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  • Lack of banking channel hindering Pak-Iran trade potential: Iranian envoy

    Lack of banking channel hindering Pak-Iran trade potential: Iranian envoy

    KARACHI: Consul General of Iran Ahmad Mohammadi has said that there is a huge potential to enhance bilateral trade and economic relations between Iran and Pakistan in a variety of subjects but there are also some difficulties hindering smooth trade between the two brotherly countries that need to be addressed, of which the lack of proper banking channel remains at the top.

    Speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI), the Iranian Consul General, while acknowledging the official trade volume highlighted by President KCCI, said that all these trade figures were correct but the actual trade volume was much higher as a lot of indirect trade was going on between the two countries because of lack of banking channel.

    “We, at the Iranian Consulate, are very serious towards resolving all the issues so that the bilateral trade and economic relations could be strengthened”, he added.

    General Secretary Businessmen Group AQ Khalil, President KCCI Agha Shahab Ahmed Khan, Senior Vice President Arshad Islam, Vice President Shahid Ismail and KCCI Managing Committee Members along with Commercial Attaché Mehmood Haji Yousufi Pour and Commercial Counsellor Amir Mehdi Amir Jaffary attended the meeting.

    Iranian Consul General further stated that one of the most important action for increasing the existing bilateral trade was business communities’ participation in numerous exhibitions being staged either in Iran or Pakistan.

    “Almost two-and-a-half years ago, we staged Iran’s Solo Trade Exhibition here in Karachi which was very successful, bringing the business communities more close to each other. More such exhibitions must take place either in Karachi or in Tehran or any other city of Iran that would surely pave way for much improved trade ties”, he added.

    Referring to Prime Minister Imran Khan’s visits to Iran particularly his meeting with the Iranian President, Ahmad Mohammadi stated that both leaders have expressed their intention to further improve trade and economic ties between the two brotherly countries hence, the trade volume was likely to increase in the days to come.

    He informed that the Iranian Consulate will be receiving two separate delegations in near future from Iran Chamber of Commerce which will be attending an event in Karachi being organized by Islamic Chamber of Commerce & Industry while another delegation from Tehran Chamber of Commerce will also be here to attend the Build Asia Exhibition.

    “We are trying to receive more delegations from Tehran Chamber so that they could hold negotiations with their Pakistani brothers to seek ways and means of how to improve bilateral relations.”

    While congratulating the new team at KCCI, Iranian Consul General hoped that during their tenure, KCCI Office Bearers will make efforts to improve trade relations with Iran by sending delegations and participating in numerous exhibitions in Iran. “The Iranian Consulate and KCCI have continuously maintained good relations. I and my colleagues firmly believe that KCCI is our second home in Karachi”, he added.

    Earlier, President KCCI Agha Shahab Ahmed Khan, while welcoming the Iranian Consul General, stated that despite being brotherly countries, trade remains low hence, Pakistan and Iran must make collective efforts to explore new avenues. It has always been KCCI’s struggle to promote bilateral trade and the Chamber has a very positive approach towards improving trade ties particularly with neighboring countries.

    He pointed out that the bilateral trade between Pakistan and Iran was much less than the potential as Pakistan exports stood at a mere $330.2 million while the imports were around $1.247 billion during 2018.

    Agha Shahab noted that the negotiations on Free Trade Agreement (FTA) are underway as both the countries have shared their desire of upgrading Preferential Trade Agreement (PTA) into Free Trade Agreement (FTA) for which initial drafts have already been shared while the State Bank of Pakistan has also shared draft of Memorandum of Understanding (MoU) for signing its Banking Paying Arrangement (BPA) with Iran’s Iranian Bank Markazi Jomhouri. Both countries have already signed MoU through which channels would be opened in the central banks of both the countries for trade transactions that would reduce the usage of dollar account for Letter of Credit (LC) clearance.

    He hoped that the desperately needed proper banking channel between Pakistan and Iran becomes a reality soon which would surely boost the existing trade ties.

    He was of the opinion that abundant opportunities were available in the Iranian dairy, livestock, meat and beverages sectors for Pakistani traders and investors while Pakistan can also take benefit of Iran’s petrochemical sector.

    Agha Shahab underscored the need to sort out infrastructural constraints to enhance bilateral trade via Quetta-Taftan land route whereas regular operation of ECO container train will lend impetus to cargo and transit facilities between the two countries.

    While underscoring the need for a realistic approach, President KCCI said that KCCI was keen to strengthen trade ties with their counterparts in Iran.

