Latest news with #GoharEjaz
Business Recorder
21 hours ago
- Business
- Business Recorder
Experts urge FBR to broaden tax base to meet FY26 target
ISLAMABAD: Experts recommended that Federal Board of Revenue (FBR) needs to increase the tax base to achieve revenue target of Rs14.1 trillion in 2025-26 without burdening existing taxpayers. Pakistan's numbers tell a compelling story with only 5.9 million tax filers out of 71 million workforce (8.4 percent, tax filer to workforce ratio), while banks hold 177 million accounts, with 137 million unique account holders (60% of adult population), and Rs32.7 trillion in deposits (as of May 2025)—all with complete KYC data with the Banks. These figures were shared by former minister for Interior and Commerce GoharEjaz on X formerly known Twitter. He sated FBR needs help to find non-tax filers. This is where they need to look: total tax filers in Pakistan 5.9 million (2024-25), individuals (5.8 million), Business Partnerships (AOPs) ( 104,269) and companies (87,900). Ejaz further stated that FBR doesn't need to tax existing filers more—it needs to expand the tax base. With withholding taxes at Rs. 1.59 trillion and voluntary payments at Rs. 1.12 trillion (first half of 2024-25), the compliant are already contributing. 137 million unique bank account holders vs 5.9 million tax filers is a stark low number, he added. FBR must target non-filers—going after existing taxpayers will not work as they're already overburdened. Banks have comprehensive KYC data on account holders with substantial deposits. Non-filers' complete account details, transaction histories, and financial profiles are readily available. Smart governance means using available data intelligently. The path to Pakistan's revenue targets lies not in over-burdening the 5.9 million compliant taxpayers, but in identifying and bringing the remaining 131 million bank account holders with significant financial footprints into the formal tax system, Ejaz added. Copyright Business Recorder, 2025
Business Recorder
10-06-2025
- Business
- Business Recorder
Call to apply super tax only to corporations with profits over Rs10bn'
ISLAMABAD: Economic Policy Business Development Think Tank has strongly recommended that the Super Tax must apply only to corporations with profits over Rs 10 billion and withholding taxes on tax-filer property buyers be withdrawn to revive real estate. This has been recommended in the budget proposals (2025-26) submitted by the chairman Economic Policy Business Development Think Tank, Gohar Ejaz. The budget proposals, 'Roadmap to Economic Stability & Export-Led Growth,' he stated that 'industrialization must be our top priority. For rapid growth, we need Special Industrial Zones near major cities with full infrastructure and globally competitive Energy rates. Most importantly, our industry must be cost-competitive to win in global markets. Export Facilitation Scheme (EFS) has discriminatory policy against domestic value chain and imported products, the discrimination has led to massive closure in domestic value chain, the domestic industry must be protected.' He recommended that 'the industrialization must be our top priority. For rapid growth, we need Special Industrial Zones near major cities with full infrastructure and globally competitive energy rates. Most importantly, our industry must be cost-competitive to win in global markets.' He stressed the need for a consistent 5-Year Industrial & Export Policy. Investors need predictability. The interest rates at six percent and energy tariffs for industry at 9 cents/unit are critical to make Pakistani products globally competitive. Think Tank recommended that the exporters achieving 10 percent plus growth YoY should be offered six percent drawback of local taxes. The maximum tax rate for salaried individuals should be capped at 20 percent. Let the middle class breathe and spend. The construction is the engine of over 50 allied sectors and employs millions. It must be declared a national priority sector. Dr Gohar Ejaz also demands to provide relief to the agriculture sector. 'Agriculture is the backbone of our country. All major crops i.e. wheat, cotton, sugar cane, and maize have suffered. Farmers and agriculture must be supported with research focussed for higher productivity. The input cost must be reduced for maximum returns for farmers. To compete globally, we need Special Zones near big cities with full infrastructure and competitive rates,' the budget proposals added. Copyright Business Recorder, 2025
Business Recorder
11-05-2025
- Business
- Business Recorder
Operation Bunyan-un-Marsoos: Pakistan Army wrote ‘indelible chapter', says Gohar Ejaz
Former caretaker Federal Minister and chairman Economic Policy & Business Development Think Tank Gohar Ejaz said that Pakistan armed forces have written an indelible chapter in history—marked by professionalism, strategic foresight, and the unwavering defense of the homeland against hostile designs. Ejaz while congratulating the Army Chief General Syed Asim Munir said that his vision has delivered a powerful message of unity, peace, and steadfastness to the entire nation. 'You are not only a bold and fearless military commander, but have also emerged as a beacon of national confidence and integrity for Pakistan. Under your command, the Pakistan Armed Forces have written an indelible chapter in our history—marked by professionalism, strategic foresight, and the unwavering defense of our homeland against hostile designs', Ejaz added. Pakistan armed forces delivered 'textbook' response to Indian aggression: DG ISPR Ejaz also paid profound tribute to Air Chief Marshal Zaheer Ahmed Babar Sidhu, saying that his exemplary leadership in strengthening Pakistan's defense institutions has greatly contributed to the national sovereignty and self-reliance. 'Your decisive and unmatched response to aerial aggression showcased the exceptional skill and professionalism of the Pakistan Air Force. By defending our airspace and neutralizing enemy threats, you demonstrated that Pakistan's skies remain unbreachable under your command', Ejaz added. Former minister said that in current scenario , the unwavering support extended by China across all fronts is a testament to a relationship that goes far beyond politics and diplomatic relationships—one built on unshakable trust and enduring solidarity. Surprisingly, Pakistan and India agree to ceasefire The execution of Operation Bunyan un Marsoos was not merely a military campaign; it was a profound expression of national ideology, discipline, and loyalty. It reignited pride and confidence in every Pakistani heart and symbolized the defense of a free, sovereign, and dignified state, Ejaz said.
