxes being imposed on existing taxpayers in the upcoming federal budget for the fiscal year 2025-26. The organization has urged the government to refrain from introducing new taxes on imports, exports, and other sectors in order to promote national trade, industrial growth, and to encourage new investments. The FPCCI warned that if the government imposes additional taxes under pressure from the IMF, the FPCCI will actively oppose such measures. FPCCI Vice President Muhammad Aman Paracha emphasized the need to separate tax policy from tax administration to avoid conflicts of interest. He further suggested that the budget-making process should not be treated merely as a routine financial exercise but should be transformed into a strategic economic tool. Aman Paracha stressed the importance of expanding the tax net to include all untaxed and under-taxed sectors, noting that imposing additional taxes on those who are already compliant would have adverse effects. He highlighted that business activity is already sluggish and the business community is struggling to stay afloat. Imposing further tax burdens on existing taxpayers could lead to decreased revenue collection as it would open more avenues for tax evasion. He also expressed concerns over amendments introduced through Ordinance IV of 2025, particularly Sections 138(3A), 140(6A), and 175C, stating that these amendments grant excessive powers to tax authorities and violate Articles 4, 18, and 77 of the Constitution. He warned that such changes would significantly erode investor confidence. Paracha proposed the development of a harmonized structure for General Sales Tax (GST), featuring a unified compliance portal. He recommended gradually reducing the GST rate to 12% to lower business costs for the formal sector and stimulates economic growth. He also called for comprehensive reforms in Pakistan Customs, identifying outdated laws, tariff segmentation, under-invoicing, and weak enforcement as major challenges. He underscored the need for economic policy to strike a balance between revenue requirements and industrial development, especially through measures that boost Pakistan's export potential and attract investors. Finally, Muhammad Amaan Paracha appealed to Prime Minister Shehbaz Sharif to immediately release the long-pending Rs23 billion subsidies related to additional electricity consumption and ensure that funds for this are allocated in the upcoming 2025-26 federal budget. Copyright Business Recorder, 2025
Business Recorder
5 days ago
- Politics
- Business Recorder
Success of ‘Bunyān Mursas': Special Thanksgiving Day ceremony held at FPCCI
KARACHI: A special Thanksgiving Day ceremony was held in Karachi under the auspices of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) to celebrate the success of Operation 'Bunyān Mursas'. The event was graced by Sindh's Senior Minister Sharjeel Inam Memon as the chief guest. Sharjeel Inam Memon, Provincial Minister for Information, Transport, and Mass Transit, stated: "Alhamdulillah, Pakistan has won this war with pride—this is a historic victory for the nation." He added that May 10th would always remain a memorable day for him at the age of 51. He emphasized that Pakistan's armed forces and political leadership united to deal a historic defeat to the enemy, and this victory belongs to the collective struggle of 250 million people. He further stated that Shaheed Zulfikar Ali Bhutto laid the foundation of Pakistan's nuclear program, and Shaheed Benazir Bhutto made the country's defense invincible by introducing missile technology. Sharjeel Inam Memon remarked that today, travelling abroad on a Pakistani passport is a matter of pride. Criticizing the Indian media, he said that it was only spreading lies and that defamation cases should be filed globally against such organizations. He praised the Pakistani media for broadcasting verified news and said that our fighter pilots made the enemy taste bitter defeat. Senator Sarmad Ali said that by the grace of Almighty Allah, Pakistan achieved success on every front, and under the leadership of Field Marshal General Asim Munir, the enemy was thoroughly defeated. He also commended the Pakistani media for acting responsibly and praised Bilawal Bhutto Zardari for effectively projecting Pakistan's stance on the international stage. The participants paid glowing tribute to the Pakistan Armed Forces, saying that Operation 'Bunyān Mursus' delivered a strong and decisive response to the enemy. Saqib Fayyaz Maggoon said, "We thank Allah that the Pakistan Army upheld the nation's honour and proved that 'Pakistan is a formidable defensive power." Faisal Zahid Malik paid a heartfelt tribute to 'Field Marshal General Asim Munir', stating that he united the nation as one he remarked that a few months ago, a divided nation had now transformed into a solid, unified front. During the ceremony, participants also paid deep tribute to Bilawal Bhutto Zardari, Field Marshal General Asim Munir and the martyrs of the nation, stating that Pakistan not only won the war but also asserted its dominance on diplomatic, political, and media fronts. Copyright Business Recorder, 2025
Business Recorder
25-04-2025
- Business
- Business Recorder
Ethiopian Airlines: Pakistan's ‘Look Africa Vision' can be advanced: envoy
KARACHI: Ethiopia's Ambassador to Pakistan, Jemal Beker Abdula has said that global conditions are rapidly changing, which will have a direct impact on trade and economic relations. He said that Ethiopia is now at a significant economic turning point, with its GDP growing rapidly. However, challenges related to currency and the black market still exist. "We are providing sustainable energy at a rate of just 0.03 cents per unit," the ambassador noted, adding that the Pakistani media has played a vital role in promoting bilateral relations between Pakistan and Ethiopia. He emphasized that Ethiopia is the land to which the first migration in Islam was made on the instruction of the Holy Prophet Muhammad (PBUH). He made these remarks while addressing members at the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) on Thursday. The Ethiopian Ambassador highlighted that Pakistan's "Look Africa Vision" can be advanced through Ethiopian Airlines. He shared that after launching flights from Karachi, the airline will soon begin operations from Lahore and Islamabad as well. He added that Ethiopia offers some of the best tourist destinations in the world. FPCCI Senior Vice President Saqib Fayyaz Magoon said that both Pakistan and Ethiopia are geographically important countries, and they must capitalize on their strategic locations. He pointed out that the current trade volume between the two nations stands at only $71.4 million, but it has the potential to increase tenfold. He further said that Pakistan can export textiles, leather, pharmaceuticals, and other products to Ethiopia, but challenges remain in terms of banking channels. He emphasized the importance of business meetings to foster trade and announced that FPCCI and TDAP are organizing a Single Country Exhibition in Ethiopia. He also called for the need to sign Free Trade Agreements (FTAs) with Ethiopia. Honorary Consul General of Ethiopia Ibrahim Tawab said that recent financial reforms in Ethiopia have significantly changed the country's economic landscape. 