    “We want to strengthen ties and establish strong connection with Tehran Chamber of Commerce & Industry by signing a Memorandum of Understanding with a view to improve cooperation between both Chambers. We would also like to send a trade delegation to explore new avenues for enhancing trade and investment ties between the two brotherly countries”, he added.

  • SBP urged to direct banks for accepting sales tax refund bonds

    SBP urged to direct banks for accepting sales tax refund bonds

    KARACHI: The business community has urged State Bank of Pakistan (SBP) to issue directives to banks for accepting sales tax refund bonds in order to ease hardship in liquidity issues, especially for the exports.

    Karachi Chamber of Commerce and Industry (KCCI) in this regard wrote a letter to SBP Governor Reza Baqir and apprised him about the government papers, which were issued by the Federal Board of Revenue (FBR) against the stuck up refunds, but despite inclusion in the Sales Tax Act, 1990 the banks were not accepting those.

    Agha Shahab Ahmed Khan, President, KCCI in the letter said that due to liquidity crunch the exporters had no option but to curtail their production and were trying to maintain their share in the existing international market.

    “The situation has worsened to such an extent that our exporters simply cannot explore any new market to raise the exports due to lack of funds which, if not timely addressed, is likely to have a negative impact on Pakistan’s economy which is already under immense pressure and is struggling hard to narrow the current account deficit.”

    He said that the Federal Board of Revenue (FBR) has issued Bonds to the claimants and as per provisions of section 67-A of the Sales Tax Act-1990, these bonds shall be traded freely in the Country’s secondary markets and they will be accepted by the banks as Collateral.

    “However, despite specific directions in the relevant Act, these bonds are neither being traded freely in the market nor being accepted by the banks, creating severe liquidity problems for the exporters who are unable to finish their export orders, hence the situation was likely to shrink the overall exports and may also result in further depreciation of the desperately Foreign Exchange reserves of the country which requires Governor State Bank’s indulgence.”

    He stressed that the State Bank has to ensure compliance of the statutory provisions as soon as possible. “Almost a month has passed so far but no relief has been provided to minimize the grievances being faced by the exporters.”

    He was of the opinion that the exporters were already going through the toughest time due to ‘Creative Destruction’ which has made many Pakistani products obsolete in the international markets whereas they are terribly suffering due to high cost of doing business, stagnant industrial activities, the highest ever inflation and many other issues particularly the stuck up refund claims that needs to be resolved and the claimants must get their legitimate refunds on top priority.

  • FPCCI hopes Pak-China FTA Phase II to be instrumental for bilateral trade

    FPCCI hopes Pak-China FTA Phase II to be instrumental for bilateral trade

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) hoped that the second phase of China-Pakistan Free Trade Agreement (FTA) will be instrumental in enhancing the bilateral trade to its optimum potential.

    FPCC president Engr. Daroo Khan Achakzai in a statement on Saturday appreciated the strenuous efforts made by the Prime Minister and his team in preparation of long awaited China-Pakistan Free Trade Agreement (CPFTA) – II in consultation and consensus of all the stakeholders and making it operational w.e.f. December 1, 2019 which will witness Chinese investment in all sector.

    The FPCCI Chief hoped that the CPFTA-II would be instrumental in enhancing the bilateral trade to its optimum potential, exploring the new areas of joint ventures, transfer of Chinese technology to Pakistan as it had thin industrial based as compared to China, broadening and protecting indigenous industries and improving Pakistan’s trade balance with its counterpart.

    He recalled that under FTA Part-I Pakistan had benefitted to the tune of only 4 percent whereas rest was derived by the China.

    While commenting on the statement of the Advisor to the PM on Commerce, Textile, Industries and Production and Investment published in some section of newspapers, he clarified that FPCCI has always advocated / supported the decisions of the government in the best interest of Business Community and flourishing of business environment to make Pakistan economically stable and sound.

    Being apex body of trade & industry of Pakistan FPCCI has all the capability and expertise to contribute in government efforts in expansion of all economic sectors such as manufacturing, investment, export etc. He said that the FPCCI status and its role should not be undermined as it has representation all members of trade and industry on its board across the country.

    He also hailed the efforts of the government in the development plan of Balochistan and KPK under CPEC which will definitely eradicate their economic issues particularly unemployment and poverty and will bring least developed rural areas of Balochistan and KPK at par with the other part of Pakistan.