Business Recorder
28-04-2025
- Business
- Business Recorder
FPCCI pledges unwavering support to nation, armed forces
LAHORE: The Acting President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Saquib Fayyaz Magoon, along with former Federal Minister for Commerce and FPCCI group leader Dr Gohar Ejaz, FPCCI Regional Chairman and Vice President Zain Iftikhar Chaudhry, and Patron-in-Chief of the United Business Group (UBG) S M Tanveer, while addressing a press conference at the FPCCI Regional here, affirmed that the business community stands resolutely alongside the government and Armed Forces of Pakistan. They pledged their readiness to sacrifice their businesses, lives, and wealth for the nation. They declared that the entire nation and business community are united under one resounding slogan: 'Long Live Pakistan, Long Live Pakistan.' The 240 million people of Pakistan stand together under one flag, their hearts beating in unison with the spirit of the country. The FPCCI leadership reiterated their ongoing efforts across multiple fronts to bolster the national economy, setting an ambitious target of elevating Pakistan's exports to 100 billion dollars. Meanwhile, Lahore Chamber of Commerce and Industry has expressed grave concern over the ongoing road closures in Sindh, which have brought national trade, supply chains and economic activities to a standstill. 'The blockade, initiated by protestors since April 17, has caused an unprecedented crisis, leaving over 100,000 trucks, carrying essential goods, stranded for nearly two weeks, resulting in massive financial losses and crippling the logistical framework of the nation', said LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry in a statement. The LCCI office-bearers said that the severe consequences of this ongoing situation should be eye opener for the decision makers. The protestors' actions have not only delayed the movement of vital trade goods but have also led to significant collateral damage. Thousands of sacrificial animals, intended for Eid ul Azha, have died due to the lack of transportation and inability to reach the markets. This, in turn, has led to immense suffering for livestock traders, farmers and the entire agricultural sector, with no immediate resolution in sight. They said that the closure has led to the destruction of perishable goods, such as fruits, vegetables, dairy products and pharmaceuticals, causing millions of rupees worth of losses for producers, exporters and consumers alike. With the halted trade routes, the critical flow of raw materials for industries, especially in Punjab, has been severely disrupted, putting the entire manufacturing sector on the verge of collapse. Textile, food processing, chemical and pharmaceutical industries are among the worst affected, with production lines at a standstill due to shortages of essential inputs. The LCCI office-bearers estimated that the ongoing disruption is causing a daily economic loss of approximately Rs. 500 billion to Pakistan's economy. The transportation sector alone is suffering losses exceeding Rs. 100 billion daily, a figure that is growing with each passing day of blockades. For industries reliant on just-in-time inventory and supply chains, the situation has become dire, threatening the stability of thousands of businesses, particularly small and medium enterprises (SMEs), which form the backbone of Pakistan's economy. Mian Abuzar Shad, Engineer Khalid Usman and Shahid Nazir Chaudhry said that the trade disruption has led to delays in the delivery of exports, which are facing cancellations and contract defaults from international buyers. This puts Pakistan's reputation as a reliable trade partner at serious risk and threatens the livelihoods of millions of workers employed in export industries. They also raised concerns about the broader social and humanitarian impact of the road closures. Local communities in Sindh, Punjab and other affected regions are facing critical shortages of essential goods, including food, medicine and daily necessities. In the absence of sufficient supplies, local markets are experiencing severe price hikes, further burdening the lower-income population, especially in rural areas. Copyright Business Recorder, 2025
Express Tribune
04-04-2025
- Business
- Express Tribune
Ejaz proposes free trade agreement with US
Former caretaker federal minister for commerce Gohar Ejaz has proposed that Pakistan and the United States begin negotiations for a free trade agreement (FTA), suggesting that open market access and tariff reductions would be mutually beneficial. In a statement, Ejaz said that Pakistan could allow duty-free imports of American goods as part of a broader trade agreement, while also seeking cuts in tariffs and taxes imposed on Pakistani exports to the US. Just a day before Ejaz's statement, Trump imposed a baseline 10% tariff on nearly all US imports and levied even steeper duties on key trade partners - including a 29% tariff on Pakistani goods. He accused Islamabad of slapping 58% tariffs on American products. The former caretaker minister also noted that one of the major objections from Washington has been the high tariff barriers Pakistan maintains on American products. "The United States has consistently complained that Pakistan does not allow its products free access to local markets," he said.
