KARACHI: Sheikh Umer Rehan, former chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), has raised serious concerns over the widespread smuggling of edible oil and ghee from Iran, which he said is wreaking havoc on the domestic manufacturing industry.
(more…)Category: Trade & Industry
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Salt producers flay tax withdrawal through mini-budget
KARACHI: Ismail Suttar, Chairman, Salt Manufacturers Association of Pakistan (SMAP) has urged the government not to levy taxes on Iodized salt through mini-budget as the Covid-19 pandemic has already hit the salt export market badly due to rising freight costs and supply chain disruptions.
READ MORE: Mini-budget: FBR to generate Rs4.5bn through tax rate increase on cellular services
In a statement, he said: “If the government withdraws the exemption from Iodized salt, then it will create a huge impact on the cost of living of a common man as salt is the most essential ingredient in every single food item that a human consumes”.
SMAP Chairman further said that Salt is not only an essential food ingredient but has numerous health benefits especially the Iodized salt which creates hormones to regulate heart rate and blood pressure as well as burns extra fat deposits leading to heart diseases.
READ MORE: Mini-budget: income tax rates proposed for foreign TV dramas
“Previous governments have always promoted the use of Iodine in salt keeping in view the health of our children who are already suffering from stunted growth and obesity”, he said, adding that this ruthless decision to impose sales tax on such an essential item is beyond understanding and it only shows that the government seems to have no clue of its actions and is ready to meet the revenue targets even if it must compromise the common man’s health.
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Businessmen reject rise in petroleum prices
KARACHI: Businessmen Panel of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has rejected the increase in rates of petroleum products on the eve of the New Year.
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USAID conducts training session on Amazon readiness
KARACHI: The USAID – Small and Medium Enterprises Activity (SMEA) has conducted a full day trading session on Amazon readiness and selling for members of Karachi Chamber of Commerce and Industry (KCCI), a statement said on Thursday.
Speaking on the occasion, President KCCI Muhammad Idrees appreciated the Ministry of Commerce for its strenuous efforts that led to inclusion of Pakistan in the Amazon sellers’ list. It is undoubtedly a great milestone which would surely promote e-Commerce all over Pakistan.
READ MORE: Business community welcomes Pakistan’s inclusion in Amazon list
He also appreciated the USAID – Small and Medium Enterprises Activity (SMEA) for conducting the Training session on Amazon for KCCI members which was aimed at educating the Pakistani exporters on how to benefit from the e-commerce being offered by Amazon.
He was of the view that in order to make the most of Amazon opportunity, a lot of hard work was required in training, quality assurance, improvement in logistics, payment systems and customer relationship management etc.
READ MORE: Commerce ministry issues guidelines for joining Amazon
“To reap full benefits, all the stakeholders have to work together in order to drive the Pakistani E-Commerce sector forward and ensure sustained progress and prosperity for Pakistan”, he added.
The training session on Amazon readiness and selling which was attended by prominent members of the business community along with President KCCI Muhammad Idrees, Senior Vice President KCCI Abdul Rehman Naqi, Vice President KCCI Qazi Zahid Hussain, Deputy Chairman Exports Subcommittee Iqbal Khamisani and KCCI Managing Committee Members.
Khurram Shahzad and Asad Kamran, who were representing USAID – Small Medium Enterprise Activity (SMEA), carried out the daylong training session which was followed by a detailed Q&A session.
READ MORE: FPCCI organizes seminar for using Amazon platform
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FPCCI suggests regulating cryptocurrencies in Pakistan
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to take steps towards the regulation and streamlining of cryptocurrencies within the country.
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EOBI to launch self assessment scheme for employers
KARACHI: Employees Old-Age Benefits Institution (EOBI) has proposed a self assessment scheme under which the institution may select companies through random balloting for audit.
EOBI Chairman Shakeel Ahmed Mangnejo said that for the convenience of employers as well as to encourage more contributions from them, a Self-Assessment Scheme is proposed in the upcoming amendment into the EOBI Act, under which, companies to be audited shall be selected by random balloting.
READ MORE: EOBI pension to increase Rs15,000 per month
He was addressing the SITE Association of Industry (SAI).
EOBI Chairman announced to make EOBI Helpdesk at SITE Association functional with immediate effect and depute an officer to attend the Helpdesk at least once in a week for better coordination between registered employers and EOBI as well as to resolve issues of members of the Association.
