Author: Shahnawaz Akhter

  • SMAP Urges Government to Define Axle Load Limits

    SMAP Urges Government to Define Axle Load Limits

    KARACHI, July 11, 2024 – The Salt Manufacturers Association of Pakistan (SMAP) has called on the government to clearly define and enforce axle load limits for truck carriage. The current ambiguity and lack of strict enforcement have led to increased extortion from traders, significantly raising transport costs and severely impacting export activities.

    Qasim Yaqoob Paracha, Chairman of SMAP, has made a direct appeal to Prime Minister Shahbaz Sharif and Federal Minister of Communications Abdul Aleem Khan to address the escalating issue of transporter extortion. Paracha emphasized the urgent need for strict adherence to the Ministry of Communication’s axle load regulations, ensuring that charges for goods transportation are fair and regulated.

    “The enforcement of axle load regulations has inadvertently provided an opportunity for exploitation by transporters,” SMAP chairman stated. “Transport mafia are exploiting loopholes in the axle load limits, charging traders for loads well beyond the regulated limits of 30 to 32 tons, citing unnecessary fines and causing delays during deliveries.”

    This unfair practice has led to inflated transport costs, which not only affects the salt industry but also other sectors reliant on efficient and cost-effective transportation. The increased costs ultimately hamper Pakistan’s export activities, reducing the competitiveness of Pakistani goods in international markets.

    SMAP chief highlighted the need for the government to take immediate action to curb these exploitative practices. He urged the government to define and enforce axle load limits for truck carriage nationwide, mandating that transporters adhere strictly to government-regulated charges based on the stipulated load limits.

    “Clear definitions and stringent enforcement of axle load limits are crucial to prevent exploitation and ensure that the transportation of goods is carried out efficiently and fairly,” Paracha added. “This will not only benefit the salt industry but also other sectors facing similar challenges,” SMAP Chairman added.

    The SMAP chairman’s call to action underscores the importance of regulatory clarity and enforcement in maintaining the integrity of Pakistan’s transportation sector. Addressing these issues promptly will be vital in safeguarding the interests of traders and exporters, thereby supporting the overall growth and stability of the country’s economy.

    The government’s response to this appeal will be closely watched by industry stakeholders, who hope for swift and effective measures to address the concerns raised by SMAP and ensure a fair and transparent transportation system.

  • Pakistan’s Weekly Forex Reserves Rise by $72 Million

    Pakistan’s Weekly Forex Reserves Rise by $72 Million

    Karachi, July 11, 2024 – Pakistan’s weekly foreign exchange reserves have experienced a notable increase of $72 million, the State Bank of Pakistan (SBP) reported on Thursday. This positive trend is a promising indicator of the country’s economic stability.

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  • SBP Relaxes Conditions for IT Companies to Invest Abroad

    SBP Relaxes Conditions for IT Companies to Invest Abroad

    Karachi, July 11, 2024 – The State Bank of Pakistan (SBP) has announced a relaxation in conditions for IT sector companies regarding equity investments abroad. This move, unveiled on Thursday, aims to facilitate export-oriented companies in expanding their international presence and boosting the country’s exports.

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  • FBR Clarifies SRO 350 After Taxpayer Concerns

    FBR Clarifies SRO 350 After Taxpayer Concerns

    Karachi, July 10, 2024 – The Federal Board of Revenue (FBR) has responded to concerns raised by taxpayers, businesses, and tax professionals regarding complications arising from SRO 350(I)/2024, a regulation impacting sales tax return filing.

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  • Lahore Tax Bar Calls for FBR Action on SRO 350 Complications

    Lahore Tax Bar Calls for FBR Action on SRO 350 Complications

    Lahore, July 10, 2024 The Lahore Tax Bar Association (LTBA) has raised concerns about the challenges faced by businesses in filing sales tax returns following the implementation of a new regulation, SRO 350(I)/2024.

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  • NKATI Fears Mass SME Closure Over Budget Adversities

    NKATI Fears Mass SME Closure Over Budget Adversities

    Karachi, July 10, 2024 – The North Karachi Association of Trade & Industry (NKATI) voiced deep concerns on Wednesday over the potential mass closure of small and medium enterprises (SMEs), attributing the grim outlook to the adverse impacts of the 2024-25 budget.

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  • IRSOA Slams FBR for Unjust Treatment of Top Officers

    IRSOA Slams FBR for Unjust Treatment of Top Officers

    Karachi, July 10, 2024 – The Inland Revenue Service Officers Association (IRSOA) has vehemently condemned the recent actions of the Federal Board of Revenue (FBR) regarding the transfer of senior officers to an administrative pool.

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  • Karachi Port Reports 23.43% Cargo Handling Surge in FY24

    Karachi Port Reports 23.43% Cargo Handling Surge in FY24

    Karachi, July 9, 2024 – Karachi Port Trust (KPT) reported a significant performance boost in cargo handling, witnessing a 23.43 percent surge during the fiscal year 2023-24.

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  • SRO 350 Sparks Controversy as PBC Raises Tax Return Concerns

    SRO 350 Sparks Controversy as PBC Raises Tax Return Concerns

    Karachi, July 9, 2024 – The Pakistan Business Council (PBC) has raised significant concerns regarding recent amendments to the Sales Tax Rules, 2006, introduced through SRO 350(I)/2024 by the Federal Board of Revenue (FBR).

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  • FBR Gathers Dual Nationality Information of Customs Officials

    FBR Gathers Dual Nationality Information of Customs Officials

    Karachi, July 9, 2024 – The Federal Board of Revenue (FBR) has initiated the process of collecting information regarding dual nationality from customs officials across Pakistan. This move comes as part of a directive issued by the FBR under the Right of Information Act, 2017.

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