Latest news with #FinanceBill
Express Tribune
2 hours ago
- Business
- Express Tribune
Software body demands predictable tax system
Listen to article The Pakistan Software Houses Association (P@SHA) has called on the government to come up with a long-term, predictable tax and compliance framework for the technology and IT-enabled services (ITeS) sector. P@SHA's "Continuity & Consistency" reform package, delivered to the Ministry of Finance ahead of the Finance Bill, lays out some changes that will slash compliance costs, bring tens of thousands of remote digital workers into the formal tax net and catalyse domestic and foreign investment into Pakistani tech firms. "Every serious investor, local or international, asks the same two questions: what will my tax exposure be and will the rules change after I invest?" said the association chairman in a statement issued on Saturday. "Right now, innovators spend too much time navigating overlapping regimes and too little time building export products. If we hard-code continuity and make compliance near effortless, capital will move to Pakistan." The association has proposed a number of priority actions to the government for early adoption. These include the continuation of the 10-year final tax regime for IT/ITeS export income, removal of discrepancies in tax rates where Pakistani IT companies get penalised for running payrolls from the country, creation of a Roshan Digital Account-style channel for the IT sector for quick foreign currency receipts, transparent conversion, optional retention, straight-through data to the Federal Board of Revenue (FBR), rationalisation of super tax, exemption from capital gains tax to secure investor confidence, harmonisation of provincial sales tax on services and removal of duplicating labour-linked levies (Employees Old-age Benefits Institution, Sindh Employees Social Security Institution, Punjab Workers Welfare Fund and overlapping provincial labour rules) or consolidate them via a single digital window tailored for knowledge workers. P@SHA asserted that the requested changes were not subsidies; rather they would promote digitalisation and lead to administrative simplification.
Business Recorder
a day ago
- Business
- Business Recorder
PBF writes letter to NA Speaker: Call to declare ongoing fiscal year as ‘Year of Economic Legislation'
KARACHI: In a significant move aimed at spurring private sector growth, the Pakistan Business Forum (PBF) has written a letter to the Speaker of the National Assembly, urging Parliament to declare the ongoing fiscal year as the 'Year of Economic Legislation.' President PBF, Khawaja Mehboob ur Rehman emphasized that sustainable private sector growth is only possible when Parliament stands firmly with the business community. He expressed hope that the Speaker would play an active role in positioning the legislative branch as a true economic partner. 'It is imperative that Parliament leads the way in crafting legislation that binds banks to offer fair and accessible credit to the SME and startup sectors,' said the PBF President. 'For too long, the banking industry has operated on its own terms — refusing to extend credit to small businesses while focusing almost exclusively on lending to the government, which is an easier route.' Highlighting the deep-rooted financial access issues, particularly in Balochistan, the PBF pointed out the shocking reality that many businesses in the province are effectively excluded from the credit system. The Forum also raised alarms over Sections 37AA and 37B of the Finance Bill, demanding immediate revision. 'Mehboob warned that those measures would cripple businesses, accelerate unemployment and damage investor confidence. The chamber strongly condemned the extraordinary powers granted to Federal Board of Revenue (FBR) officials, unjust treatment of the business community and policy decisions made without business consultation. It demanded immediate withdrawal of those measures and a halt to economic victimisation of the business community.' 'If these clauses are not removed, the business community may be forced to shut down operations. These provisions have deeply shaken business confidence across Pakistan. We call upon the Speaker to form a special parliamentary committee to address these issues.' The letter further states that access to easy and fair credit is considered essential in all developed economies, but Pakistan continues to lag behind, with the government currently working on a 10-year industrial policy, the Forum warned that without enabling financial access for the private sector, the policy's objectives will remain unfulfilled. The PBF urged the National Assembly to act now, reiterating that sound parliamentary policy and legislation are the keys to national progress. The business community is looking for practical solutions, not confrontation, and hopes to avoid protest actions such as strikes. The forum further warned that if the government fails to do so, the business community will continue its protest against 37AA and 37B within the legal and democratic framework for a long time. Copyright Business Recorder, 2025
Business Recorder
a day ago
- Business
- Business Recorder
Resolve issues ‘immediately', LCCI chief tells govt
