Latest news with #LCCI
Business Recorder
15 hours ago
- Business
- Business Recorder
LCCI demands cut in DC rates, curbs on sealing of industries
LAHORE: The Lahore Chamber of Commerce and Industry has raised serious concerns about the plight of industrial units operating in Saggian Lahore and surrounding areas under the jurisdiction of Ravi Urban Development Authority (RUDA). In an emergency meeting held at LCCI, industrialists unanimously appealed to Punjab Chief Minister Maryam Nawaz to take immediate notice of the crisis. LCCI Acting President Engneer Khalid Usman, former LCCI President Muhammad Ali Mian, Convener of Standing Committee Ali Sheraz, Zafar iqbal, Akram dewan, Muhammad Ameen, Muhammad Hanan, Muhammad Yonus, Tanveer Hussain, Muhammad Adeel and Advocate M Waqar also spoke on the occasion. Engineer Khalid Usman and Muhammad Ali Mian highlighted that major issue is imposition of DC rate that is 10 times higher than standard rates in the jurisdiction of RUDA. They said that over 1,000 industrial units, ranging from small workshops to large factories, are facing existential threats due to these inflated charges. Usman emphasized that these industries employ more than 10,000 workers directly and support thousands of families indirectly. If RUDA continues with this unfair taxation, we will see massive job losses and industrial collapse. While painting a grim picture of the potential consequences, they said that forcing industries to pay unaffordable DC rates will lead to shut downs. When factories close, workers lose livelihoods, and that creates social unrest and law-and-order problems. They demanded immediate reduction in DC rates to reasonable levels, restriction on sealing or eviction of industrial units and consultation with stakeholders before finalizing new rates. Participants of the meeting said that industrialists have pinned their hopes on CM Maryam Nawaz's intervention. 'We believe the Chief Minister, who has prioritized economic development, will understand our plight and take necessary action. They warned that destabilizing this industrial hub could have ripple effects across Punjab's economy. These industries feed into larger supply chains. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business
- Business Recorder
LCCI underscores need for a balanced, strategy-driven budget
LAHORE: A balanced and strategy-driven federal budget is essential for Pakistan's economic future, as it can define the country's direction and stabilize a struggling business climate. This was upshot of the speeches delivered by the LCCI Acting President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, former LCCI President Muhammad Ali Mian, former Senior Vice President Ali Hussam Asghar and experts from different sectors while speaking at the awareness session on the upcoming Federal Budget 2025-26, organized by the Lahore Chamber of Commerce and Industry. Executive Committee Members Asif Malik, Firdous Nisar, Sheikh Muhammad Fayyaz, Abdul Majeed, Karamat Ali Awan, Syed Hassan Raza, Syed Salman Ali. Ehtsham ul Haq, Rana Muhammad Nisar, Shouban Akhter, former EC members Naeem Hanif, Malik Muhammad Usman, Yousaf Shah and Chaudhry Muhammad Arshad were also present. Speaking at the session, Acting President Engr. Khalid Usman said that the key pillars of the budget should include expansion of the tax net, relief for existing taxpayers, protection of domestic industry, elimination of duties on imported raw materials, growth of GDP and exports meaningful economic reforms. He said that tariffs must be used as a policy tool to protect domestic industries and reduce Pakistan's reliance on imports. He advocated for zero-rating customs duties and sales tax on raw materials to ensure cost-effective industrial production. He also called for targeted incentives and protections for SMEs and the auto sector which are critical for employment and economic resilience. While talking about the government's reported plan to offer electricity at five cents per unit for crypto mining, he questioned why such a competitive rate is not being extended to local industries, which are far more impactful in terms of job creation and economic contribution. He said that LCCI was the first chamber to submit budget proposals to the government. These included recommendations for reducing the cost of doing business, improving the ease of doing business, enabling SME growth using digital technology to minimize human interaction in tax administration. The LCCI also emphasized simplifying regulatory frameworks and promoting deregulation to encourage industrial expansion. Vice President Shahid Nazir Chaudhry said that high operational costs and unpredictable