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Business Recorder
13-06-2025
- Business
- Business Recorder
Finance Bill: FPCCI demands withdrawal of anti-business measures
KARACHI: On behalf of the entire business, industry and trade community of Pakistan Atif Ikram Sheikh, President FPCCI, has demanded that the government should withdraw harsh and anti-business taxation measures from the Finance Bill before it is passed through the parliament. What the country needs are a pro-business, investment-friendly and growth-oriented fiscal policy framework as the economy has stabilized and poised for growth, he added. Atif Ikram Sheikh maintained that the tax collection target can only be achieved if industrialists and exporters are taken onboard through a comprehensive consultative process. However, he lamented, budget misses the measures needed to enable the business community to materialize the vision of PM to achieve export-led growth. He maintained that sweeping discretionary authorities given to the taxmen would be detrimental to business and investor confidence in the country – and, will give rise to harassment, corruption and maladministration. FPCCI Chief elaborated that it is an established fact and practice globally that the more a tax collector is allowed to intervene or interact with the taxpayer, the more it is likely to undermine the principles of fairness, transparency and impartiality due to increased role of human-to-human interaction and human judgement becomes a nuisance. Therefore, we do not need to reinvent the wheel in this matter, he added. Atif Ikram Sheikh appreciated the reduction in super tax; downward rationalization of tax slabs for salaried individuals; simplification of income tax return form for salaried class and SMEs – as it was one of FPCCI's longstanding demands – and the much needed increase in the defence spending to ensure geo-economics, trade routes, supply lines and geostrategic security and integrity of the country. Saquib Fayyaz Magoon, SVP FPCCI, demanded that fixed tax regime (FTR) should be restored for exporters in its original form and shape for a long-term duration to bring clarity, certainty and consistency in the taxation policies. We can only attract FDI and domestic investment, if we remain competitive as a country, he added. Saquib Fayyaz Magoon highlighted that instead of broadening Export Facilitation Scheme (EFS) through including local manufacturers in its scope – in line with the aggregated feedback of the all sectors and industries through the apex trade bodies' platform of FPCCI – the government has imposed 18% sales tax on raw materials; which will result in increased cost of production; supply line disruptions and lack of competitiveness in the regional and international markets for Pakistani products. SVP FPCCI also expressed his resentment that FPCCI's recommendation to bring special incentives packages for the IT & ITeS; Mines & Minerals and Fishing industries in the Federal Budget 2025 – 26 has been ignored. These are high-growth areas and can grow exponentially, he added. Copyright Business Recorder, 2025
Express Tribune
12-06-2025
- Business
- Express Tribune
Govt urged to take back harsh tax steps
Listen to article The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on the government to withdraw what it says are harsh and anti-business taxation proposals from the Finance Bill 2025 before they are passed by parliament. Speaking on behalf of the business, industrial and trade community, FPCCI President Atif Ikram Sheikh emphasised that the country needed a pro-business, investment-friendly and growth-oriented fiscal policy framework as the economy had stabilised and was poised for growth. He was of the view that the tax collection target could only be achieved if industrialists and exporters were taken on board through a comprehensive consultation process. However, the budget missed the measures required to enable the business community to fulfil the prime minister's vision of an export-led growth, according to a press statement issued on Thursday. He cautioned that sweeping discretionary powers given to taxmen would be detrimental to the business and investor confidence and would lead to harassment, corruption and maladministration. "It is a globally established fact that more a tax collector is allowed to intervene or interact directly with the taxpayer, the more it is likely to undermine the principles of fairness, transparency and impartiality primarily due to the increased role of human judgement," he remarked. He, however, appreciated the reduction in super tax, rationalisation of tax slabs for salaried individuals and simplification of the income tax return form for salaried persons and small and medium enterprises (SMEs), which had been among longstanding demands of the business community. He also welcomed the increase in defence spending to ensure the geo-economic, trade route, supply line and geostrategic security. In his remarks, FPCCI Senior Vice President Saquib Fayyaz Magoon sought the restoration of fixed tax regime for exporters in its original form for the long term to bring clarity, certainty and consistency in taxation policies. "We can only attract foreign direct investment and domestic investment if we remain competitive," he said. Magoon highlighted that instead of expanding the Export Facilitation Scheme (EFS) by including local manufacturers, as recommended by all sectors and industries, the government imposed 18% sales tax on raw material, which would raise production costs, disrupt supply chains and hurt the competitiveness of Pakistani products in global markets.
