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Business Recorder
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
Business Recorder
12-06-2025
- Business
- Business Recorder
No package given to exporters under URAAN Pakistan: FCCI
FAISALABAD: Expressing his immediate reaction to the Finance Minister's presentation of the annual budget for 2025-26, President of the Faisalabad Chamber of Commerce and Industry President Rehan Naseem Bharara said that he was expecting that there would be a discussion on the reduction in electricity prices and markups in terms of revival of industries and production costs, but unfortunately this situation was not clarified. He said no package has been given to the exporters to increase exports to $60 billion under URAAN Pakistan. He appreciated the reduction in tax rates for the salaried class and the reduction in federal excise duty on the construction sector and said that 18% increase in the tax collection target has been proposed, but it was not stated how this would be possible. He said that apart from some restrictions on non-filers, no clear steps have been taken to abolish this system. He said that the government is trying to promote green energy but 18% general sales tax has been imposed on imported panels. He said that we had high expectations from the current budget, but perhaps it can be improved through future amendments. Regarding the construction sector, Rehan Naseem Bharara said that there is a shortage of 15 million houses in the country. We had suggested that a house worth 10 to 15 million rupees should be exempted from all types of taxes. He said that the government has taken a good step by abolishing federal excise duty on commercial property, but no extraordinary steps have been taken regarding agriculture and exports. He said that the weaving industry is currently doing well. He said that urgent steps will have to be taken to increase IT exports and develop the industrial sector. Copyright Business Recorder, 2025
Business Recorder
07-06-2025
- Business
- Business Recorder
FCCI urges govt to protect environment
FAISALABAD: 'Environment Protection has emerged as one of the most critical issues after economy and defence and government in collaboration with the private sector must play pivotal role to save the environment on a sustained basis,' said Rehan Naseem Bharara, President Faisalabad Chamber of Commerce & Industry (FCCI). Addressing a function on World Environment Day, he appreciated the vision of Chief Minister Punjab Maryam Nawaz and Senior Provincial Minister Marriyum Aurangzeb, and said that tangible results could be achieved to reduce and ultimately eliminate the excessive use of plastic in the province. The topic of the seminar was 'Zero Plastic, Zero Pollution'. He lauded the environment-related legislation and said that implementation on it is equally important to protect this only known living planet for coming generations. Copyright Business Recorder, 2025
Business Recorder
28-05-2025
- Business
- Business Recorder
‘Skilled workers can pave way for industrial revolution'
FAISALABAD: Focused approach is required to produce skilled manpower fully capable of meeting the current and future industrial challenges instead of producing a force of unfit and unemployed youth, said Rehan Naseem Bharara, President Faisalabad Chamber of Commerce & Industry (FCCI). Addressing a delegation of HEC and ICCI, he said that only skilled workers could pave the way for the industrial revolution and in this connection, we must make collaborative efforts with all concerned stakeholders including industrialists and scholars. He appreciated researchers and faculty members deputed in ORIC and said that industry-academia linkages are imperative to give a kick start to the industrial growth. He mentioned some leading industrial units which have made tremendous progress after adopting new and innovative technologies. He said that universities should also revisit their syllabus to synchronize it with the market driven needs. He appreciated the efforts of ICCI to arrange this tour of faculty members drawn from various universities and provide them an opportunity to directly interact with the leading industrial giants of Faisalabad. He appreciated the decision of HEC to declare internship compulsory for the young graduates but stressed the need for proper legislation at the Government level declaring internship as mandatory. He said that about 70% of the current syllabus is irrelevant for the industry and it should be revised in consultation with the stakeholders from the concerned industry. He said that once textile was the only iconic representation of Faisalabad but now it has diversified its industrial portfolio. 'It has state of the art diaper, Hyundai and tile units in addition to many more established with domestic and foreign investment,' he said and underlined the importance of developing indigenous technologies so that we could consolidate the economy after making our defence impregnable. Dr Habib Aslam Gaba Convener FCCI Standing Committee on Industry Academia Linkages termed leading businessmen as industrial PhD holders which they have gained through their life long struggle and practical experience. He said that the universities should also recognize their expertise in this field and plume them with honorary PhD degrees. Copyright Business Recorder, 2025
Business Recorder
26-05-2025
- Business
- Business Recorder
Consistent policies needed for economic stability: FCCI chief
FAISALABAD: Long term policies are prerequisite to achieve sustained economic stability and, in this connection, the business leaders across the country must adopt a unified stand, said Rehan Naseem Bharara, President Faisalabad Chamber of Commerce & Industry (FCCI). Addressing All Pakistan Chambers Presidents Conference 2025 organised by the RCCI, he said that Pakistan was making steady progress in the 1960s but later on decline started due to multiple reasons including inconsistent policies and international and domestic meltdown. He said that once again serious efforts were made for the revival of the economy which were sabotaged and failed to give the required results. He appreciated the economic vision of Prime Minister Shehbaz Sharif and said that he has not only saved Pakistan from bankruptcy but also put it back on the path of revival. 'However, positive, practical and long term policies are required to consolidate these achievements on a sustained basis,' he said and added that consultation with genuine stakeholders is a must in policy formulation. About the problems confronted by the business community, he expressed concern over the recently amended tax laws and demanded its immediate review. He said that exports are the lifeline of Pakistan and we must satisfy exporters by restoring the Final Tax Regime (FTR). He also stressed the need to bring down the policy rate to single digit in addition to providing electricity to the industrial sector at 9 cent per unit. 'It would help our exportable surplus to compete in the international markets,' he added. About the SME sector, he termed it as an economic growth engine but added that this financially starved sector was facing multiple issues. He said that the SME sector must be facilitated with concessional loans to unlock their immediate growth potential. 'Similarly, the limit of the SME sector should also be enhanced from 80 crore to Rs 2 billion, he said and demanded that the SME sector may also be allowed to import used machinery through concessional loans. President FCCI said that the tax net should be broadened in connection with the documentation of the economy. He acknowledged the importance of women entrepreneurs and said that the government should also take special measures to encourage them by providing them concessional loans. Later President FCCI Rehan Naseem Bharara signed two separate MoUs with Movenpick Hotel Centaurus Islamabad and Wah Nobel Group. Under the MoUs, these institutions would provide services to FCCI members at subsidized rates. Copyright Business Recorder, 2025
