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Category: Trade & Industry

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  • Pak-Afghan Chamber hails decision to open Torkham border round the clock

    Pak-Afghan Chamber hails decision to open Torkham border round the clock

    KARACHI: The announcement of keeping the Torkham border open for 24/7 was highly well-received by the business communities across the border and is surely a step in the right direction, however, it is critical to ensure that upgraded infrastructure and well-equipped & competent staff is in place to tackle the challenges.

    Zubair Motiwala, Chairman, Pakistan-Afghanistan Joint Chamber of Commerce and Industry (PAJCCI) Chairman, appreciated the initiative of Prime Minister with an aim to increase bilateral trade ties between the two countries, but he also iterated that this single step needs to be intertwined with other confidence building measures that should reduce the trust deficit across the border.

    The Border management system, including quick processing at the border, scanning facility in place, appropriate number of manpower with the desired skill set should also be ensured. The congestion and infrastructure challenges at port leading to delays which is further aggravated by dilapidated road conditions also reduces the speed of consignments reaching the border, which needs to be looked into to reap the benefits from this endeavor.

    During a meeting with customs officials, it was highlighted that Torkham border has one gate which is used for the movement of all types of cargo, including Transit, Trade (Import / Export) and Empty Containers that limits the efficacy of border facilitation, this not only increases the time of processing but also creates a backlog.

    The electricity and internet disconnects also cause significant issues as it hampers the operation of WeBoC system, leading to the piling of documents that needs pre-processing for clearance of the consignments. The most critical issue highlighted was limited manpower on the border, which in normal working conditions is also not sufficient.

    Motiwala commented that it is heartening to see that these matters were taken under perspective by the Government and as highlighted during the visit of Chief Minister Mahmood Khan, the arrangement at border for ensuring round the clock functionality were deemed satisfactory. PAJCCI Chairman believed that if these issues are curbed then this investment at the border will surely support enhancement in trade and facilitation of transit.

    He also iterates the need to ensure the same across the border so that the benefits can be achieved mutually through an efficient border system on both the sides.

    Co-Chairman PAJCCI, Khan Jan Alokozai also welcomed the initiative of Pakistan Government to keep the border operational 24/7 and hope to see it replicated at the Chaman and Ghulam Khan borders as well.

  • KCCI seeks 90-day extension for clearance relaxation in printing retail price

    KCCI seeks 90-day extension for clearance relaxation in printing retail price

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has urged Federal Board of Revenue (FBR) to extend the relaxation for further 90 days that was given for clearance of imported items without printing of retail price.

    Junaid Esmail Makda, President, KCCI has requested the FBR to extend the relaxation given for clearance of imported items under Third Schedule without printing of retail price or affixing stickers for 90 more days as the import orders were booked in advance for around 3 to 6 months while the packaging of the ordered products was already designed and printed at the initial stage.

    In a letter sent to Chairman FBR Shabbar Zaidi, President KCCI stated that on KCCI’s request FBR gave an extension of just 15 days for the implementation of the said condition but it was too short for importers to fulfill the new requirements and the process still remains incomplete, hence, the relevant notification should be extended for 90 days.

    He was of the opinion that it was not possible to re-print MRP on the old stock while any request of making changes at the eleventh hour are unacceptable to the sellers and spoils the credibility / goodwill of the trader.

    “The MRP cannot be assessed by the importer as they sell their imported goods to dealers who sell to distributors and they subsequently sell to retailers across the country while the end retail price including all the margins was determined afterwards which varies in different cases and cannot be standardized across Pakistan”, he added.

    He said that KCCI has received repeated requests from the importers that they were facing severe problems in meeting the requirements of printing Minimum Retail Price (MRP) on items added under the Third Schedule. In the Finance Act 2019-20, Sales Tax has been imposed at the import stage based on the printed MRP and many new items have been added to the Third Schedule of Sales Tax Act 1990.

    He said that on KCCI’s request, FBR allowed clearance of imported Third Schedule items without printing of retail price or affixing stickers for which goods declaration are filed by 31st July, 2019 subject to the condition that the importer declares retail price for each of the imported items for the assessment of sales tax vide Sales Tax General Order No. 102 / 2019 dated July 15, 2019 to clear the backlog at the ports.

    He reiterated that it is impractical to pre-assess and then print the MRP at import stage on each and every item as a lot of factors affect the retail prices of the products like currency fluctuations, packing style, fragility and size of product, distance from ports &, transportation costs, market dynamics, competition, shelf life, and uncertainties of sale in future especially for seasonal items.

    Hence, Junaid Makda requested to withdraw the condition of printing MRP on imported goods or otherwise, allow MRP of the imported items to be declared on WEBOC along with the Goods Declaration (GD) for tax assessment purposes instead of being printed on each and every imported item. After the imposition of MRP, what will be the status of Import Trade Price (ITP) / Customs Valuation of items in the third schedule which also needs to be clarified, he added.

  • KCCI hails withholding tax exemption to yarn traders

    KCCI hails withholding tax exemption to yarn traders

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has hailed the decision of Federal Board of Revenue (FBR) to exempt withholding tax for yarn traders.

    In a statement issued on Monday President KCCI Junaid Esmail Makda appreciated the FBR for holding numerous meeting with KCCI and taking into consideration KCCI’s suggestion pertaining to exemption of withholding tax to yarn traders into consideration as they were overburdened with additional taxes.

    Makda pointed out that under Section 45A of Part IV of the Income Tax Ordinance about Exemption from Specific Provisions, the sales, supplies and services made by traders of yarn to taxpayers from textile & articles, carpets, leather and Articles including artificial leather footwear, surgical goods and sportswear sector will not be subjected to deduction of withholding tax.