Expressing views on minimum wage and contribution, Chairman EOBI asked the industrialists to make payment at Rs. 13,000/- wage and clear the backlog as the EOBI fund is also facing difficulties.
He gave the option of installments to those who are paying contributions of less than 780/- per month to clear their backlog.
READ MORE: SITE Association demands reversing policy rate at 7%
He further informed that EOBI is currently paying Rs50 billion per annum to more than 400,000 pensioners. Therefore, everyone should pay a contribution on time Rs13000 minimum wage in the larger interest of registered workers and suggested to report harassment cases under Section 35 of the Act – a portal for this is already active on their website.
Replying to a query from Ex-President Saleem Parekh regarding sharing of EOBI accounts, Chairman EOBI informed that un-audited accounts up to the year 2020, together with minutes of BOT, have been placed on the website of EOBI.
Chairman EOBI further said that companies whose contributions exceed Rs. 100,000/month would be bound to pay their contributions through EOBI’s automated Facilitation System (FS) from 1st February 2022. This is necessary to maintain an accurate record of registered workers. By March 2022, EOBI is expected to launch its mobile app as well.
READ MORE: SITE Association signs MoU for tax return filing
Earlier, President of SITE Association of Industry Abdul Rasheed, while welcoming the guests, said that a representative of SITE Association should be taken in the Board of Trustees of EOBI and stressed the need to re-activate EOBI Helpdesk at SITE Association as per past practice. He mentioned that collection targets issued by EOBI should be avoided and inspection of records should be done only once in a year. He also highlighted the issues being faced by pensioners, particularly widows, in getting pension.
SVP Saud Mahmood briefed members on the Profile of Shakeel Ahmed Mangnejo who is very well qualified and highly accomplished in all his previous postings.
Chairman of Labour Sub-Committee Abdul Kadir Bilwani on this occasion briefed the Chairman EOBI on the issues being faced by the employers and employees of SITE area which in particular included delay in issuance of pension cards, release of pending applications of pensioners for payments, relief in inspection audits given the COVID situation to help Industrialists, harassment of Industrialists by audit inspectors and unnecessary demand of company financials.
READ MORE: SITE Association hails FBR chairman’s no bank account freezing decision
Former president Jawed Bilwani said that industrialists are actual stakeholders of the country who generate employment, pay taxes and earn sorely needed foreign exchange. He demanded that representatives of employers in EOBI should provide evidence of having taken input from all industrial area associations before making any decision to avoid litigation.
Former president Younus Bashir on this occasion expressed views about EOBI audit and collection target, notorious activities of labour leaders in industrial areas and stressed the need to avoid time-consuming litigation and drew the attention of EOBI Chairman towards labour representatives’ conduct in the EOBI meetings. He also suggested linking the number of employees with the power & gas consumption of the industry for a better and holistic view of operations as opposed to arbitrary assumptions.
Dr. Javed Sheikh, Deputy Director General and Ali Muttaqi Shah, Regional Head, Nazimabad Region, EOBI, Abdul Rasheed, President of SITE Association of Industry, Saud Mahmood, SVP SAI, Muhammad Kamran Arbi, VP, Chairman of Labour Sub-Committee Abdul Kadir Bilwani, Former president Jawed Bilwani, Former president Younus Bashir, Tariq Yousuf, Sikandar Imran, Anwer Aziz, Saleem Nagaria, Muhammad Riaz Dhedhi, Azeem M. Afzal Motiwala, Touseef Ahmed, Farhan Ashrafi, Hussain Moosani, Junaid-ur-Rehman, Haris Shakoor, Shahid Ghazanfar and others were also present in the meeting.
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Yarn merchants appeal for not imposing regulatory duty
KARACHI: Pakistan Yarn Merchants Association (PYMA) has expressed serious concerns over reports suggesting imposition of regulatory duty on polyester yarns.
Saqib Naseem, PYMA Central Chairman in a statement on Wednesday expressed deep concern over rumors circulating about lobbying for imposition of regulatory duty on imported polyester yarns by local manufacturers of polyester filament yarns.
READ MORE: FPCCI urges measures to overcome gas crisis
He urged Adviser to Prime Minister on Finance, Shaukat Tarin not to succumb to the pressure of local manufacturers, and to reject any proposal for imposition of regulatory duty on imports of polyester filament yarns, especially HS Code 5402.3300 and HS Code 5402.4700.