  • Business community demands Pakistan Customs to launch Authorized Economic Operator certification

    Business community demands Pakistan Customs to launch Authorized Economic Operator certification

    KARACHI: The business community has demanded Pakistan Customs of launching Authorized Economic Operators (AEO) certification program, which will enable business and industrial units to become trustworthy member of international supply chain.

    In view of its significance and importance, it is imperative that Pakistan Customs, being member of the World Customs Organizations, should immediately launch the AEO Certification program without further delays to rank among the countries having fully operational AEO program.

    AEO certificate will enable the business and industrial entities to become the trustful member of international supply chains and to comply high security standards.

    This was stated by Muhammad Jawed Bilwani, Focal Person, Authorized Economic Operators’ Stakeholders Group notified by Pakistan Customs & Chairman Pakistan Apparel Forum.

    Exchanging views in the first meeting of Authorized Economic Operators’ Stakeholders Group held on Wednesday at the PHMA House Karachi, he articulated that Pakistan Custom is envisaging a robust taxpayers facilitation program in their supply chain according to International Standards.

    Many countries have successfully introduced such programs under “Authorized Economic Operators (AEOs). Under the anticipated AEO program for Pakistan, eligible businesses will be recognized as credible clients and they will accrue various benefits, nationally and internationally, in accordance with their AEO status. AEO Stakeholders group will seek inputs and recommendations from the business and industrial community of Pakistan to successfully launch the AEO program from Pakistan.

    In a presentation to the AEO Stakeholders’ Group, Saeed Akram, Collector (Customs) briefed that the Pakistan Customs is the member of World Customs Organization which comprise of 182 members divided into six regions and responsible for processing of 98 percent of the international trade.

    The Customs role has been evolved and transformed from the Revenue Collection to Economic Development and Security with focus on Supply Chain.

    One of the pillars of WCO’s Framework of Standards to Secure and Facilitate global trade (SAFE) which is a partnership / cooperation program between customs and trade aiming to secure and facilitate global supply chain security through Mutual Recognition Agreements (MRAs).

    According to the World Customs Organization (WCO), an authorized economic operator (AEO) is a party involved in the international movement of goods in whatever function that has been approved by or on behalf of a national Customs administration as complying with WCO or equivalent supply chain security standards.

    Authorized Economic Operators include inter alia manufacturers, importers, exporters, brokers, carriers, consolidators, intermediaries, ports, airports, terminal operators, integrated operators, warehouses and distributors.

    AEO is a voluntary program wherein any economic actor in the international supply chain having dealing with the Customs can participate. Currently, AEO program is operational in 83 countries while under-developed in 18 countries which includes Pakistan.

    To launch AEO program in Pakistan, the Government has introduced Section 212A of Customs Act, 1969 and also drafted Rules.

    The ECC has also approved summary for introduction of AEO in Pakistan and timeframe for launch of AEO/MRA is communicated to WCO while discussions with Business Community initiated to Finalize Recommendations.

    In another presentation, Sheeraz Ahmed, Additional Collector (Customs) highlighted that Comprehensive AEO Program has been conceived covering all sector directly dealing in international trade, mainly the exporters and importers.

    Proposed Benefits on AEO Certifications are Speedy green channel and high level of facilitation in imports / export consignments, thereby ensuing shorter cargo release time – Priority Placement, Assessment & Examination and Scanning on priority by giving front line of treatment, Facility of Direct Port Delivery (DPD) and/ or Direct Port Entry(DPE): Facility of self -sealing of export goods, Facility of deferred payment of duty/taxes, Automated disbursal of drawback amount within 72 hours of the clearance of export GD, 50 percent reduction in the quantum of required Bank Guarantee,

    Speedy completion of valuation, classification disputes/Investigations – issuance of special rulings, 24/7 clearances on request, if required, at all sea ports and airports, Single point of assistance to AEOs through designated relationship officer in relation to legitimate concerns, Access cards for hassle free entry to Custom Houses, terminals, off-dock terminals and dry ports.

    Benefits under consideration are account-based processing rather than transaction-by-transaction clearance of accounts; Low documentary and data requirements; Choice of location for control/clearance of goods at the premises of the authorized economic operator or another place authorized by customs; Faster clearance at transit points and fewer checks en-route; Prior notification and treatment in case of selection for physical controls; Priority use of non-intrusive inspection techniques when examination is required; Reduction of applicable fees or charges for AEOs; Deferred payment of duties, taxes, fees, and charges or periodic payment of duties/taxes; Tax privileges to be granted by speedier processing of tax refunds, drawback, and other permissions/authorizations; Extended Customs services beyond normal working hours; Priority response to request for rulings from Customs authorities; Eligibility for self-audit or reduced audit programmes etc.