tax policies have discouraged both local and foreign investors. He urged the government to craft a budget that offers long-term predictability, particularly in taxation. He stressed the importance of stakeholder consultation, especially with the business community, before implementing any new tax regime. He said that unless energy costs and policy instability are addressed, Pakistan's manufacturing sector will remain uncompetitive in regional and global markets. He further added that restoring business confidence requires continuity in policy and a fair taxation system that supports genuine businesses instead of penalizing them. Former LCCI President Muhammad Ali Mian talked about tariff rationalization and gave various suggestions. He called for a pro-growth and industry-friendly federal budget that supports macroeconomic stability, promotes investment strengthens the country's industrial backbone. Former LCCI President Ali Hussam Asghar said that Pakistan's export potential remains largely untapped due to inconsistent policy frameworks and lack of facilitation for exporters. He said that enhancing exports is the only sustainable way to address Pakistan's trade deficit and foreign exchange challenges. Reviewing the current fiscal performance, participants said that according to FY 2024–25 budget documents, the FBR was initially tasked with collecting PKR 12,970 billion, later revised down to PKR 12,334 billion. The targets included PKR 5,454 billion from income tax, PKR 4,919 billion from sales tax, PKR 1,591 billion from customs duties PKR 948 billion from federal excise duty. However, in the first eleven months (July 2024 to May 2025), FBR collected only PKR 10.23 trillion, falling short by over PKR 1 trillion. The LCCI also called for an increase in the withholding agent turnover threshold from PKR 100 million to PKR 250 million to reduce the compliance burden on smaller businesses. It stressed the importance of timely issuance of tax refunds to exporters to ease cash flow constraints and encourage reinvestment into business operations. Economic policies, the Chamber said, should be designed with at least a 10-year continuity framework to ensure predictability and stability. The LCCI further demanded the abolition of the 1.8% non-refundable. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
LCCI's SVP made acting president of industry
LAHORE: Senior Vice President of the Lahore Chamber of Commerce and Industry (LCCI) Engineer Khalid Usman will be the Acting President of the LCCI till June 9 as the LCCI President is abroad on a personal visit. Engineer Khalid Usman is a seasoned businessman, well-regarded for his dedication to the industrial and commercial sectors. With a deep understanding of the economic challenges faced by businesses across Pakistan, he has played a significant role in shaping LCCI's initiatives that promote ease of doing business, private sector growth and regulatory reform. His leadership is particularly valuable at a time when the business community is seeking clarity on various fiscal and economic policies, especially in the wake of the recently announced national budget. He said that as Acting President, he would carry forward the LCCI's ongoing engagements with government departments, trade bodies and international partners. Engineer Usman will look after all key activities of the Lahore Chamber including high-level meetings with visiting delegations, internal policy discussions and strategic outreach to relevant ministries and regulatory authorities. He will also be presiding over important consultative sessions aimed at protecting the interests of traders, manufacturers and exporters. His tenure is seen as a continuation of LCCI's broader mission to facilitate commerce, promote industrial development and advocate for practical reforms that benefit the economy at large. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Climate
- Business Recorder
Pilgrims come together in Makkah under scorching desert heat
