Latest news with #MianAnjumNisar
Business Recorder
26-05-2025
- Business
- Business Recorder
BMP voices its concerns over delay in budget presentation
LAHORE: The Federation of Pakistan Chambers of Commerce and Industry's Businessmen Panel (BMP) has expressed serious concern over the government's decision to delay the presentation of the federal budget for the fiscal year 2025-26 and the possible imposition of additional levies, including a sharp hike in the petroleum levy. The BMP Chairman and FPCCI former president Mian Anjum Nisar termed these developments deeply troubling for the already struggling business community and warned that such decisions would further strain the economy and damage investor confidence. He said that the federal government recently shelved its plan to present the budget on June 2 and is now expected to unveil the fiscal plan on June 10. The delay has been attributed to Prime Minister Shehbaz Sharif's foreign tour as well as internal disagreements over the finalisation of expenditures. He said that this postponement creates unnecessary uncertainty at a time when the business environment is already fragile due to inflation, high energy costs, and sluggish growth. Mian Anjum Nisar stated that the delay in the budget presentation sends a negative signal to the market, businesses, and foreign investors who are waiting for policy clarity. He said that businesses plan their fiscal year strategies based on expected policy announcements, and any delay hampers their ability to make timely decisions regarding investment, procurement, and employment. He added that the lack of transparency around budget planning is further eroding trust between the business community and the government. The BMP is particularly concerned about the government's reported move to increase the petroleum levy, which currently stands at Rs78 per litre. The government is reportedly considering raising this levy further in order to finance a larger Public Sector Development Programme (PSDP) of Rs1 trillion for the next fiscal year. Mian Anjum Nisar warned that any additional levy on petroleum products would result in a significant increase in the cost of doing business, leading to a rise in inflation and further weakening the purchasing power of consumers. He noted that fuel is a key input for industries, transportation, and agriculture, and any increase in its price has a ripple effect across the entire economy. Instead of increasing indirect taxes like the petroleum levy, Nisar urged the government to focus on broadening the tax base, curbing unnecessary expenditures, and implementing structural reforms to improve revenue collection without burdening businesses and the general public. He also criticised the lack of stakeholder consultation in budget-making, especially when businesses are the biggest contributors to taxes and employment. Nisar said that the upcoming budget appears to be driven largely by the International Monetary Fund's directives, with little attention paid to the domestic realities faced by industrialists and exporters. He stressed that the government must engage with business leaders to frame policies that are sustainable and practical, rather than relying solely on external advice. The BMP also raised concerns about possible cuts to subsidies and increased energy costs in the upcoming budget. Nisar warned that the business community will not be able to absorb any further increases in electricity and gas prices, as production costs have already reached unaffordable levels. He said that many industrial units, especially small and medium enterprises, are on the verge of closure due to high input costs and lack of support from the government. The panel also criticised the government's handling of the circular debt issue in the petroleum sector. The plan to use inflated dividends from state-owned enterprises to clear circular debt lacks transparency and may lead to market distortions. Nisar said that instead of adopting temporary fixes, the government should address the structural flaws in the energy sector, including mismanagement, inefficiencies, and losses in transmission and distribution. Nisar further said that the recent abnormal increase in the share price of Pakistan State Oil (PSO), despite its poor financial condition, raises serious questions. He supported the IMF's decision to seek more clarity before approving the government's plan and expressed concern over the exclusion of PSO from the debt retirement scheme. Copyright Business Recorder, 2025
Business Recorder
24-05-2025
- Business
- Business Recorder
PCMA to arrange two-day Chemical Expo from June 25