'We must realize that Africa is becoming a vital market,' he said. Ethiopia has an import bill of $17 billion, and Pakistan has the opportunity to export everything from textiles to pharmaceuticals. He also noted that the media has often portrayed Ethiopia negatively; however, Ambassador Jemal Beker Abdula has successfully transformed this perception. Direct flights are now operating from Karachi to Addis Ababa. Copyright Business Recorder, 2025
Business Recorder
22-04-2025
- Business
- Business Recorder
FPCCI hosts ASEAN delegation
KARACHI: Atif Ikram Sheikh, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), President ECO-CCI and VP CACCI, has apprised that the FPCCI has hosted a high-profile trade and industry delegation of 45 members of different sectors from the Association of Southeast Asian Nations (ASEAN). Atif Ikram Sheikh explained that the ASEAN comprises an alliance of Indonesia, Malaysia, Thailand, Cambodia, Laos, Singapore, Myanmar, the Philippines, Vietnam and Brunei; and has a combined GDP of $3.6 trillion. This makes ASEAN as the 5th largest economy and export market of the world, he added. Saquib Fayyaz Magoon, SVP FPCCI, informed that the ASEAN delegation comprised prominent businessmen from various sectors; textiles, apparel, agriculture, fisheries, food, beverages, carpets, footwear, construction, insurance, information technology, oil, handicrafts, jewellery, cosmetics, perfumes, healthcare, renewable energy, pharmaceuticals, coffee beans, green coffee, electronics, fruits and spices aiming to strengthen trade relations and explore business opportunities between Pakistan and ASEAN countries. Saquib Fayyaz Magoon noted that trade relations between Pakistan and ASEAN countries are below potential. He highlighted Pakistan's Free Trade Agreement (FTA) with Malaysia and Preferential Trade Agreement (PTA) with Indonesia. SVP FPCCI also mentioned ongoing negotiations for an FTA with Thailand and PTA with Vietnam stressing the fact that Pakistan's cumulative trade deficit with ASEAN countries stands at $11 billion and needs to be addressed. It is pertinent to note that Faiz Ahmad, Chief Executive of Trade Development Authority of Pakistan (TDAP), graced the occasion and Goh Boon Kim led the ASEAN delegation which had representation from 10 countries considered important for the growth of Pakistani exports. Honourable Consul Generals of Indonesia, Malaysia and Thailand also attended the high-profile session. The meeting was followed by a special B2B session; providing a platform for Pakistani businessmen to engage with their ASEAN counterparts and explore potential business opportunities; untapped export avenues; attract investments and potential JVs. Abdul Mohamin Khan, Regional Chairman & VP FPCCI, explained that the relations between Pakistan and ASEAN are multidimensional and have grown significantly over the years due to mutual trust, cooperation and cultural linkages. He expressed his satisfaction that major stakeholders and business leaders joined the B2B session with the ASEAN delegation. Asif Inam, VP FPCCI & former Chairman APTMA, emphasized upon incentives to invest in Pakistan; country's abundant workforce and strategic location – making it an ideal hub for ASEAN investors to establish manufacturing units for marketing products in the Middle -east; Central Asia and Western China. Copyright Business Recorder, 2025
Express Tribune
27-03-2025
- Business
- Express Tribune
Work visa issues in Gulf countries may impact Pakistan's remittance inflow
Listen to article The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on the federal government to take urgent steps to address the issue of Pakistani workers being denied work visas by Gulf countries, warning that the situation could lead to a decline in remittances. Addressing a press conference, FPCCI Senior Vice President Saqib Fayyaz Magoon said the visa issue had already been raised with Gulf embassies, yet 50% of visa applications were still being rejected, even those submitted through FPCCI's facilitation. "Remittances increased over the past eight months, but the trend may reverse if this issue persists," Magoon said, urging the Ministry of Foreign Affairs to intervene. The business leader also criticised recent changes to the net metering policy, stating that the original agreement was based on unit-for-unit compensation, not the new net billing system, which he said was creating uncertainty for solar users. 'A unit bought from a user at Rs27 is being sold back at Rs50. That's not what was agreed under net metering,' he added, welcoming the cabinet's decision to defer the Rs10/unit solar buyback policy. Magoon said the repeated changes in energy policy, without consultation, were discouraging investment and undermining confidence. He also flagged concern over the imposition of 18% sales tax on local supplies under the export facilitation scheme, saying it had negatively affected both the textile and agriculture sectors. 'Cotton production has dropped from 12 million to 5 million bales. We're importing cotton and yarn while local bales go unsold,' he said, demanding tax exemptions for local suppliers, similar to those offered on imported materials. Magoon warned that the only way to reduce reliance on the IMF was to support domestic industry. 'Without strengthening local industries, we cannot break free from the IMF's grip,' he said. He shared that during the last eight months, Pakistan recorded $22 billion in exports and $37 billion in imports, while $24 billion in remittances helped offset the trade deficit. 'The path to prosperity lies in boosting exports and supporting local industry,' Magoon concluded.
