KARACHI: Federal Board of Revenue (FBR) is working hard to broaden the tax base for achieving Rs7.5 trillion collection target for fiscal year 2022/2023.
(more…)Category: Trade & Industry
This section covers news on trade and industry. Pakistan Revenue is committed to providing the latest updates on business trends.
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Pakistan Customs to launch module to link international prices for updated valuations
KARACHI: Pakistan Customs is set to launch a module which will link with the international markets to reflect updated prices for making accurate customs valuations.
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Karachi Chamber demands deferring date for payment under Section 7E
Karachi: The Karachi Chamber of Commerce and Industry (KCCI) has urged the authorities to extend the deadline for payment under Section 7E of the Income Tax Ordinance, 2001.
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Karachi Chamber warns mass job cuts due to economic crisis
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Friday warned the government of mass job cuts due to prevailing economic crisis.
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Pakistani exporters fear order cancellation
KARACHI: Now the situation is that the orders of the exporters are feared to be cancelled due to which Pakistan will lose its reputation in the global market.
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SITE Association demands dollar availability to avert industrial shutdown
KARACHI: SITE Association of Industry has demanded the government to ensure dollar availability for import of raw material and avert industrial shutdown.
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Kohinoor Spinning Mills stops production due to high cost
KARACHI: A spinning mill has stopped production due to high cost of production and economic downturn.
Kohinoor Spinning Mills Limited in a communication sent to Pakistan Stock Exchange on Wednesday said that due to prevailing global and economic downturn, overdue plant maintenance, high cost of production and low price and demand, it is not feasible to operation the production facility.
“Therefore, the management of the company has decided to temporary close/stop the production activities of the company with immediate effect,” the company said.
The management is hopeful that the current situation will improve in the first quarter of 2023 enabling the company to restart its operations.
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FPCCI, BoI to launch Invest Pakistan initiative
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Board of Investment (BoI) have agreed to form a Joint Consultative Working Group to help constitute and effectively operationalize an independent body called Invest Pakistan under the leadership of Prime Minister through Prime Minister’s Office (PMO).
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According to a statement issued on Monday, FPCCI President Irfan Iqbal Sheikh apprised that Invest Pakistan will ensure the policy advocacy initiatives with the support and full-backing of private-sector to promote and facilitate FDI in Pakistan. We have decided to lend a helping hand to make this initiative a success story in the broader national interest, he added.
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FPCCI Chief added that he has liked the initiative as its concept note entails giving up to 80 percent representation to private-sector on Invest Pakistan board and 51 percent equity or shareholding to private-sector. However, the exact modalities and ToRs will be worked out when the meetings of the working group take place, he added.
Suleman Chawla, SVP FPCCI, who co-chaired the meeting with Ms. Ambreen Iftikhar, Additional Secretary BoI, at the FPCCI Head Office, explained the Public-Private Partnership (PPP) frameworks have proven to be most successful the world over – be it promoting FDI or enticing private-sector investments. He added that PPP mechanism ensures first-hand knowledge and expertise on a sectorial-level from the business, industry and trade community.
READ MORE: KATI urges removal of regulatory duty on yarn
Ms. Ambreen Iftikhar outlined the objectives of Invest Pakistan intuitive as: (i) develop a new and innovative private partnership to facilitate, promote and convert FDI (ii) possibility of joint equity of Invest Pakistan between public and private sectors (iii) seat on the policy negotiation and decision-making forums to avoid disconnect between government institutions and the business community (iv) joint targeting of investment and customized resolution of binding constraints (v) Brand Pakistan through actual investment successes rather through verbose material.
READ MORE: Pakistan slaps 5pc regulatory duty on yarn import
It is pertinent to note that apart from its President and SVP, FPCCI has nominated three other of its prominent members to Joint Consultative Working Group; namely, Mian Nasser Hyatt Maggo, immediate past President FPCCI; Mr. Amjad Rafi, Chairman of Pakistan-Turkiye Joint Business Council of FPCCI and Mr. Jawaid Ilyas, Chairman of Pakistan-China Business Council of FPCCI.
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Floor tile production halts on LC restrictions, gas shortage
KARACHI: A ceramic company has decided to shut down its floor tile production due to restrictions of Letter of Credit (LC) opening and prevailing gas shortage.
In a communication received by Pakistan Stock Exchange (PSX), Frontier Ceramics Limited announced the shut down its floor tile production plant for an uncertain period due to gas supply shortage.
The company further stated that the unforeseen devaluation of Pakistani Rupee (PKR) coupled with government’s restriction, including LC approval constraints and general economic instability were also the reason behind the decision.
“The resumption of operation (as the case may be) will be communicated accordingly,” the company stated in the communication.
It said the information is being conveyed in accordance with the requirements of Regulation of Pakistan Stock Exchange Limited (PSX) and the applicable provisions of the Securities Act, 2015.
The company also requested the stock exchange that the information may be disseminated amongst the TRE Certificate Holders of the stock exchange as well.
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SRB says cases worth Rs 80 billion stuck in litigation
KARACHI: Sindh Revenue Board (SRB) Friday said that cases worth Rs80 billion were stuck in litigation and it is willing to resolve amicably.
SRB chairman Dr. Wasif Ali Memon highlighted that Rs80 billion worth of cases are stuck in litigation and the provincial revenue board is all-willing to resolve as many cases amicably as possible.
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“We want to be the facilitators and partners to the business community and no highhandedness is ever desired by SRB,” he added during his visit to Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
On the demand of FPCCI, Dr. Wasif Ali Memon announced that an effective and inclusive Alternative Dispute Resolution Committee (ADRC) would be formulated by SRB in few weeks and we will include 5 – 6 nominees of FPCCI into the committee.
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Chairman SRB also proposed that FPCCI nominees should come from varied sectors to address issues of all the sectors. Additionally, he requested the business community to exhaust the ADRC and other SRB procedures before going into litigation as it only delays the dispute resolution.
On the occasion, Irfan Iqbal Sheikh, President FPCCI, has stressed upon the need to strengthen and broaden the scope of ADRC to save the precious time, resources and hassle of both the sides, i.e. business community and the SRB.
Co-chairing the high-profile meeting with SRB Chairman, Suleman Chawla, SVP FPCCI, offered to nominate technical and expert members of the business, industry and trade community from the platform of FPCCI to facilitate SRB’s efforts to strengthen ADRC.
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FPCCI nominees will come with the first-hand knowledge of real issues and with deep understanding of the taxation matters, he added.
Shabbir Mansha, VP FPCCI, demanded that as Karachi contributes the lion’s share of taxes in federal & provincial authorities, there should be an enhanced focus on the infrastructural development of Karachi – specifically in industrial& commercial areas and port infrastructure. This will only increase the revenue generation from Karachi, he added.
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Shuakat Omerson, VP FPCCI, apprised the top management of SRB that many members of FPCCI are qualified in alternative dispute resolution mechanism; including the incumbent and former office bearers of FPCCI; and, they can offer great support to SRB’s ADRC initiatives.
Khurram Ejaz, Advisor to the President of FPCCI on FBR & revenue matters, said that FPCCI considers SRB as their partners and not as adversaries; because objectives of both the institutions are same – economic development of the province and resolution of all disputes & anomalies pertaining to provincial tax collection.