  • New concessional list should be considered under Pakistan, Malaysia FTA

    New concessional list should be considered under Pakistan, Malaysia FTA

    KARACHI: Consul General of Malaysia Khairul Nazran Abd Rahman has said that Malaysia and Pakistan need to agree upon on a new concessional list under the existing Free Trade Agreement (FTA).

    Large number of requests have been received from different segments for addition of numerous items in the FTA list in which Pakistani Basmati rice was also not included hence it was being imported by Malaysia from India and Vietnam.

    Speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI), Malaysian CG said that as Pakistani Basmati rice was not in the FTA list, it was not competitive when compared with other countries exporting this important commodity to Malaysia.

    “Meanwhile, the business communities of both countries must hold regular interactions in order to fully utilize and benefit from the existing FTA which would certainly improve the existing trade ties between the two brotherly countries”, he added.

    General Secretary Businessmen Group & Former President KCCI AQ Khalil, President KCCI Agha Shahab Ahmed Khan, Senior Vice President Arshad Islam, Vice President Shahid Ismail, KCCI Managing Committee members and others also attended the meeting.

    Malaysian Consul General pointed out that the volume of trade improved marginally by 2.5 percent to US$1.47 billion in 2018 as compared to US$1.34 billion in 2017. “Malaysia’s Palm oil is a major product, which alone represents 47 percent of total trade while other traditional products including Pakistani textiles are also being exported to Malaysia. We need to do more and must take advantage of the FTA which was enforced in 2008 and must also focus on non-traditional items as well”, he added.

    He said that Malaysia and Pakistan must not remain confined to improving the political and economic ties only but other areas of strategic importance particularly defense, education and tourism must also get special attention from both sides. “We are now focusing on promoting and cooperating in the tourism sector as our cooperation has remained mostly on trade and investment. The tourism sector, having immense potential, has to be given attention which would prove beneficial for the two nations”, he added.

    Congratulating the newly elected Office Bearers, the Consul General said that KCCI was not a stranger for him as it was his second visit to this Chamber after assuming charge as Consul General in Karachi last year in the month of June 2018. My intention of today’s visit to KCCI is to explore trade and investment opportunities and identify the potential sectors, particularly the non-traditional goods.

    Referring to Malaysian Prime Minister Mahathir Bin Mohamad’s visit to Pakistan and PM Imran Khan’s visit to Malaysia, he said, “Both countries have new governments in place and a lot of discussions have taken place and now we need to see the results. Hence, it is right time for the business communities to focus more on improving trade and investment”, he added.

    Speaking on the occasion, President KCCI Agha Shahab Ahmed Khan said, “Today we are living in the 21st century in which nobody is neither dependent nor independent but everyone of us are inter-dependent. Hence, we all must live in harmony and focus on expanding ties particularly in those sectors where there was a comparative advantage.”

    Commenting on the scenic sites in the northern areas of Pakistan and Malaysia, he said that Pakistanis were keen to visit Malaysia to see its natural beauty but many of them were unaware of the tourism opportunities in Malaysia and same was the case with Malaysians who don’t know much about the mesmerizing landscapes in northern areas of Pakistan. In this regard, both sides will have to make efforts and devise effective strategies to promote the tourism sector.

    To improve the existing trade ties, he opined that Pakistan can exports many of its traditional and non-traditional goods to Malaysia particularly rice, furniture, electric cables, cosmetics, jewelry, food stuff and many other products in which the country has got comparative advantage.

    He further advised the Malaysian CG to arrange visit of a Malaysian delegation to Karachi and after identifying the potential sectors, the Karachi Chamber will also look into the possibility of sending relevant delegations to Malaysia so that the trade and investment ties between the two countries could prosper.

    Agha Shahab also stressed that the existing FTA needs to be revisited and updated with a list of products having good potential for penetrating into the Malaysian market whereas both countries must also look into the possibility of undertaking joint ventures in the Halal food sector.

    He also invited the Malaysian business community to participate in 17th My Karachi – Oasis of Harmony Exhibition scheduled to be organized at the Expo Center from April 17th to April 19th, 2020 which would surely provide a perfect networking platform and help them in identifying the potential products which can be supplied in the Pakistani markets.

  • Overseas investors spend Rs5.5bn for CSR activities

    Overseas investors spend Rs5.5bn for CSR activities

    KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) member companies spent Rs 5.5 billion during 2018-2019 and directly benefited 5.8 million people across Pakistan as part of its Corporate Social Responsibility (CSR) activities.