MAKKAH: More than a million Muslim pilgrims poured into the holy city of Makkah ahead of the annual hajj, with authorities vowing to hold a safer pilgrimage amid searing desert heat and a massive crackdown on illegal visitors. Temperatures were forecast to exceed 40 degrees Celsius (104 degrees Fahrenheit) this week as one of the world's largest annual religious gatherings officially commences on Wednesday. The hajj, one of the five pillars of Islam, must be performed at least once by all Muslims with the means. As of Friday, more than 1.3 million pilgrims had arrived in Saudi Arabia for the multi-day pilgrimage, according to officials. This year, authorities have mobilised more than 40 government agencies and 250,000 officials, doubling their efforts to mitigate heat-related risks following a lethal heatwave in 2024 that left hundreds dead. Shaded areas have been expanded by 50,000 square metres (12 acres), thousands more medics will be on standby, and more than 400 cooling units will be deployed for the duration of the hajj, Saudi Arabia's hajj minister Tawfiq al-Rabiah told AFP last week. Over 65,000 pilgrims unable to perform Hajj: Hajj operators, LCCI demand action The latest artificial intelligence software will also help monitor the flood of information and footage, including video from a new fleet of drones, from across Makkah to better manage the mammoth crowds. Despite the punishing heat, pilgrims were overjoyed as they arrived in Mecca. 'A blessing' 'This is really a blessing from Allah,' Abdul Majid Ati, a Filipino lawyer and Sharia counsellor, told AFP near the Grand Mosque. 'We feel so peaceful and safe in this place.' Abdulhamid from Nigeria, said he was 'very happy' to be performing his second pilgrimage in a row at just 27 years old. But the young man said he never walks out without his sunglasses, describing the temperatures in Makkah as 'very, very, very hot'. The rites in the holy city and its surroundings fall again this year during the hot month of June. Last year, 1,301 pilgrims, most of them unregistered and lacking access to air-conditioned tents and buses, died as temperatures soared to 51.8 degrees Celsius. PIA successfully completes its pre-Hajj operations 'They were caught by surprise because the intensity of the heat was so high that their adaptation measures failed,' said Fahad Saeed of Climate Analytics, a think tank based in Germany. In the run-up to this year's hajj, Saudi authorities launched a widespread crackdown on unregistered worshippers – relying on frequent raids, drone surveillance and a barrage of text alerts focused on rooting out unauthorised visitors hoping to sneak into Mecca. Hajj permits are allocated to countries on a quota system and distributed to individuals by lottery. Arrest and deportation But even for those who can obtain them, the steep costs prompt many to attempt the hajj without a permit – though they risk arrest and deportation if caught. Along with hefty fines, those found illegally entering Makkah during the hajj face a potential 10-year ban from the kingdom. Large crowds at the hajj have proved hazardous in the past, most recently in 2015 when a stampede during the 'stoning the devil' ritual in Mina, near Mecca, killed up to 2,300 people in the deadliest hajj disaster. Saudi Arabia, which is home to Islam's holiest sanctuaries in Makkah and Medina, earns billions of dollars each year from the hajj and from pilgrimages known as Umrah, undertaken at other times of the year. They also enhance the prestige of the Saudi monarch, who is known as the Custodian of the Two Holy Mosques of Makkah and Medina. For Mariama, a 52-year-old pilgrim from Senegal, the journey to Makkah for the hajj has fulfilled a life-long dream. 'I was dreaming about it, thinking about it every time to come here to do the hajj,' she said.
Business Recorder
6 days ago
- Business
- Business Recorder
Uzbek investors want to boost trade, economic ties
LAHORE: Uzbek businessmen and investors are keen to strengthen mutual trade and economic ties. These views were expressed by the Deputy Chairman of Uzbekistan Chamber of Commerce & Industry and head of a high-level delegation Tokhtaev Akobirjon while speaking at the Lahore Chamber of Commerce and Industry. LCCI President Mian Abuzar Shad presented the address of welcome while Executive Committee Members Syed Hassan Raza, Amina Randhawa and Syed Salman Ali were also present. Tokhtaev Akobirjon pledged to make all out efforts to strengthen the cooperation and exploring untapped opportunities in trade and investment. He said that the visit is a step forward in establishing long-term institutional linkages between the business communities of Pakistan and Uzbekistan. LCCI President Mian Abuzar Shad said that Uzbekistan is a key trading hub in Central Asia. He said that the Lahore Chamber of Commerce and Industry is the premier business support organization in Pakistan and always takes pride in hosting foreign trade delegations. Referring to a previous high-level Uzbek delegation that visited LCCI just four months ago, he said that this continued engagement reflects the growing interest in strengthening bilateral relations. The LCCI President said that that Pakistan and Uzbekistan are brotherly nations, enjoying over three decades of diplomatic ties built on mutual respect and regional cooperation. Copyright Business Recorder, 2025
