Latest news with #MianZahid
Business Recorder
05-07-2025
- Business
- Business Recorder
Mian Zahid slams increase in oil and gas prices
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, said that the recent increase in oil and gas prices is intensifying hardship for both the public and the business community. He stated that the new taxes introduced in the budget, along with the energy price hikes, could prove detrimental to Pakistan's economy and its people. Mian Zahid Hussain noted that despite relative stability in global crude markets following the recent conflict between Iran and Israel, the substantial increase in domestic fuel prices raises serious concerns. He said that the government has chosen energy prices as a soft target to raise revenue and has increased the petroleum levy. This, he argued, is unjustified when international crude prices have fallen from $85 per barrel last month to around $65 now. Providing expensive fuel to the public is a flawed decision, he added, as it will simultaneously fuel inflation; raise production costs, and damage industry and household budgets alike. Mian Zahid emphasised that the petroleum levy hike was done under the IMF directives. Instead of curbing gas theft and line losses, the government has shifted the burden onto industrial, commercial, and residential users. He warned that while this policy might generate immediate revenue, it will slow down long-term economic growth. Across the world, governments are either subsidising energy or maintaining price stability to curb inflation and revive industries. In contrast, Pakistan is witnessing simultaneous increases in the cost of essential goods, production, and transportation, which is worsening economic pressures. He pointed out that India has not raised oil prices in over a year, and Bangladesh has reduced the prices of petrol, diesel, high-octane, and kerosene multiple times. Mian Zahid stressed that instead of raising energy prices, urgent and immediate reforms are needed. Circular debt has surpassed Rs 2.7 trillion, electricity theft exceeds 17 per cent, and line losses are far above regional averages. Without addressing these systemic issues, any increase in prices will offer only temporary relief while also encouraging more theft and non-payment. The government, he urged, must base its decisions on global trends, consumer affordability, and industrial challenges. If energy prices are hiked solely to reduce the fiscal deficit, it will lead to rising poverty, unemployment, and business closures. He called on the government to adopt transparency, consultation, and realism in policymaking. Copyright Business Recorder, 2025
Business Recorder
28-06-2025
- Business
- Business Recorder
Iran-Israel ceasefire: Pakistan's balanced role earned world appreciation: Mian Zahid
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, said that Pakistan's constructive, neutral and balanced role in the Iran-Israel ceasefire has earned international appreciation. He said Pakistan acted with wisdom to safeguard the broader interests of the Muslim Ummah, regional stability, and the global economy. Mian Zahid Hussain stated that the ceasefire has led to a noticeable decline in global oil prices, providing relief to both consumers and businesses worldwide. If the conflict had escalated, crude oil prices could have exceeded 110 dollars per barrel, severely aggravating global inflation and pushing developing economies under immense economic pressure. He noted that the reduction in tensions would help revive shipping routes, lower insurance costs, enhance the environment for maritime trade, and mitigate disruptions in the global supply chain. Countries like Pakistan will benefit from smoother delivery of energy and essential commodities. Mian Zahid added that the recent war had exposed weaknesses in Israel's defense systems and cast doubt on its military claims. He emphasized that victory cannot be achieved solely through propaganda. Urging Iran to reassess its nuclear, defense, and foreign policies in light of current realities, he said the country should now strive to eliminate the economic sanctions that have hindered its development for four decades. By shifting its focus towards economic revival, similar to China's path, Iran can unlock sustained growth. He stressed that lasting peace in the Middle East requires sincere efforts. Iran should reconsider its ties with India in light of New Delhi's strategic alliance with Israel during the conflict. He also warned Iran to remain cautious of voices claiming that the US failed to destroy its nuclear program; as such narratives could invite further attacks. The business leader said that Iran's top priority now must be the removal of sanctions and economic rehabilitation. Meanwhile, Pakistan should expand its diplomatic footprint in the Middle East and continue to play an active role in protecting the shared interests of the Muslim world. He emphasized that the plight of Palestinians must not be ignored. Thousands of innocent Palestinians have been martyred, and millions have been displaced. The international community must stop Israel from continuing this bloodshed. The United Nations' failure to respond effectively has undermined its credibility. He reiterated that Palestinians deserve peace, protection, and justice just as much as any other nation. He concluded by stating that this war has proven once again that conflicts bring no real gains. Now is the time for all regional countries to abandon the arms race and focus on the welfare and progress of their people. Mian Zahid expressed hope that the current ceasefire will be transformed into lasting peace through responsible actions from all parties, ensuring that future generations are spared from the horrors of war. Copyright Business Recorder, 2025
