Latest news with #AmanParacha
Business Recorder
6 days ago
- Business
- Business Recorder
FPCCI condemns Israeli aggression against Iran
KARACHI: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has strongly condemned the Israeli aggression against Iran and expressed deep concern over the martyrdom of Iran's army chief, scientists, and civilians. In a statement, FPCCI Vice President Mohammad Aman Paracha said that first, there was an attack on Pakistan by India, and now Israel's assault on Iran highlights the weakness of the Muslim world. 'Iran is our neighbouring brotherly country, and our historical ties with it are unmatched,' he said. Aman Paracha pointed out that Israel has targeted Iran, Palestine, and Yemen, and warned that if the Muslim world fails to unite and continues to prioritize individual interests, Israel encouraged by the United States will expand its attacks to other Muslim nations as well. He added, 'Israel is committing atrocities against Palestinian children and is complicit in the destruction of Palestine. Its hands are stained with the blood of Palestinians, and now it is shedding the blood of the Iranian people. The people of Pakistan deeply mourn the loss of precious lives due to Israeli attacks.' Paracha stressed the urgent need for visible unity in the Islamic world, saying that all Muslim countries with ties to Israel should sever them immediately. He called for an emergency session of the OIC (Organization of Islamic Cooperation) to formulate a collective strategy to counter Israel's aggression. He further stated that Israel's actions are a blatant violation of the UN Charter and international law, and have shaken the conscience of humanity. These acts pose a serious threat to regional peace and global security, and will severely destabilize the region. Aman Paracha also endorsed Bilawal Bhutto's statement, urging the international community to immediately halt the war in the region. 'If treaties like the Indus Waters Treaty are weakened, regional peace will be at risk,' he added. Finally, he appealed to Prime Minister Shehbaz Sharif to instruct the Pakistani embassy in Iran to facilitate the safe return of Pakistani pilgrims currently in Iran. Copyright Business Recorder, 2025
Business Recorder
03-06-2025
- Business
- Business Recorder
FPCCI opposes new taxes in budget
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice President Muhammad Aman Paracha has voiced strong opposition to reports of new taxes being imposed on existing taxpayers in the upcoming federal budget for the fiscal year 2025-26. The organization has urged the government to refrain from introducing new taxes on imports, exports, and other sectors in order to promote national trade, industrial growth, and to encourage new investments. The FPCCI warned that if the government imposes additional taxes under pressure from the IMF, the FPCCI will actively oppose such measures. FPCCI Vice President Muhammad Aman Paracha emphasized the need to separate tax policy from tax administration to avoid conflicts of interest. He further suggested that the budget-making process should not be treated merely as a routine financial exercise but should be transformed into a strategic economic tool. Aman Paracha stressed the importance of expanding the tax net to include all untaxed and under-taxed sectors, noting that imposing additional taxes on those who are already compliant would have adverse effects. He highlighted that business activity is already sluggish and the business community is struggling to stay afloat. Imposing further tax burdens on existing taxpayers could lead to decreased revenue collection as it would open more avenues for tax evasion. He also expressed concerns over amendments introduced through Ordinance IV of 2025, particularly Sections 138(3A), 140(6A), and 175C, stating that these amendments grant excessive powers to tax authorities and violate Articles 4, 18, and 77 of the Constitution. He warned that such changes would significantly erode investor confidence. Paracha proposed the development of a harmonized structure for General Sales Tax (GST), featuring a unified compliance portal. He recommended gradually reducing the GST rate to 12% to lower business costs for the formal sector and stimulates economic growth. He also called for comprehensive reforms in Pakistan Customs, identifying outdated laws, tariff segmentation, under-invoicing, and weak enforcement as major challenges. He underscored the need for economic policy to strike a balance between revenue requirements and industrial development, especially through measures that boost Pakistan's export potential and attract investors. Finally, Muhammad Amaan Paracha appealed to Prime Minister Shehbaz Sharif to immediately release the long-pending Rs23 billion subsidies related to additional electricity consumption and ensure that funds for this are allocated in the upcoming 2025-26 federal budget. Copyright Business Recorder, 2025
