Latest news with #KarachiChamberofCommerceandIndustry
Express Tribune
15-07-2025
- Business
- Express Tribune
Traders call off strike after agreement with govt over tax penalties
The business community has postponed the countrywide strike after successful talks with the government over certain budgetary measures introduced through the Finance Act 2025. A day earlier, the federal government invited representatives of all trade bodies for negotiations after Karachi's business community and transporters announced a countrywide wheel-jam strike scheduled for July 19. The Karachi Chamber of Commerce and Industry (KCCI) had called the strike in protest against five key measures incorporated into the federal budget for the current fiscal year, along with 32 anomalies in the Finance Act. KCCI opposes Sections 37A and 37B of the Finance Act, which, it claims, grant the Federal Board of Revenue (FBR) arbitrary arrest powers. It also objects to Section 21(S), which imposes harsh penalties on cash transactions of Rs200,000 or more; mandatory digital invoicing under SRO 709; and the imposition of E-Bilty under Section 40. Read More: Aurangzeb offers talks to avert July 19 strike According to the Ministry of Finance, a joint meeting was held on Tuesday between government officials and business community representatives. The meeting was chaired by Finance Minister Muhammad Aurangzeb and attended by members of chambers of commerce, trade organisations, and senior government officials. The meeting included a detailed review of the traders' concerns, particularly regarding Section 37A and other contentious provisions of the Finance Act 2025. During the session, a committee was formed under Prime Minister's Special Assistant Haroon Akhtar Khan to address the business community's reservations. It was also decided that the strike would be postponed until the committee completes its work. Also Read: SCCI backs strike against tax measures The finance minister assured traders of the government's full cooperation and transparency, stating: 'The government's objective is to curb large-scale tax fraud, not to harass honest businesses.' The committee will also include Minister of State for Finance Bilal Azhar Kayani, Prime Minister's Coordinator Rana Ehsan Afzal, the Chairman of the FBR, and representatives nominated by the business community. The committee is expected to conduct detailed consultations over the next 30 days and present a consensus-based, practical solution to the federal cabinet. It was agreed that the traders' concerns regarding transactions will be addressed, and efforts will be made to ensure that the business community does not face unnecessary difficulties.
Business Recorder
12-07-2025
- Business
- Business Recorder
KATI vows full support to planned nationwide strike
KARACHI: The Korangi Association of Trade and Industry (KATI) have announced its full support for the nationwide peaceful strike called by the business community on July 19, under the leadership of the Karachi Chamber of Commerce and Industry (KCCI). KATI President Junaid Naqi said the traders' decision to strike is both timely and justified, accurately reflecting the sentiments of the business community. He criticized the government's recent fiscal measures, introduced in the Finance Act, as anti-business and damaging to the economic environment. 'The policies being implemented are harsh, unrealistic, and simply unacceptable to traders, SMEs, and industrialists,' Naqi said. 'Restrictions on cash transactions, arbitrary arrest powers, and the imposition of digital invoicing are alarming signals for businesses.' He further stated that these unilateral decisions by policymakers, made without consulting stakeholders, demonstrate a lack of foresight and are pushing the economy toward informality and disorganization. Naqi urged the government to immediately review and revise the controversial clauses of the Finance Act and to initiate meaningful dialogue with the business community. Copyright Business Recorder, 2025
Express Tribune
07-07-2025
- Business
- Express Tribune
Naqvi vows to address UAE visa problem
Federal Minister for Interior and Narcotics Control Syed Mohsin Raza Naqvi, while acknowledging concerns over widespread visa rejections, particularly by the United Arab Emirates (UAE), has announced that he will meet the UAE interior minister on Wednesday to discuss the matter. He expressed optimism that a solution would be found, especially considering the challenges faced by Pakistani citizens, notably the business community, which frequently travels to the Gulf Arab nation for trade and business engagements. He added that steps are also being taken to improve the global ranking of the Pakistani passport, which, he stressed, would reach a significantly better position in the next two years, making Pakistanis proud of holding the green passport. During his visit to the Karachi Chamber of Commerce and Industry (KCCI) on Monday, Mohsin Naqvi was received by Businessmen Group (BMG) Chairman Zubair Motiwala, KCCI President Muhammad Jawed Bilwani and other prominent businessmen. The interior minister mentioned that Muharram was observed peacefully this year across Pakistan, thanks to the efforts of Rangers, civil armed forces, the Pakistan Army and provincial governments. He noted a significant shift in strategy this year, with minimal mobile service suspension, limited only to specific sensitive areas, unlike previous years when blanket bans were imposed citywide. He assured businessmen that efforts are underway to make Karachi healthier as a strong city will positively impact the entire country. Addressing budget-related issues raised by KCCI, he agreed to work for their resolution and arrange meetings for deeper deliberations. Highlighting anti-smuggling efforts, he said that smuggling, once rampant, even of dollars, has been significantly curtailed over the past two years, though some challenges remain. He emphasised that smuggling is a "termite" eating away at the economy, hindering industrial growth. The Pakistan Coast Guards (PCG), previously operating with only six boats along a 1,000+ km coastline, has been given two more boats, with plans to expand the fleet further by year-end. He stressed the need for better infrastructure and equipment to enable effective border security and anti-smuggling operations. Responding to KCCI's request regarding provision of CNIC and SIM verification at the chamber premises, the minister noted that the interior ministry already has a setup in place and another is being developed. He assured businessmen that they will explore ways to provide KCCI access to this system for background checks before employment, enhancing security for the business community. Regarding the Safe City project, the minister reiterated that it is a top priority of the prime minister as such systems are essential for crime prevention. Work on implementing this project in Karachi is underway and every effort will be made to ensure its effective execution to help reduce crime.
