6 days ago
- Business
- Business Recorder
Federal budget bereft of pro-business, pro-industry measures: FCCI president
FAISALABAD: Chambers of Commerce & Industry (CCI) and trade associations across the country have expressed reservations about the federal budget 2025-26. SCCI organized a Press Conference in which business leaders including Rehan Naseem Bharara, President Faisalabad Chamber of Commerce & Industry (FCCI) participated through online.
He termed the federal budget as an important document for the safety, solidarity and progress of Pakistan in addition to the revival of the economy. He lamented that no tangible pro-business and industry step has been proposed despite verbal assurances by the Government. He said that detailed discussion was held with the Prime Minister about the Final Tax Regime (FTR) for exporters but his assurances have also been ignored.
'Similar treatment is being meted out with the demand of exporters for the restoration of the original Export Facilitation Scheme (EFS)', he said and added that we intend to generate economic activity and enhance exports through efficient circulation of capital. He feared that the domestic industry would also become problematic if the current situation continued.
He said that we were requested by the high ups to remain silent as the Government was actively considering cutting down the electricity rate to 9cent within the next two months. He said that four months have passed but exporters are not getting electricity at the regionally competitive rates.
He condemned the blanket powers entrusted to the tax collectors under section 37-AA of Sale Tax Act 1990 to arrest the CEOs, Chief Financial Officers, Directors and other Company Officers and said that these powers would promote harassment, blackmailing and corruption in the FBR.
He termed the business community as patriotic, adding that they are paying Rs. 1400bn towards the tax recoveries. He said that petrol levy would also be enhanced to add additional burden on the poor segments of the society. He said that no step has been taken to eliminate the non-filer category.
He said that businessmen are not holding dual nationality and they would never leave Pakistan in any case. 'We would get electricity at 9cent and also play our proactive role in achieving the export target of $60bn under Uraan Pakistan program', he said and added that Finance Minister has rightly said that industrial sector is meant to generate new job opportunities but the Government was also bound to provide conducive climate to achieve this objective. He said that our businessmen are most resilient and they could achieve the target of Uraan Pakistan within three years instead of five years if favourable and pro-business conditions were provided.
About the tax Anomaly Committee, Rehan Bharara said that we would identify collective issues which would be taken up with the Government.
Later a joint communiqué was issued warning the Government that 'no export week' would be launched from June 20 if their genuine demands were not fulfilled. Senior Vice President Qaisar Shams Gucha, Vice President Shahid Mumtaz Bajwa and Bao Muhammad Akram Chairman APTPMA were also present during this online press conference.
Copyright Business Recorder, 2025