Appealing in a letter to Finance Advisor Shaukat Tarin, Chairman PYMA said that the local manufacturers of polyester filament yarns were lobbying the concerned agencies, especially the Ministry of Commerce, to impose regulatory duty on imported polyester yarns.
This would be extremely detrimental to the local consumers of polyester filament yarn, and would be against the government’s policy of ensuring the availability of raw materials to the industry and consumers at competitive prices.
READ MORE: Yarn merchants demand cut in interest rate
Saqib Naseem said “In the letter that despite the fact that local manufacturers of polyester filament yarns are already enjoying discounted tariffs, efforts to implement regulatory duties will significantly increase the production cost of local industries”, fearing that therefore, no such proposal should be considered which is detrimental to the domestic industries.
PYMA chairman was of the opinion the current custom duty of 11% is rather excessive. For your information the custom duty on polyester staple fiber is 7% and the local manufacturers of PSF seem to be doing with this level of protection. There is no significant production cost difference between polyester staple fiber and polyester filament yarn.
READ MORE: PYMA demands cotton import through land routes
He added that the weaving and knitting industry (user industry) is already facing a very challenging situation due to very high cotton and polyester yarn prices, and imposition of regulatory duty would be extremely counterproductive especially when the local user industry has to import 65 per cent of its requirements of polyester filament yarn from foreign suppliers.
Saqib Naseem urged the government not to listen to the unjust pressure of local manufacturers of polyester filament yarns to impose regulatory duties, and only take measures to reduce the cost of production of domestic industries and stabilize the economy.
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Japan to support trade promotion with Pakistan
KARACHI: Japan will provide full support and cooperation to the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) for the promotion of trade and investment between Pakistan and Japan.
The assurance was given by Toshikazu Isomura, Consul General of Japan, on the occasion of the visit of the FPCCI delegation who called upon him at the Japanese Consulate, said a statement on Monday.
READ MORE: FPCCI urges measures to overcome gas crisis
The FPCCI delegation included Hanif Lakhany, VP FPCCI; Rameez Sattar, Chairman Pakistan-Japan Business Council (PJBC) of FPCCI; Sultan Rehman, Coordinator FPCCI Head Office Karachi and Pir Ijlal Zaidi & Arbaaz Rameez, Directors PJBC. Okamoto Yu, Head of Commercial Section was also present during the meeting.
Rameez Sattar presented to the Consul General detailed and comprehensive proposals for the acceleration of trade and investment between Pakistan and Japan.
READ MORE: FPCCI demands consultations on planned mini-budget
He discussed in detail the salient features of the proposal; identified opportunities for Japanese traders and the potential of export promotion of Pakistani products to Japan.
He also emphasized the need for frequent interactions of the business community of the two countries for confidence-building measures leading to expansion of trade and investment.
He offered to organize a virtual exhibition of Pakistani brands for the Japanese businesses to benefit from the enormous diversity of Pakistani fashion brands.
Hanif Lakhany recalled that Pakistan benefitted substantially from Japanese cooperation in the 1960s & 1970s and requested the Consul General to reactivate Japan-Pakistan cooperation for mutual benefit.
READ MORE: FPCCI recommends interprovincial trade of sugar
Sultan Rehman conveyed the greetings and best wishes to the Consul General and H.E. Okamoto Yu on behalf of Mian Nasser Hyatt Maggo, President FPCCI.
He informed the Consul General that the business community of Pakistan is ready and eager to expand economic and trade relations between the two countries at the earliest and FPCCI is willing to play its vital role.
He requested the Consul General to facilitate and support FPCCI in this regard. He also requested the Consul General for asking JETRO to play a proactive role as it made a very significant contribution in the past.
READ MORE: Digital mode to disrupt business transactions: FPCCI
Toshikazu Isomura, Consul General of Japan, appreciated the efforts of FPCCI and assured them of his full support and cooperation in the promotion of bilateral trade and investment.
He suggested having another meeting when the head of JETRO returns to Pakistan so he can be taken on board as well.
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IMF intervention to add economic miseries of Pakistan
Business leaders have raised serious concerns over the continuous intervention of the International Monetary Fund (IMF), warning that its influence is exacerbating Pakistan’s economic struggles.
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Employers criticize increase in key policy rate
Karachi: Employers have strongly criticized the State Bank of Pakistan (SBP) for recent increase in policy rate amid rising inflation.
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