LAHORE: A nationwide shutter-down has been announced across the country Saturday as the business community intensified its protest against government indifference. Mian Abuzar Shad, President of the Lahore Chamber of Commerce and Industry (LCCI), while addressing a hurriedly-called press conference said if their issues are not resolved immediately, the ongoing negotiations will completely fail. He further stated that after being consistently ignored by the government, the business community has taken this major decision. LCCI President Mian Abuzar Shad announced his active participation in the protest movement, with Senior Vice President Engineer Khalid Usman and Vice President Chaudhry Shahid Nazeer also showed their solidarity with the business community. The movement has received strong backing from the Patron-in-Chief PIAF Anjum Nisar who also assured full support to the trader community. Ali Hussam Asghar, Chairman of the Pioneer Businessmen Group, has also pledged his support, declaring that all of Lahore and Pakistan stands united with the business community. The traders have made it clear that they no longer want promises—they demand concrete action. In a final warning to the government, they declared, 'Provide relief, or the strike continues! The business community's resolute message is clear: if their demands are not addressed promptly, the protest movement will escalate further. Earlier, Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has announced that there will be no strike anywhere in the country today. Addressing a press conference after a special committee meeting in the federal capital, Sheikh stated, 'Chambers of commerce from across Pakistan are united in not calling for a strike. While some members were initially upset, today's meeting has brought everyone on the same page.' He emphasized that the FPCCI's role is to act as a bridge between the business community and the government. 'The government has attentively listened to the concerns of the business community during today's meeting. Following consultations, it has shown flexibility on contentious clauses in the Finance Bill and the Sales Tax Act,' Sheikh explained. The FPCCI chief further revealed that the government has agreed to withdraw the disputed provisions after acknowledging the business community's demands. 'All concerns raised by the business community have been accepted. The meeting's recommendations will now be presented to the Prime Minister for final approval,' he added. Sheikh categorically stated, 'In light of today's decisions, no strike will take place anywhere in Pakistan tomorrow. If any individual has called for a protest, it is in their personal capacity and does not represent the business community.' Copyright Business Recorder, 2025
Business Recorder
a day ago
- Business
- Business Recorder
Letter to NA Speaker: PBF urges parliament to declare FY26 ‘a year of economic legislation'
KARACHI: In a significant move aimed at spurring private sector growth, the Pakistan Business Forum (PBF) has written a letter to the Speaker of the National Assembly, urging Parliament to declare the ongoing fiscal year as the 'Year of Economic Legislation.' President PBF, Khawaja Mehboob ur Rehman emphasized that sustainable private sector growth is only possible when Parliament stands firmly with the business community. He expressed hope that the Speaker would play an active role in positioning the legislative branch as a true economic partner. 'It is imperative that Parliament leads the way in crafting legislation that binds banks to offer fair and accessible credit to the SME and startup sectors,' said the PBF President. 'For too long, the banking industry has operated on its own terms — refusing to extend credit to small businesses while focusing almost exclusively on lending to the government, which is an easier route.' Highlighting the deep-rooted financial access issues, particularly in Balochistan, the PBF pointed out the shocking reality that many businesses in the province are effectively excluded from the credit system. The Forum also raised alarms over Sections 37AA and 37B of the Finance Bill, demanding immediate revision. 'Mehboob warned that those measures would cripple businesses, accelerate unemployment and damage investor confidence. The chamber strongly condemned the extraordinary powers granted to Federal Board of Revenue (FBR) officials, unjust treatment of the business community and policy decisions made without business consultation. It demanded immediate withdrawal of those measures and a halt to economic victimisation of the business community.' 'If these clauses are not removed, the business community may be forced to shut down operations. These provisions have deeply shaken business confidence across Pakistan. We call upon the Speaker to form a special parliamentary committee to address these issues.' The letter further states that access to easy and fair credit is considered essential in all developed economies, but Pakistan continues to lag behind, with the government currently working on a 10-year industrial policy, the Forum warned that without enabling financial access for the private sector, the policy's objectives will remain unfulfilled. Copyright Business Recorder, 2025