    As per 2018-19 Corporate Social Responsibility (CSR) Report, which highlights the key social and community related activities of foreign investors operating in the country, member companies continued their efforts for community welfare and collective good the employees.

    There has been growing realization among the businesses that fulfilling social responsibility means doing good business.

    Hence, there has been a widespread engagement of the leading corporates in adopting various forms of social activities depending upon the need of the society in their area of operations.

    The landscape of CSR initiatives and activities is improving rapidly as the corporate sector in the country has been widely adopting the CSR and Sustainability practices and making them permanent feature of the businesses.

    The social areas such as education, human capital development, healthcare, nutrition, environment and infrastructure development are the main focus of the businesses to reach out to the underprivileged sections of the population.

    About 200 leading foreign investors as part of OICCI platform are among other members who besides doing good business, are investing over Rs300 billion annually in expanding their footprint, contributing a lion’s share of the tax revenue of the country, are also rated as the trendsetter and among the prominent social developers of Pakistan through their CSR and sustainable initiatives.

    As a result of untiring CSR activities of 82 OICCI members only during 2018-2019, over Rs5.5 billion were invested on CSR and reached out to around 58 million direct beneficiaries throughout Pakistan.

    OICCI members and their employees spent around 1.2 million man-hours and partnered with 160 social and development sector organizations in fulfilling their unique CSR program.

    The geographic distribution of the CSR activities has been 32 percent in Sindh, 27 percent in Punjab, 15 percent in Khyber Pakhtunkhwa, 10 percent in Balochistan, 8 percent in Azad Kashmir, and 4 percent each in FATA and Gilgit-Baltistan.

    In terms of specific social sector, Human Capital Development and Health and Nutrition remained key focus areas. Human Capital Development initiatives attracted the attention of 90 percent of the members helping to meet the growing need for improving the human development in the country.

    Many of the members have funded new school facilities and made contributions towards vocational training programs for skills development of the youth.

    Moreover, 86 percent of the members actively supported health and nutrition related initiatives through donations to reputable hospitals, medical care camps and health awareness campaigns. Infrastructure Development was also one of the growing areas of interest for 65 percent of the members who assisted communities in the vicinity of their respective major operating facilities.

  • APTMA praises policies to make textile industry viable after 10 red years

    APTMA praises policies to make textile industry viable after 10 red years

    KARACHI: As a result of the progressive policies and personal interest of the Prime Minister especially by providing regionally competitive energy tariffs the textile industry has become viable after remaining in the red for 10 long years, All Pakistan Textile Mills Association (APTMA) said in a press release on Wednesday.

    The textile industry has achieved a record increase of 26 percent growth in quantitative terms although this did not directly reflect in the dollar amounts due to a substantial worldwide decrease in textile prices.

    However if this 26 percent increase in quantity had not been achieved the exports would have been less than $ 8.5 billion, the international prices have now recovered. As per records, profits of the companies were over 5 percent.

    The companies have posted a turnover of $ 16 billion out of which $ 13.3 billion was exported and $ 2.8 billion were sold in the domestic market.

    Industry has contributed to the exchequer through income tax of Rs. 40 billion as well as various other indirect taxes and levies of over Rs. 35 billion. The importance of the industry can be assessed from the fact that it also employs over 10 million workers with many more dependents.

    As a result of the confidence reposed by the Prime Minister in the industry and the appointment of a dedicated Task Force to not only formulate but ensure implementation of a progressive textile policy, Industry is all poised to take off and double exports in the next four years. Industry as a result of the profits posted has strong balance sheets and an equity fund of US $ 1 billion earned directly from the international market. These funds can be leveraged to invest at least $ 4 billion in the next year alone.

    “We profusely thank the Prime Minister for having taken personal ownership and stewardship of the industry and chaired over a dozen meetings with the industry during this last year to resolve their issues,” the association said.

  • Reforms showing improvement in economy: SBP governor

    Reforms showing improvement in economy: SBP governor

    KARACHI: The reforms to address the macroeconomic challenges faced by the economy are now beginning to bear fruit and improvement in the external sector has become visible, said Dr. Reza Baqir, Governor, State Bank of Pakistan (SBP).

    “Restoring stability will promote investment in the country and thus economic growth,” the SBP governor said during an interactive session with leading foreign investors at the Overseas Investors Chamber of Commerce and Industry (OICCI). Governor was accompanied by the senior leadership of the SBP.