LAHORE: The Pakistan Chemicals Manufacturers Association (PCMA) celebrates 10 years of dedicated service to the nation's chemical sector and the pre-launch ceremony of the Pakistan Chemical Expo 2025, scheduled for June 25th and 26th. Chairman PCMA Haroon Ali Khan said, 'Over the past ten years, PCMA has evolved into a strong institutional platform that represents the true potential of Pakistan's chemical industry. We envision positioning Pakistan's Chemical sector to achieve an export target of USD 3 Billion by the year 2035'. Renowned Industrialist and Patron in Chief PIAF Group, Mian Anjum Nisar graced the event as Chief Guest. Chairman PIEDMC Javed Iqbal, Senior Vice President PCMA Moazzam Rasheed, members of PCMA, Industrialists, Policy Makers, and people from Academia participated in the event. The Pakistan Chemical Expo 2025 is set to host international exhibitors, B2B meetings, and knowledge-sharing sessions. While talking on the occasion, Chief Guest Mian Anjum Nisar said it is an honour to join the Pakistan Chemical Manufacturers Association in celebrating a decade of exemplary service and impact. Over the past 10 years, PCMA has played a vital role in transforming Pakistan's chemical industry into a more structured, sustainable, and globally competitive sector. I congratulate PCMA and its members for their vision, resilience, and continued commitment to driving industrial excellence in Pakistan. Chairman PCMA Haroon Ali Khan urges the Government of Pakistan to accept the Chemical Industry as a Strategic Sector. He also presented 'Vision 2035' for the Pakistan Chemical Industry. He said that by 2035, our chemical industry should be able to establish a basic petrochemicals project in Pakistan, and we should be able to gain 50% self-reliance in API's and 25% self-reliance in Petrochemicals, Agrochemicals, Synthetic Fibers, Specialty Chemicals, and Mineral-based Chemicals. We are hopeful of achieving these and the export target of 3 billion USD. But to get this, we have to establish relationships with international chemical associations, strong linkages between Industry and Academia, a trained and skilled workforce to support the chemical sector, and a fully equipped technical institute to provide turnkey chemical projects. Copyright Business Recorder, 2025
Business Recorder
12-05-2025
- Business
- Business Recorder
BMP says new Tax Ordinance could stifle investment growth
LAHORE: The Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has raised significant concerns about the recently implemented Tax Laws (Amendment) Ordinance 2025. FPCCI's Businessmen Panel Chairman Mian Anjum Nisar observed that the ordinance could severely harm the country's investment climate, which is already under pressure due to various economic challenges. He further warned that if not reconsidered, these tax measures may discourage both domestic and foreign investors from engaging with Pakistan's economy, thus hindering growth. Anjum Nisar expressed disappointment that the new tax laws, while aimed at increasing government revenue, could backfire by creating unnecessary complexities in the business environment. 'The tax laws are intended to increase compliance and improve revenue, but they bring with them a set of challenges that may, in fact, make it harder for businesses to operate efficiently,' Nisar said. He emphasized that businesses already face multiple hurdles, including rising costs and an unpredictable economic environment, and the new tax regime could add additional layers of burden on businesses. 'The government needs to understand that businesses are the backbone of the economy. They are the ones who create jobs, drive innovation, and generate the taxes that support government functions,' he said. 'Unfortunately, this new ordinance adds layers of complexity that may make it more difficult for businesses, especially small and medium-sized enterprises (SMEs), to thrive.' The FPCCI former Chairman highlighted that while Pakistan's economy is struggling to recover from previous setbacks, the business community must be supported, not further burdened. He stated that the law, as it stands, does not provide the needed incentives for businesses to flourish. 'What we need is a policy environment that fosters growth, encourages investment, and provides a stable foundation for entrepreneurs to take risks. This ordinance does the opposite by imposing measures that will only increase the difficulty of doing business,' Nisar added. Copyright Business Recorder, 2025
Business Recorder
05-05-2025
- Business
- Business Recorder
LCCI urges FBR to review SRO 578(I)/2025
