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Category: Trade & Industry

This section covers news on trade and industry. Pakistan Revenue is committed to providing the latest updates on business trends.

  • ABAD seeks amnesty scheme extension for six months

    ABAD seeks amnesty scheme extension for six months

    KARACHI: Association of Builders and Developers (ABAD) has urged the government to extend the amnesty scheme for six months to document another Rs1 trillion.

    Fayyaz Ilyas, Chairman, ABAD, in a statement said that the investment in Construction Industry will double to Rs2 trillion if special construction package is extended at least for six months.

    Quoting the statement of Information Minister for State Farrukh Habib that an amount Rs1 trillion had been invested in construction industry after announcement of Amnesty Scheme, chairman ABAD said that a number of projects could not be registered under the scheme announced by the Prime Minister due to hurdles in approval, especially in Sindh.

    “If these projects could get chance to register under this scheme, the investment will double from Rs1 trillion to Rs2 trillion,” he said.

    Fayyaz Ilyas said that Prime Minister Imran Khan had extended date of Amnesty Scheme upto June 30, 2021. However, due to fourth wave of Covid-19 and hurdles in approval of projects, date of Amnesty scheme may be extended up to December 31, 2021 to fetch more investment in construction and real estate business.

    He said that despite second and third wave of Corona construction activities, especially production of steel, cement and other construction materials is on the rise due to Amnesty Scheme.

    Many of allied industries are planning expansion to meet rising demands and some of them have imported billions of rupees machineries to expand their industries, which shows that if the amnesty scheme is extended, the economy of Pakistan will become a vibrant and the dream of making Pakistan Asian Tiger could be realized, he hoped.

  • Around 65,000 industry workers vaccinated: KATI

    Around 65,000 industry workers vaccinated: KATI

    KARACHI: Around 65,000 industry workers have been vaccinated with the help of Sindh government, said Saleem-uz-Zaman, President, Korangi Association of Trade and Industry (KATI).

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  • FPCCI urges reconsidering COVID lockdown decision

    FPCCI urges reconsidering COVID lockdown decision

    KARACHI: The apex trade body of the country on Friday urged the Sindh government to review its lockdown decision.

    The Sindh government announced a strict lockdown in the province to prevent the spread of coronavirus.

    Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) appealed the Sindh government to reconsider lockdown decision.

    The apex trade body said the decision would result in major losses to the industry.

    He added that all industries should be allowed to operate seven days a week and continue their production – unabatedly. 

    Mian Nasser Hyatt Maggo also stressed that the restaurants should be allowed to continue 24 hours takeaway and delivery services.

    He also suggested that in order to facilitate common man, all grocery stores in the province should be allowed to operate seven days a week till 8 pm.

    Mian Nasser Hyatt Maggo maintained that Pakistan’s economic hub Karachi should not be completely locked down in the larger national interest.

    He recommended that the only solution out of the current situation – without causing any harm to businesses and employment opportunities –is to allow business and economic activities under strict compliance of SOPs and mandatory vaccination of the workforce.

    Mian Nasser Hyatt Maggo said that if industries and businesses remain under restrictions, we will not be able to pay salaries. He added that FPCCI is ever-ready to fully support the Government of Sindh in order to create a thriving economic environment in the province. 

    FPCCI hopes that its concerted appeal to the Government of Sindh will result in reconsideration of the strict decisions taken and will result in a more compliant environment in the province vis-à-vis COVID control –and, yet protect the economic and employment opportunities through taking all stakeholders onboard.

  • KCCI opposes lockdown, suggests forceful vaccination, strict implementation of SOPs

    KCCI opposes lockdown, suggests forceful vaccination, strict implementation of SOPs

    KARACHI, January 30, 2024 — Chairman of the Businessmen Group (BMG) and Former President of the Karachi Chamber of Commerce & Industry (KCCI), Zubair Motiwala, expressed strong opposition to the implementation of lockdown as a strategy to combat the ongoing pandemic. Instead, he emphasized the need for a robust vaccination campaign and strict adherence to Standard Operating Procedures (SOPs) to curb the spread of COVID-19.

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  • Sindh to set up new industrial zone in Karachi

    Sindh to set up new industrial zone in Karachi

    KARACHI: The Sindh government has expedited work on a proposal to set up a new industrial zone “NKATI 2” like North Karachi Industrial Area.