India.com
03-07-2025
- Business
- India.com
More punishment for Pakistan as THIS one move by Modi govt is making Islamabad lose huge amount of money daily due to...
Representational Image India-Pakistan relations: India took a host of punitive diplomatic measures against Pakistan after the heinous April 22 Pahalgam terror attack, including holding the Indus Water Treaty in abeyance, and halting all trade ties between the two countries. But there is one move made by the Narendra Modi government which has struck Pakistan where it really hurts– its already fragile economy. Why India imposed ban on Pakistan-bound vessels? Along with other restrictions post Pahalgam, India also imposed a complete port ban, which bars any Pakistan-linked cargo from docking at any Indian port. This has resulted into a full-blown logistical crisis for the enemy country and making it lose millions of dollars as its import timelines are stretched by up to 50 days due to the ban. In a LinkedIn post, Jayant Mundhra, a prominent Finfluencer, analyzed the impact of India's port ban on Pakistan, calling it a 'a tactical shift that dismantles regional shipping efficiencies and directly inflates costs for an already strained Pakistani economy.' 'This strikes at the very heart of modern shipping logistics,' he said. What is India's port ban? The ban, which came into effect in early May, days after the Pahalgam terror attack, bars any vessel that has loaded, or intends to load goods from Pakistan, from docking at any Indian port. The move, according to Mundhra, 'strikes at the very heart of modern shipping logistics', as it targets the trans-shipment model which props up maritime trade across South Asia. How India's ban impacts Pakistan's shipping and trade? According to various reports, following the ban, mother vessels– giant container ship that power global supply chains– have begun avoiding Pakistani ports to maintain access to India. due to the latter being a much larger market. The drastic shift has been confirmed by the Karachi Chamber of Commerce and Industry. The absence of these 'mother vessels' has forced Pakistan to use feeder vessels, which are smaller ships that are used to first transport the cargo to hubs in the UAE or Sri Lanka, before it is dispatched to other destinations across the globe. The workaround is a temporary fix because it is a lot slower and much more expensive. 'Import transit times are ballooning by 30 to 50 days,' Mundhra says, adding that this is causing long delays in raw material shipments, and negatively impacts Pakistan's exports by further narrowing profit margins. While Islamabad denies any major impact on its shipping sector due to the ban, the data is undeniable, and shows that India's port ban is severely hurting Pakistan's trade and economy.
India.com
29-06-2025
- Business
- India.com
India's actions after Pahalgam terror attack are still hurting Pakistan, Pakistani traders are now...
Pakistan PM Shehbaz Sharif India-Pakistan trade relations: After Pakistan attacked India through a massive terror attack in Pehalgam, India took various actions against Pakistan including banning ships carrying Pakistani-origin cargo from docking at its ports. The move from India has significantly disrupted Pakistan's trade logistics and it has reportedly led to shipping delays of 30–50 days and higher freight and insurance costs. Here are all the details you need to know about how the Indian action is hurting the business of terrorist nation Pakistan. Why Pakistani importers are suffering! As per a report carried by PTI news agency, quoting Dawn newspaper of Pakistan, Pakistani importers said the Indian ban on shipping Pakistan goods has resulted in longer shipping times and higher freight charges, due to which they are facing losses. 'Mother vessels are not coming to Pakistan due to this Indian action, which delays our imports by 30 to 50 days,' said Javed Bilwani, President of the Karachi Chamber of Commerce and Industry. The President of the Karachi Chamber of Commerce and Industry also said that the importers are now relying on feeder vessels, which raises costs of their trade. How Indian action is hurting Pakistan The Pakistani newspaper also reported an increase in shipping and insurance costs after the Indian ban on the shipping of Pakistani goods. 'There is no significant impact on exports…, except for a rise in insurance costs. Shipping charges had already gone up even before the escalation,' said Aamir Aziz, an exporter of textile made-ups. Pakistan's exports are heavily reliant on imported inputs for value addition. Why India-Pakistan trade relations went down? Readers should note that the India-Pakistan trade relations soured after the Pulwama terror attack, following which India raised the import duty to 200 per cent on all goods imported from Pakistan. Also, it should be noted that the formal trade relations between two neigbours have remained stalled since 2019. Talking of data, the bilateral trade between the two declined from USD 2.41 billion in 2018 to USD 1.2 billion in 2024. Moreover, India's imports from Pakistan decreased from USD 547.5 million in 2019 to just USD 480,000 in 2024. (With inputs from agencies)