LAHORE: Lahore Chamber of Commerce and Industry has urged the Federal Board of Revenue to review the recently issued SRO 578(I)/2025, citing severe operational challenges for industries, particularly cement dealers and small-to-medium enterprises (SMEs). While talking to the delegation of All Pakistan Cement Dealers Association, President Lahore Chamber of Commerce and Industry Mian Abuzar shad said that the Lahore Chamber of Commerce and Industry appreciates the government's intent to enhance tax documentation but the abrupt implementation and complex compliance requirements of S.R.O. 578(I)/2025 (dated April 8, 2025), risk disrupting business operations. LCCI former Presidents Mian Anjum Nisar, Muhammad Ali Mian and former Vice Presidnet Fahim ur Rehman Saigol also spoke on the occasion. Muneer Chaudhry was leading the delegation while the delegation members Abdul Majeed Sheikh, Zohaib Nasir Butt, Ashraf Saeed Malik, Chaudhry Sajid Ali, Nauman Ahmad, Malik Waheed, Muhammad Asif Saeed, Rana Shair Ali, Asim Muneer, Tahir Hameed, Tariq Mahmood and Azhar Abbas also expressed their views. The LCCI President said that the businesses must now submit exhaustive details of domestic purchases and sales in revised Annex-A and Annex-C formats. A newly introduced Annex-Cl requires taxpayers to reconcile each sales invoice with its corresponding payment—a provision that places an excessive burden on SMEs lacking digital accounting infrastructure. Mian Abuzar Shad said that the business community is already grappling with persistent technical glitches in FBR's electronic filing system, including frequent system crashes leading to data loss during return filings, Mismatched HS Codes and fixed Units of Measurement (UOM) causing input errors, Failures in uploading sales invoices in Annexure-C and inconsistencies across annexure and Unresolved issues from February 2025's sales tax return filings, compounding delays. He said that without transitional relief, the SRO could Jeopardize legitimate input tax claims due to procedural errors, trigger unnecessary audits and penalties for minor discrepancies, strain working capital cycles and especially for cement dealers and SMEs. To mitigate these risks, the LCCI President proposed that FBR should allow businesses time to adapt to new requirements, engage chambers of commerce to refine the SRO's framework, issue detailed guidelines on payment tracking and credit sales treatment, suspend penalties temporarily while providing training and IT support. 'While we fully support the government's efforts to formalize the economy, reforms must balance compliance with practicality. The current SRO risks alienating SMEs, the backbone of Pakistan's economy. We urge FBR to adopt an inclusive approach.' Copyright Business Recorder, 2025
Business Recorder
03-05-2025
- Business
- Business Recorder
Steel traders urge LCCI to help de-seal godowns
LAHORE: Steel traders Friday sought LCCI help for de-sealing of their godowns terming it an anti-government step. They said that it is a calculated move to defame the present government. A delegation of Pakistan Steel Traders Association visited the Lahore Chamber of Commerce and Industry and informed the LCCI President Mian Abuzar Shad, former President Mian Anjum Nisar, Muhammad Ali Mian and former Vice President Faheem ur Rehman Saigol that such high-handedness by bureaucrats is not only an attack on the business community but also a deliberate attempt to damage the government's reputation and economic stability. Sheikh Umar Sarfraz, Ehsan Mehmood, Haji Alauddin, Sheikh Usman, Mian Tahir and Malik Ijaz said that that on May 1st, a public holiday, Pakistan Railways officials sealed hundreds of shops and godowns in the Badami Bagh area, despite the fact that many of these properties are either on long-term lease (99 or 33 years) or duly registered. Even the association's office, labour rooms and washrooms were sealed, creating panic and severe disruption in business operations. Traders described the act as if it were a military operation against criminals rather than a matter involving legitimate businesses. The delegation members said that how can godowns that are legally leased and paying advance rent be sealed without any prior notice or justification? The officials responsible must be held accountable. These officers are receiving salaries from the taxes paid by these very traders and are now using arbitrary powers to crush them.' The stakeholders demanded the immediate formation of a Dispute Resolving Committee with the involvement of the Lahore Chamber to mediate the issue and ensure that all sealed properties are reopened without delay. The LCCI leadership said that the Lahore Chamber stands firmly with the business community. They appealed to Prime Minister Shehbaz Sharif, Punjab Chief Minister Maryam Nawaz and Punjab Governor Sardar Salim Haider to take urgent action. They further added that while industries across the country are already shutting down, no one dares to invest in new businesses due to such hostile actions. The government must rein in such officers and resolve this issue immediately through negotiations involving the Chamber. Why not first fix Pakistan Railways, which is suffering losses of over Rs3 billion monthly? Instead of reforming the system, these officers are targeting the very people who keep the economy afloat. The delegation members questioned that why railway officials have adopted an anti-business stance. What emergency justified sealing shops on a public holiday? This is a misuse of discretionary powers. In civilized societies, issues are resolved through committees, not through force. Copyright Business Recorder, 2025