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
Business Recorder
26-04-2025
- Business
- Business Recorder
Traders observe shutter-down strike in solidarity with Palestinians
Wholesalers and retailers observed shutter-down strike across Pakistan on Saturday in solidarity with oppressed people of Palestine, particularly in Gaza. They closed shops and malls on the strike call given by the Jamaat-e-Islami (JI) and others in protest against Israeli aggression in Gaza. Israel has martyred over 50,000 innocent people including children in Gaza since start of its latest aggression in October 2023. Factories, however, continued to remain partially functional, while public transport was thin on roads in major cities including Karachi and Lahore. Talking to Business Recorder, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) acting president Saquib Fayyaz Magoon seconded that major wholesale markets in Karachi remained completely closed including Jodia Bazaar, Bolton Market, Denso Hall, and major and minor markets in old city area including Jama Cloth, Sarafa Bazazr and various markets in Saddar area. Major shopping malls and small grocery shops in residential areas including Hyderi, Tariq Road, Landhi, Korangi and Malir remained shut-downed till filing of this report. Karachi Chamber of Commerce and Industry (KCCI) president Jawed Bilwani said the entire business community participated in the shutter-down strike, including factory owners and workers. 'However, export-oriented factories continued to remain operational partially,' he added. Similar was the situation in Lahore where major wholesale markets and small grocery stores in residential areas remained completely closed in solidarity withPalestinians, it was learnt. The closed markets in the major city were including Badami Bagh Market, Akbari Mandi of grains like rice, pulses and ghee, markets in Mall Road and Bedian road, Anarkali Bazaar, Azam Cloth market, markets in Circular Road, and Shah Alam Road. Markets in Gujranwala, Gujrat and Multan also remained closed in protest against Israeli aggression. A resident of Islamabad, however, said most of shops including big and small, remained opened in the capital city and a very few markets observed shutter-down there.
Business Recorder
22-04-2025
- Business
- Business Recorder
FPCCI hosts ASEAN delegation
KARACHI: Atif Ikram Sheikh, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), President ECO-CCI and VP CACCI, has apprised that the FPCCI has hosted a high-profile trade and industry delegation of 45 members of different sectors from the Association of Southeast Asian Nations (ASEAN). Atif Ikram Sheikh explained that the ASEAN comprises an alliance of Indonesia, Malaysia, Thailand, Cambodia, Laos, Singapore, Myanmar, the Philippines, Vietnam and Brunei; and has a combined GDP of $3.6 trillion. This makes ASEAN as the 5th largest economy and export market of the world, he added. Saquib Fayyaz Magoon, SVP FPCCI, informed that the ASEAN delegation comprised prominent businessmen from various sectors; textiles, apparel, agriculture, fisheries, food, beverages, carpets, footwear, construction, insurance, information technology, oil, handicrafts, jewellery, cosmetics, perfumes, healthcare, renewable energy, pharmaceuticals, coffee beans, green coffee, electronics, fruits and spices aiming to strengthen trade relations and explore business opportunities between Pakistan and ASEAN countries. Saquib Fayyaz Magoon noted that trade relations between Pakistan and ASEAN countries are below potential. He highlighted Pakistan's Free Trade Agreement (FTA) with Malaysia and Preferential Trade Agreement (PTA) with Indonesia. SVP FPCCI also mentioned ongoing negotiations for an FTA with Thailand and PTA with Vietnam stressing the fact that Pakistan's cumulative trade deficit with ASEAN countries stands at $11 billion and needs to be addressed. It is pertinent to note that Faiz Ahmad, Chief Executive of Trade Development Authority of Pakistan (TDAP), graced the occasion and Goh Boon Kim led the ASEAN delegation which had representation from 10 countries considered important for the growth of Pakistani exports. Honourable Consul Generals of Indonesia, Malaysia and Thailand also attended the high-profile session. The meeting was followed by a special B2B session; providing a platform for Pakistani businessmen to engage with their ASEAN counterparts and explore potential business opportunities; untapped export avenues; attract investments and potential JVs. Abdul Mohamin Khan, Regional Chairman & VP FPCCI, explained that the relations between Pakistan and ASEAN are multidimensional and have grown significantly over the years due to mutual trust, cooperation and cultural linkages. He expressed his satisfaction that major stakeholders and business leaders joined the B2B session with the ASEAN delegation. Asif Inam, VP FPCCI & former Chairman APTMA, emphasized upon incentives to invest in Pakistan; country's abundant workforce and strategic location – making it an ideal hub for ASEAN investors to establish manufacturing units for marketing products in the Middle -east; Central Asia and Western China. Copyright Business Recorder, 2025