Business Recorder
a day ago
- Business
- Business Recorder
KCCI claims strike call gets ‘historic' support
KARACHI: Chambers' call for nation-wide strike on July 19 has received historic and record-breaking support, said Karachi Chamber President Jawed Bilwani The strike has the full support of all seven industrial zones of Karachi, he added. Site, Korangi, Landhi, North Karachi, Bin Qasim, SITE Super Highway and Federal B Area Associations stand with KCCI, said Javed Bilwani. He said Local Goods Transporters Association, Sabzi Mandi Association, Kabadi Market Association have also announced their support. Pakistan Petroleum Dealers Association, Karachi Electronic Dealers Association, Hyderabad Chamber of Small Traders also have the support, said Karachi Chamber President. Pakistan Hosiery Manufacturers, Knitwear and Sweater Exporters, Textile Processing Mills and Readymade Garments Associations, Imtiaz Stores, All Pakistan Restaurant Association will also participate in the strike, said Javed Bilwani. Pakistan Soup Manufacturers, Plastic Importers, Yarn Merchants and Flour Mills Associations will also join the strike, Self-adhesive Tape, Machinery Merchants, Denim Manufacturers, Auto Spare Parts Associations are also with us in the strike, Bearing Manufacturers, Karachi Tyre Dealers, Motorcycle Dealers, Shopkeepers Welfare Society Iqbal Shopping Centre is also supported, said Javed Bilwani. The decision to observe a nationwide strike was taken after thorough consultation with the presidents and representatives of leading Chambers of Commerce and Industry from all four provinces of Pakistan,' he said. He asserted that the strike will be held as per the original schedule and under no circumstances has it been postponed or called off. Business leaders refused to accept the black laws like Section 37A and 37B introduced in the Finance Bill and has clearly sent a message to the government that the industrial community will not tolerate such laws under any circumstances. They said that the above laws, under which FBR officers have been given the power to arrest tax payers on mere suspicion and even file FIRs, are a highly condemnable move. They said that if black laws like Section 37A and 37B are not abolished, industries and business will be locked on July 19. Meanwhile, KCCI President Balwani addressing a press conference after emergency meeting with association and trade bodies announced that all associations of the city decided to go on stroke on Saturday July 19. He warns government that right now we are only going on a one-day strike and if we are not given anything in writing by the next meeting with the government committee, we will extend the strike and we will go on strike for one day, two days and even the entire week. 'We cannot rely on verbal statements of government representatives they must give assure in writing.' Meanwhile, a special committee meeting was held in Islamabad under the chairmanship of Special Assistant to the Prime Minister Haroon Akhtar regarding the protest of traders against the Finance Bill. The meeting was attended by Minister of State for Finance Bilal Azhar Kayani, Rana Ehsan Afzal, Chairman FBR Rashid Langrial, FPCCI President Atif Ikram Sheikh, Senior Vice President Saqib Fayyaz Mago, Sohail Altaf, KCCI President Javed Balwani, Lahore, Rawalpindi and officials of various chambers also participated via Zoom. The meeting discussed the concerns of the business community regarding tax legislation. The FPCCI President apprised the committee of the concerns of the business community regarding the enforcement measures taken in the tax bill and the charter of demands from the federation and chambers. The meeting agreed on the proposal to establish a special committee to redress grievances and the committee will include two representatives from the FBR, FPCCI, one representative each from the relevant chamber and the sector. The proposal to abolish Clause 9 of the tax bill was supported by the Prime Minister's Special Assistant on Industries Haroon Akhtar, but this support was given by the federation itself and the support of other chamber representatives was not included in it. However, in the meeting, the committee agreed on amendments to the controversial clause in consultation with the business community and it was decided that the special committee would submit the proposals to the Prime Minister for final approval. The President FPCCI expressed gratitude to the government for seriously listening to the concerns of the business community and said that the government has taken the concerns of the business committee seriously and hopes that they will approve the recommendations agreed upon in the meeting with Prime Minister Shehbaz Sharif. Vice President FPCCI Saqib Fayyaz Mago claimed that the negotiations between the government and the traders have been successful and the chambers and trade bodies have postponed the strike. Saqib Fayyaz Mago claimed that the Karachi Chamber has informed us about the postponement of the strike. However, on the other hand, after the FPCCI and the chambers held talks with the government, emergency meetings of chambers of commerce across the country began to discuss the situation. Copyright Business Recorder, 2025