    For this purpose a site is being sought and in consultation with the North Karachi Association of Trade & Industry (NKATI). It will be finalized later.

    This was stated by Minister Information & Local Government Sindh, Syed Nasir Hussain Shah during a meeting with a delegation led by Faisal Moiz Khan, President NKATI, SVP Shabir Ismail and Syed Yasir Hussain, Chairman Sub-Committee Local Bodies at his residence.

    Syed Nasir Hussain Shah further said that promotion of trade & industry is the top priority of Sindh government and PPP chairman Bilawal Bhutto has also the same vision.

    Therefore, all resources will be utilized to create vast employment opportunities and promote industrialization. He also directed the MD Water Board to ensure uninterrupted supply of water to the industries.

    The Provincial Minister also assured the Sindh Building Control Authority to regularize the factories located in North Karachi Industrial Area and solve the issues related to District Municipal Corporation. He further said that Capt. A Moiz Khan Road would also be inaugurated and a notification would be issued soon.

    In a meeting with the Provincial Minister, Faisal Moiz Khan, President NKATI, apprised the industrialists of the problems faced by them, and said that production activities were being severely affected due to non-supply of water to North Karachi industries. However, the issues related to DMC are also increasing day by day which needs immediate attention.

    “The Sindh government should set up a new industrial zone like North Karachi Industrial Zone to promote industries so that more and more new industries could be set up and vast employment opportunities could be created”, he suggested. Faisal Moiz Khan also requested the provincial minister to regularize the factories from Sindh Building Control Authority.

    Expressing satisfaction over the assurance of the provincial minister to resolve the issues under discussion at the meeting, NKATI president said that industrialists would extend all possible cooperation with Sindh government to increase production activities and promote industries.

  • Industries flay raise in minimum wage by Sindh

    Industries flay raise in minimum wage by Sindh

    In a significant development, the Sindh Government’s decision to unilaterally increase the minimum wage from Rs17,500 to Rs25,000 has stirred discontent and alarm within the industrial sector, particularly in Karachi.

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  • FPCCI organizes seminar for using Amazon platform

    FPCCI organizes seminar for using Amazon platform

    Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has organized a seminar for using Amazon platform.

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  • FPCCI opposes new SOPs by Sindh government

    FPCCI opposes new SOPs by Sindh government

    KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the apex trade body of the country, has voiced concerns over the enforcement of new Standard Operating Procedures (SOPs) for COVID-19 prevention by the Sindh government.

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  • FIA making all-out efforts to resolve cyber crime related complaints: DG

    FIA making all-out efforts to resolve cyber crime related complaints: DG

    KARACHI: The Federal Investigation Agency (FIA) is making all out efforts to resolve complaints related to cyber crime.

    FIA Director General Dr. Sanaullah Abbasi said this at a meeting with members of Karachi Chamber of Commerce and Industry (KCCI).

    According to a statement issued on Saturday by the KCCI, the DG FIA briefed the business community about initiatives taken for promptly dealing with digital banking and cyber crime cases.

    “Cybercrime has been rising as we are receiving a lot of complaints. Hence, we are making all out efforts and will try our best to resolve such complaint at the earliest,” he added.

    To a suggestion, he assured to look into the possibility of providing online facility for hearing to the members of business community to save them from travelling all the way to FIA circles in far-flung areas.

    “This online hearing mechanism could be set up for handling cases/ notices being received from faraway circles all over Pakistan to minimize the hardships being faced by business community,” he added while speaking at an online meeting.

    The meeting was attended by General Secretary BMG AQ Khalil, President KCCI Shariq Vohra, Chairman Law & Order Subcommittee Junaid-ur-Rehman, Former Presidents KCCI Majyd Aziz & Iftikhar Vohra, Director FIA South Amir Farooqi, KCCI Managing Committee Members and FIA officials.

    DG FIA Sanaullah Abbasi stated that it was the motive of FIA to fully serve and facilitate the business community.

    He nominated Director FIA South Amir Farooqi as the focal person for dealing with complaints raised by the Karachi Chamber.

    General Secretary BMG A.Q Khalil underscored the need to simplify the visa on arrival facility at the airports. He said the foreigners, particularly businessmen face immense hardships in availing this facility.

