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Business Recorder
18-05-2025
- Business
- Business Recorder
FPCCI opposes Tax Laws (Amendment) Ordinance
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has strongly rejected the newly implemented Tax Laws (Amendment) Ordinance, 2025, claiming it violates taxpayers' rights. The FPCCI has vowed to support legal challenge against this ordinance in court. During a press conference held at Federation House, Senior Vice President Saqib Fayyaz Magoon expressed serious concerns over the new tax amendment 2025, warning it would open new doors for corruption and intimidate investors. 'On one hand, the government is implementing a faceless system in customs. On the other hand, it's stationing FBR officials in factories and manufacturing units through Inland Revenue,' Magoon said. He questioned whether these FBR officers had been given 'certificates of honesty,' arguing their deployment would lead to increased corruption and harassment. Magoon criticised the 'extraordinary powers' granted to FBR representatives, including the removal of taxpayers' right to appeal. 'It's like skipping the FIR process and going straight to hanging,' he remarked. He further explained that the new laws allow FBR officials to be stationed in industries for monitoring purposes and authorise tax officers to recover funds directly from bank accounts under Section 140, eliminating the previous notice period given to banks. The FPCCI leadership also warned that ending captive power would destroy billions of dollars in industrial investment. He highlighted the contradictory approaches of FBR and the Special Investment Facilitation Council (SIFC) policies, claiming FBR harasses investors and SIFC strives to attract foreign investment. 'With such flawed policies, the Prime Minister's target of $100 billion in exports will not be achieved.' Vice President FPCCI Muhammad Aman Paracha pointed to what he called a 'trust deficit' between the government and business community, saying, 'Due to this lack of trust, tax targets will never be met.' He emphasised the need for a long-term policy framework spanning 10-15 years. Another Vice President, Nasir Khan claimed 'enemies are not just at the borders but sitting inside as policymakers.' He appealed to the Army Chief to provide protection for investors' capital. Dr Mirza Ikhtiar Baig, a Pakistan People's Party member of the National Assembly, claimed the government is planning to introduce legislation to end captive power. However, he assured that his party would oppose any such bill. He informed about an important upcoming meeting at Sindh Chief Minister's House with all stakeholders to address these concerns on Sunday (today). Senior business leader Bashir Jan Mohammad suggested that FPCCI should immediately meet with the Prime Minister to discuss these pressing issues. Copyright Business Recorder, 2025
Express Tribune
27-03-2025
- Business
- Express Tribune
Work visa issues in Gulf countries may impact Pakistan's remittance inflow
Listen to article The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on the federal government to take urgent steps to address the issue of Pakistani workers being denied work visas by Gulf countries, warning that the situation could lead to a decline in remittances. Addressing a press conference, FPCCI Senior Vice President Saqib Fayyaz Magoon said the visa issue had already been raised with Gulf embassies, yet 50% of visa applications were still being rejected, even those submitted through FPCCI's facilitation. "Remittances increased over the past eight months, but the trend may reverse if this issue persists," Magoon said, urging the Ministry of Foreign Affairs to intervene. The business leader also criticised recent changes to the net metering policy, stating that the original agreement was based on unit-for-unit compensation, not the new net billing system, which he said was creating uncertainty for solar users. 'A unit bought from a user at Rs27 is being sold back at Rs50. That's not what was agreed under net metering,' he added, welcoming the cabinet's decision to defer the Rs10/unit solar buyback policy. Magoon said the repeated changes in energy policy, without consultation, were discouraging investment and undermining confidence. He also flagged concern over the imposition of 18% sales tax on local supplies under the export facilitation scheme, saying it had negatively affected both the textile and agriculture sectors. 'Cotton production has dropped from 12 million to 5 million bales. We're importing cotton and yarn while local bales go unsold,' he said, demanding tax exemptions for local suppliers, similar to those offered on imported materials. Magoon warned that the only way to reduce reliance on the IMF was to support domestic industry. 'Without strengthening local industries, we cannot break free from the IMF's grip,' he said. He shared that during the last eight months, Pakistan recorded $22 billion in exports and $37 billion in imports, while $24 billion in remittances helped offset the trade deficit. 'The path to prosperity lies in boosting exports and supporting local industry,' Magoon concluded.