Business Recorder
12-06-2025
- Business
- Business Recorder
Budget 2025-26: ‘Priority is given to defence, interest payments on debt, revenue generation'
KARACHI: The Chairman of National Business Group Pakistan, President of the Pakistan Businessmen and Intellectuals Forum, President of All Karachi Industrial Alliance, Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, while reacting to the budget said the total size of the budget has been fixed at Rs 17,573 billion and priority had been given to defence, interest payments on debt, and revenue generation. He said that the federal and provincial governments are expected to spend Rs 3,800 billion on public welfare projects. Mian Zahid Hussain acknowledged that the budget attempts to strike a balance between national security, internal stability, and fiscal responsibility. However, he expressed concern over several aspects that may negatively affect the general public, business community, and investors. Speaking to the business community, the veteran business leader said that imposing taxes on vital sectors, such as renewable energy, could hamper the country's economic momentum. The proposed 18 percent sales tax on the import of solar panels is a regressive measure that will obstruct the growth of alternative energy sources, he warned. Mian Zahid Hussain pointed out that several items have become more expensive under the new budget, including automobiles, petroleum products, beverages, mineral water, pet food, coffee, and chocolates. The increased levies and carbon taxes on petroleum products are expected to burden daily life, especially for the middle class and salaried segments of the population. This could potentially create financial strain for many, a concern that the business leader shares. Mian Zahid welcomed the increase in defense expenditure, calling it a necessary response to India's recent hostility and aggressive military posture. He termed investment in national security as unavoidable. He stressed that to accelerate development in education, health, and social welfare sectors, the government must encourage impact financing. While acknowledging that tax reforms and digital monitoring systems can help improve revenue collection, he cautioned that such measures would only be effective if taxpayers are also provided with corresponding facilitation. He welcomed the introduction of a simplified income tax return form, particularly addressing long-standing demands of SMEs and salaried individuals. Referring to the incentives provided in the housing and real estate sectors, including reforms in the mortgage system, he noted that this could encourage investment and potentially lower the cost of small houses and flats, a welcome development for the general public. These incentives could stimulate the real estate market and make housing more affordable for the middle class. He said that while the modest increase in salaries and pensions may not fully meet public expectations, it should still provide some relief amid the ongoing inflationary pressure. Mian Zahid termed the tax collection target of Rs 14,100 billion as extraordinary, noting that it is 20 percent higher than the actual collection in the previous budget. Achieving this target without broadening the tax base will be difficult, he said, yet necessary for long-term economic stability. He further stated that the imposition of carbon levies on petrol, diesel, and furnace oil would push prices even higher, thereby aggravating inflation and indirectly impacting both the economy and the people. In conclusion, Mian Zahid Hussain stated that the budget does reflect efforts toward stability, but long-term, sustainable growth requires strategic depth, vision, and protection of renewable energy, online businesses, and social sectors. He urged the government to allocate funds in the budget to safeguard these areas, thereby strengthening the country's economic foundations. The need for these strategic reforms is urgent, and Mian Zahid Hussain's call for action is clear. Copyright Business Recorder, 2025
Business Recorder
23-05-2025
- Politics
- Business Recorder
COAS's promotion, Air Chief's job extension hailed
KARACHI: The Chairman of the National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain Thursday said the government decision to promote General Syed Asim Munir to the rank of Field Marshal and to extend the tenure of Air Chief Marshal Zaheer Babar Sidhu are highly commendable moves. He said it serves as a great gift from the people of Pakistan to their victorious armed forces and will significantly boost the military's morale. Mian Zahid said this decision sends a clear message to both friends and foes that Pakistan is a proud and responsible nation that values and honours its heroes. He said a defeated India is desperately trying to cover its shame, but just like its military adventures, its diplomatic efforts are also bound to fail. He added that, under Bilawal Bhutto Zardari's leadership, Pakistan's diplomatic mission will also challenge India firmly on the global stage. Mian Zahid said the Pakistani nation is