    “Under the existing policy, a Deputy Director of FIA is responsible for either issuing or rejecting visa to any foreign investor without consulting with any Chamber of Commerce or relevant local businessmen.

    “Such bureaucratic hurdles create a lot of problems and at many occasions as some of the credible foreign investors face deportation that needs to be given special attention as it sends a negative message about Pakistan,” he added.

    He further advised DG FIA to publicize the progress reports and achievements in dealing with the menace of cybercrimes as a lot was being claimed but nothing much has been publicized.

    “Pakistan has remained in the grey list of FATF from quite some time now and we are not much acquainted about our shortcomings whereas it has also been observed that FIA has been constantly intervening in business transactions hence, the FATF conditions for money laundering have to be effectively highlighted so that the business community could comply to the same and accordingly carry out their transactions,” AQ Khalil suggested.

    President KCCI Shariq Vohra pointed out large number of notices issued by the FIA. “… we request DG FIA to also take look into the matter of large number of notices being issued to the members of the business community by FIA which are a major source of harassment,” he added.

    Expressing deep concerns over notices being issued to KCCI members from FIA circles in Multan, Faisalabad and other far-flung areas where FIA officials ask relevant businessmen to appear physically for hearing or face severe consequences.

    Chairman of KCCI’s Law & Order Subcommittee Junaid ur Rehman underscored to devise an effective mechanism for holding all such hearing in Karachi and if the cases were found not so serious, these should be immediately disposed of without creating more difficulties for businessmen and industrialists.

    He also requested DG to enhance the capacity of system implemented for handling the cases pertaining to digital banking crimes and make it more efficient.

  • Section 203A to result in corruption, harassment: FPCCI

    Section 203A to result in corruption, harassment: FPCCI

    KARACHI: Nasir Khan, acting president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday said that the government has not incorporated practical, business-friendly and growth-promoting proposals of FPCCI in the budget; sent well before the Budget 2021-22.

    He maintained that it is a gross negligence on government’s part to ignore the apex representative body of Pakistan’s business, industrial and trade community.

    Nasir Khan also criticized the Section 203A of Income Tax Ordinance, 2001 introduced through the budget 2021/2022, which empowers and expands the discretionary powers of FBR.

    He added that it will only result in increase in corruption and harassment. He added that although Section 203A has been amended through introduction of slabs; but, still FPCCI is of the view that powers to arrest and prosecute will create fearful and discouraging environment for SMEs.

    He said that Section 203A is equivalent to NAB’s law and provision should be added to make FBR accountable; if it cannot establish any corruption or tax evasion. This Section 203A also violates basic rights and the honourable Supreme Court should intervene to protect the businessmen of the country.

    Acting President of FPCCI also pointed out that a blanket exemption for FED has been given to FATA and PATA; without surveying and quantifying the genuine needs and total demand of FATA and PATA population.

    This will render industries in adjacent regions and all over the country uncompetitive in comparison to those industrial units which are exempt from FED in FATA and PATA. He added that there is a strong possibility that industrial units may exploit the FED exemption and utilize it to produce for regions other than FATA and PATA. He also added that there must be a strict mechanism to avoid misuse of the FED exemption and subsequent prosecution.

    Nasir Khan also expressed his shock that FPCCI sent its recommendations on tax system reforms and simplification of tax rates to Prime Minister and he instructed FBR to have a consultative process with FPCCI; but, FBR did not start that process. He also mentioned that Shaukat Tarin promised that the budget will not be made without consulting FPCCI; but, unfortunately, that promise was also not kept.

    Nasir Khan has suggested that corporate courts should be established in the country to counter and balance the weak policies of the successive governments and ensure protection to SMEs.

    Nasir Khan mentioned that surprisingly FBR has made a banker the head of its Budget Anomalies Committees; who has no understanding of trade, SMEs and economic affairs.

    Zakaria Usman, Convener Budget Advisory Council of FPCCI, said that the government should ensure consistency of policies to encourage investment in the country.

    FPCCI demands that the Honourable Prime Minister of Pakistan must intervene and resolve the issues that are anti-business and anti-growth. FPCCI is ever-ready to resolve all outstanding issues through discussion and a mutually-beneficial dialogue.