    The SBP governor noted that the bold measures taken in recent past were painful but necessary.

    He elaborated that the average monthly current account deficit, which has been a prime concern for the economy, has halved, export volumes have been growing, non-borrowed foreign exchange reserves have stopped falling and in fact begun to grow, and pressures on inflation are expected to recede from the second half of the current fiscal year.

    President OICCI, Shazia Syed, Vice President OICCI, Shazad G. Dada and Secretary General OICCI, M. Abdul Aleem, highlighted the significant economic contribution of foreign investors at OICCI, who are among the largest economic stakeholders and have invested over $13 billion in the past seven years and continue to have a positive view of the opportunities for investment despite the ongoing challenging economic environment in the country.

    OICCI shared with Dr. Reza Baqir the key highlights of its annual survey on remittances and complimented the Governor that despite extreme pressure on the FX reserves in the past twelve months, the SBP did not delay the remittance of profit, which was appreciated by the foreign investors.

    However, concerns on some other areas were raised and OICCI sought Governor’s support in facilitating different matters in the light of its policies towards improving ease of doing business in Pakistan.

    OICCI members presented a comprehensive list of recommendations to facilitate doing business in Pakistan including proposal for doing away with additional approvals for remittance which are as per registered contract, and proposed that an online portal be established allowing banks to upload the request and supporting documents.

    Dr. Reza Baqir appreciated the contribution of OICCI members to the national exchequer and announced various measures to further streamline the processes for improving ease of doing business.

    “SBP is moving towards digitalization and proactive engagement that will address the major issues systematically,” informed the Governor.

    He promised to consider various OICCI recommendations and agreed on the need for continuous dialogue with the OICCI members inviting the Managing Committee to meet the SBP’s leadership at regular intervals for timely resolution of the issues.

  • Karachi Chamber expresses concerns over pathetic performance of new refund issuance module

    Karachi Chamber expresses concerns over pathetic performance of new refund issuance module

    KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has expressing deep concerns over the poor and pathetic performance of the recently launched Fully Automated Sales Tax e-Refunds (FASTER) module.

    In a statement on Wednesday he stated that FBR claimed of processing payments of Sales Tax Refunds for the tax period July 2019 within 72 hours on September 2, 2019 through FASTER module but the ground reality was totally contrary to this claim as many exporters have not received anything and are running from pillar to post at various departments of FBR to get their claims processed and released.

    Agha Shahab pointed out that many exporters from different parts of the country have not received outstanding refunds for July 2019 which was really worrisome and too disappointing for the Business and Industrial Community as the FASTER module was launched with a commitment to release refunds within 72 hours but it was not happening at all, which has intensified the hardships for exporters who are finding it almost impossible to stay afloat due to delays in release of refund claims and rescission of SRO 1125(I)/2011 dated 31.12.2011, which allowed zero-rating of inputs of five export-oriented sectors.

    “It was a matter of grave concern that a system titled FASTER for processing refund claims within 72 hours, has actually made the entire process too messy and cumbersome while the FBR officers in Islamabad were also totally unaware and confused because of the so-called FASTER system hence, it should be remained as SLOWER”, he criticized.

    President KCCI said that it has been a month since the first tranche was processed via FASTER module but many exporters have not received funds, creating severe liquidity crunch for the exporters from five export-oriented industries which clearly indicates that FASTER system has failed miserably to improve the situation in fact it has made the refunds process more cumbersome and slower.

    While referring to Prime Minster’s recent meeting held to discuss economic issues and the problems being faced by business community, Agha Shahab requested PM Imran Khan, Advisor to Prime Minister Hafeez Shaikh, Minister of State for Revenue Hammad Azhar and Chairman Federal Board of Revenue Shabbar Zaidi to take notice of the hardships being faced by the perturbed exporters and issue strict directives for improving the performance of FASTER module in order to save the export oriented industries from further crises which, if not timely addressed, would certainly have a deep negative impact on Pakistan’s economy particularly in a situation when all out efforts were being made by the present government to somehow reduce the current account deficit.

    He was fairly optimistic that keeping in view the government’s resolve towards ensuring the Ease of Doing Business, the decision makers would pay attention to this serious issue and order the concerned department to improve FASTER’s performance which would certainly be warmly welcomed not only by Karachi Chamber but also by all other stakeholders from across the country.

  • Karachi Chamber demands complete ban on car imports

    Karachi Chamber demands complete ban on car imports

    KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has demanded complete ban on import of luxury cars and those goods, which are already available in Pakistan.

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