fully united, and the armed forces are vigilant and ready to deliver a crushing response to any Indian aggression. He added that Pakistan only targeted Indian military installations during the war, while India shamelessly attacked civilians, including women, children, and mosques, reflecting its narrow-mindedness. India is now sending parliamentary delegations abroad to promote false narratives about its so-called "Sindur Operation" and fabricated false flag operations. In response, Prime Minister Shehbaz Sharif has decided to intensify diplomatic efforts and expose India's malicious intentions to the world, which will further isolate India on the diplomatic front, he said. After India's aggression under the cover of the Pahalgam false flag operation, the U.S. President's offer to mediate on the Kashmir issue has drawn the world's attention to the genuine core dispute. The British Parliament also held a debate on the Kashmir issue, during which India's atrocities were strongly condemned, and full support was expressed for the fundamental human rights of the Kashmiri people. Mian Zahid said during the brief war, the issues of Kashmir, terrorism, and water came into sharp focus. Indian Prime Minister Modi's announcement to suspend the Indus Waters Treaty signals India's intention to block the flow of the Indus River into Pakistan. It is a hazardous yet cowardly act that will lead to a severe conflict. The Government of Pakistan has already warned that if India attempts to block water, the consequences will be felt for generations. He further noted that the military spokesperson has made it clear that India is not the United States, and Pakistan is neither Gaza nor Palestine. By the grace of God, Pakistan has never bowed down and never will; instead, it will respond to any attack with greater force. Mian Zahid emphasised that Pakistan desires peace but remains entirely prepared for defence. He said that any country that keeps getting beaten by a relatively minor nation like Pakistan and dreams of being used as a pawn against a superpower like China is living in a fool's paradise. India must abandon its delusion of becoming the regional policeman and learn to stay within its limits. If India does not change its behaviour, it will once again face consequences similar to the humiliation it suffered in the Abhinandan episode. India's dream of forcing Pakistan to bow will only lead to its ruin and disintegration, he warned. Copyright Business Recorder, 2025
Business Recorder
21-05-2025
- Business
- Business Recorder
Tax system termed barrier to economic growth
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, said on Tuesday that Pakistan's current tax system stands as a formidable barrier to the economic growth, stifling innovation and entrepreneurship. He said that taxation complexities and inefficiencies create a challenging environment for businesses, diminishing their potential to thrive and expand. Mian Zahid Hussain said that the flawed system hinders the vibrant spirit of economic progress, leaving many opportunities untapped in a country rich with potential. He said that the system is rooted in injustice and inequality and continues to fuel fiscal deficits, rising debt, and balance-of-payment crises. He said the government is under pressure from the IMF to reduce the budget deficit and achieve a primary surplus under the $7 billion loan programme. However, he warned that the burden may again fall disproportionately on salaried individuals and the corporate sector; a fact that cannot be ignored and should be a cause for concern for all of us. The tax target for the current fiscal year was initially set at PKR 12.9 trillion; later, it was revised downward to PKR 12.3 trillion, with a projected shortfall of up to PKR 1 trillion. He said additional taxation seems inevitable to bridge this gap. The upcoming fiscal year's tax target is expected to be PKR 14.3 trillion. The IMF is pressing for more revenue in the new budget. Still, he said it remains unclear whether the government will continue taxing compliant sectors or finally act against powerful groups that have long remained outside the tax net, referring to industries such as retail, real estate, and agriculture. Mian Zahid Hussain emphasised that if the government truly intends to relieve the public and the salaried class, it must eliminate unnecessary tax exemptions and take action against tax evaders. He also stressed the need to address losses from state-owned enterprises, power, and gas sectors, which are straining public finances. He acknowledged that certain industrial and trade groups strongly resist current tax reform plans. However, he urged the government to engage these stakeholders through meaningful dialogue and integrate them into the tax system. He further advocated completely digitalising all business transactions to curb tax evasion and improve compliance. This move requires the active participation of all stakeholders. The business leader said it is time to stop repeatedly targeting the salaried class. Instead, the government must go after those who earn billions but contribute nothing to national development. Mian Zahid observed that a fair and uniform tax policy is essential for justice and economic stability. He said that only a non-discriminatory taxation system where every citizen contributes according to their income can ensure sustainable development in Pakistan. Copyright Business Recorder, 2025
