Latest news with #NorthKarachiAssociationofTradeandIndustry
Business Recorder
07-05-2025
- Business
- Business Recorder
NKATI President rejects promulgated tax laws
KARACHI: Faisal Moiz Khan, President of the North Karachi Association of Trade and Industry (NKATI) has strongly rejected the recently promulgated Tax Laws (Amendment) Ordinance 2025, criticizing it for being issued without consultation with stakeholders or any debate in Parliament. He warned that this amended ordinance could lead to the destruction of the country's economy. Expressing deep concern over the ordinance, Faisal Moiz Khan said the move undermines the sanctity of judicial decisions, violates taxpayers' constitutional right to due process, and promotes a coercive tax regime. He stated that the ordinance grants the Federal Board of Revenue (FBR) excessive powers, allowing it to immediately freeze bank accounts, confiscate properties, and seal factories without any prior notice or warning—even after a decision has been made by a higher court. He described this as a blatant insult to the Constitution, the judiciary, and economic freedom. He further pointed out that the ordinance was implemented without consulting key stakeholders and without parliamentary debate, which has eroded the business community's trust and compromised the rule of law. He expressed specific concern over Sections 138(3A) and 140(6A) of the Income Tax Ordinance, which, despite relief granted by the courts, nullify judicial decisions and declare disputed tax liabilities as immediately recoverable—thus violating taxpayers' right to a fair defence. The NKATI President demanded the immediate withdrawal of the ordinance and urged the government to engage in meaningful dialogue with elected representatives and industry stakeholders before implementing such measures. "We support fair taxation and documentation of the economy," he stated, "but we categorically reject any legal actions that, under the guise of enforcement, target legitimate businesses while bypassing constitutional and legal procedures." He also appealed to the President of Pakistan and the Ministry of Law and Justice to uphold constitutional principles and to prioritize dialogue over authoritarian ordinances that could further damage Pakistan's already fragile business environment. Copyright Business Recorder, 2025
Business Recorder
03-05-2025
- Politics
- Business Recorder
NKATI holds rally against Modi's actions
KARACHI: The office-bearers and members of the North Karachi Association of Trade and Industry (NKATI), led by President Faisal Moiz Khan, took to the streets to express solidarity with the Pakistan Army and protest against the anti-Pakistan actions of the Indian Prime Minister Narendra Modi. On Friday, a large rally organized by NKATI witnessed hundreds of industrialists actively participating in a strong demonstration against India and in support of Pakistan's armed forces. Prominent industrialists including Noor Ahmed Khan, Imran Moiz Khan, Akhtar Ismail, Ahmer Lone, Azfar Hussain, Yasir Ali, Naeem Haider, Iftikhar Ahmed Malik, and others were present. The rally was led by NKATI President Faisal Moiz Khan, who firmly rejected the Indian allegations against Pakistan. Participants in the rally chanted powerful slogans such as 'Long Live Pakistan Army' and 'Death to India.' Addressing the gathering, Faisal Moiz Khan said that the entire nation stands united with its brave armed forces and that any aggression from the enemy will be met with a fitting response. Faisal Moiz Khan further stated that India has leveled baseless allegations of terrorism against Pakistan, which are not accepted by the international community. He also expressed deep concern over the potential suspension of the Indus Waters Treaty, stating that any attempt to use water as a weapon would threaten the peace and stability of the entire region. Industrialists, traders, and other participants strongly rejected India's accusations and expressed unwavering support for the Pakistan Army. 'We reject Indian propaganda. Our army not only protects our borders but is also the pride of the entire nation,' they said. This gathering by the business community sends a clear message against India's anti-Pakistan propaganda. Copyright Business Recorder, 2025
