Latest news with #NasirMansoorQureshi
Business Recorder
07-05-2025
- Business
- Business Recorder
ICCI rejects Tax Laws (Amendment) Ordinance 2025
ISLAMABAD: The business community of the federal capital has rejected Tax Laws (Amendment) Ordinance 2025 with the concern that there is no financial emergency in the country to take extreme harsh measures against the business community. In a press briefing held here on Tuesday, President of the Islamabad Chamber of Commerce and Industry (ICCI), Nasir Mansoor Qureshi, voiced deep concern over the recently promulgated Tax Laws (Amendment) Ordinance 2025. Speaking on behalf of thousands of traders, industrialists, and the service sector, he rejected the ordinance as regressive, unconstitutional, and damaging to the country's already fragile economy. President ICCI criticised the ordinance for granting sweeping powers to the Federal Board of Revenue (FBR), including the authority to freeze bank accounts, seal business premises, and confiscate properties. He described these measures as a blatant violation of due process and constitutional protections, particularly Section 137(2) of the Income Tax Ordinance, which grants taxpayers a 30-day compliance period even after an adverse appellate decision. Such unchecked authority, he warned, creates fear, disrupts commerce, and undermines business confidence. The ICCI president further condemned the move to post tax officers inside business premises, calling it an invasive and unprecedented form of enforcement that infringes on constitutional rights to privacy and business freedom. Rather than encouraging compliance, such steps, he argued, amount to harassment and surveillance. He also questioned the timing of the ordinance, which was passed through a presidential order just days before Parliament was scheduled to convene, raising serious doubts about the government's intent and its respect for democratic norms. Highlighting the economic fallout, Qureshi noted that Pakistan's industrial output has already contracted by 3.91% in FY2024, and foreign direct investment has fallen by 22.5% in the first half of FY2025. In this context, coercive policies risk pushing more businesses into the informal sector or forcing them to shut down altogether. He pointed out that despite increasing tax raids between 2018 and 2022, the FBR's own data shows little improvement in tax collection from the informal economy, proving that coercion does not lead to reform. Calling the ordinance an act of economic strangulation, Qureshi concluded by demanding its immediate withdrawal. He urged the government to engage in a transparent, parliamentary process and consult business stakeholders in the formulation of any future tax reforms. 'We would rather shut down our businesses than operate under such arbitrary and unconstitutional frameworks,' he declared, reaffirming ICCI's commitment to protect the rights and survival of Pakistan's business community. Copyright Business Recorder, 2025
Express Tribune
24-03-2025
- Business
- Express Tribune
Pakistan, Egypt seek investment avenues
Egyptian Ambassador to Pakistan Dr Ihab Mohamed Abdelhamid Hassan visited the Islamabad Chamber of Commerce and Industry (ICCI) on Monday and held a productive meeting with ICCI President Nasir Mansoor Qureshi to enhance bilateral trade and economic cooperation. During the discussion, both sides explored opportunities to boost trade in key sectors such as textiles, pharmaceuticals, agriculture, and construction materials. Qureshi emphasised the need to strengthen business linkages between the private sectors of both countries to maximise trade potential. The Egyptian ambassador highlighted Egypt's expanding market and invited Pakistani businesses to explore investment opportunities in energy, tourism, and infrastructure.
Express Tribune
14-02-2025
- Automotive
- Express Tribune
ICCI, NEECA unveil new charging rules
Listen to article ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI), in collaboration with the National Energy Efficiency and Conservation Authority (NEECA), hosted an awareness session titled 'Electric Vehicle Charging Infrastructure and Battery Swapping Regulations 2024' at the Chamber House. The event saw strong participation from the business community, highlighting growing interest in electric vehicles (EVs) and sustainable energy solutions in Pakistan, according to a press release issued Thursday. ICCI President Nasir Mansoor Qureshi welcomed attendees, underscoring the Chamber's commitment to fostering a business-friendly environment. He highlighted ICCI's role in bridging industry and academia, encouraging fresh graduates to pursue entrepreneurship rather than just seeking jobs. He stressed the need for Pakistan to embrace sustainable practices in line with global trends, calling for collaboration between policymakers, industry leaders, and stakeholders to ensure successful EV infrastructure implementation. Dr Sardar Mohazzam, Managing Director of NEECA, delivered the keynote address, outlining new regulations aimed at accelerating EV adoption through the establishment of charging and battery-swapping stations nationwide. Key initiatives include a one-window operation for ease of business, cost-effective electricity tariffs for EV charging, and public-private partnerships to expand the EV network. Mohazzam also highlighted the importance of ensuring grid readiness, supporting small-scale enterprises, and contributing to Pakistan's emission reduction efforts.