    He said that such traders of yarn shall pay 0.1 percent minimum tax on their annual turnover on monthly basis on the 30th day of each month and monthly withholding tax statement shall be e-filed under the provision of section 165 of the Income Tax Ordinance, which was widely being demanded by relevant stakeholders.

    He hoped that misinterpretation and incorrect application of Section 113 of Income Tax Ordinance which was against the spirit of SRO 333 (I) 2011 will not be repeated again and FBR would continue to take more such steps which were badly needed as the loyal taxpayers from different sectors of the economy were facing immense hardships and were finding it hard to continue their businesses because of exorbitantly high cost of doing business which must be brought down to provide a level playing field and make Pakistani goods competitive.

  • UAE announces opening visa centers at Karachi, Islamabad

    UAE announces opening visa centers at Karachi, Islamabad

    KARACHI: United Arab Emirates (UAE) has announced to open visa centers in Karachi and Islamabad this year in order to facilitate Pakistanis, said UAE Ambassador Hamad Obaid Alzaabi.

    UAE Embassy will be opening a visa center in Karachi which will become operational in the first week of September 2019 while another visa center will also become functional in Islamabad in the first week of October 2019 which would provide all facilities here in Pakistan.

    “Everything will be here including the medical insurance, checkups and the contracts etc. to facilitate visa issuance from the visa center in Karachi which will be the biggest visa center of Asia while the entire team for this Visa Center at Khayaban-e-Shamsheer in Karachi will come from UAE”, he added while exchanging views at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI) on Friday.

    Deputy Consul General of UAE Bakheet Ateeq Alremeithi, Chairman Businessmen Group & Former President KCCI Siraj Kassam Teli, President KCCI Junaid Esmail Makda, Senior Vice President KCCI Khurram Shahzad, Vice President KCCI Asif Sheikh Javaid and KCCI Managing Committee members were also present at the meeting.

    While expressing gratitude to KCCI for extending warm hospitality on his visit to KCCI, UAE Ambassador said that he has visited many areas of Pakistan including Faisalabad, Sialkot, Lahore, Peshawar, South Waziristan and Quetta but Karachi was one of the most important cities of Pakistan where social life, atmosphere, culture and people were very different as compared to other areas including Islamabad.

    UAE Envoy stated that relations between Pakistan and UAE have always been very strong and historical but there was a need to further build these relations by exploring the opportunities and potential areas for enhancing trade and investment. “The governments of UAE and Pakistan are working very hard to narrow the gap and find opportunities, chances and potential for trade and investment”, he added.

    “We are trying to find new areas of cooperation where we could work together and also examining the challenging areas so that these could be addressed by the authorities in UAE. Inshallah we will put our hands together to move forward in future”, he added.

    He further informed that UAE was now offering Silver Investment Visa for 5 years and Golden Investment Visa for 10 years which were being issued under a specific criteria and depend on the size of a company and also the amount being invested.

    He stressed the need for having legal framework between UAE and Pakistan to encourage and save investments made either in Pakistan or in UAE.

    Agreeing to President KCCI’s suggestion of signing a Memorandum of Understanding between KCCI and UAE Chamber, he said it was really important so that a framework could be defined because when there was a gap and no official visits, the business communities and Chambers of Commerce simply will have no idea about the business potential in Pakistan and UAE. “Any suggestion from Karachi Chamber which pertains to signing MoUs, agreements, workshops, conferences and seminars will certainly be taken into consideration”, he assured, “We are ready to support you and whatever you need, we are always there at the UAE Embassy and Consulate in Karachi to assist you.”

    Chairman BMG & Former President KCCI Siraj Kassam Teli, in his remarks, appreciated the support and cooperation being extended by UAE’s Embassy and its Consulate in Karachi as they have been fully facilitating KCCI’s visa requests from time to time and they haven’t faced any problems at all in this regard. However, he requested the Deputy Consul General to devise some kind of system in collaboration with KCCI so that visas could be issued to credible businessmen and industrialists with a personal guarantee by KCCI. He informed that Karachi Chamber thoroughly reviews and verifies all the documents being submitted by its members intending to obtain KCCI’s visa recommendation letter so that only genuine businessmen could avail this facility.

    He also requested the Ambassador to only entertain visa recommendation letters and requests from those Chambers of Commerce and trade associations which were legally registered at the Ministry of Commerce. In Pakistan particularly in Karachi, there were a lot of paper-based and bogus forums and Councils etc. which were not legally registered, he noted, adding that in this regard, UAE Embassy can easily obtain a list of all legal Chambers of Commerce and trade bodies along with their jurisdiction details from the Ministry of Commerce that would help in better understanding the legalities and jurisdictions of 42 Chambers of Commerce and around 120 sector-specific trade associations in Pakistan, he added.

    While welcoming the UAE Ambassador, President KCCI Junaid Esmail Makda expressed the intention to sign a Memorandum of Understanding with UAE Chamber in order to improve the trade and investment ties and bring business communities more close to each other. “We should work collectively to enhance bilateral trade and deal with all the irritants and barriers, particularly the non-tariff barriers between the two countries.”

    He said that although tourist visa was being offered without any problem but the UAE government must also look into the possibility of issuing business visas to Pakistan’s business community.

    Junaid Makda informed that around 1.6 million Pakistanis were residing in different cities of UAE. The country received remittance of $4.62 billion from UAE during Fiscal Year 2019, making it one of the most attractive destination for Pakistani workers.

    He said, “Pakistan was going through a very hard time in terms of economic conditions but UAE’s support has been remarkable and we are very grateful for helping Pakistan with $3 billion balance-of-payments support.

  • FPCCI urges government to resolve issues of small traders

    FPCCI urges government to resolve issues of small traders

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday urged the government resolves problems of small traders in order to keep the economy move forward.

    Engr. Daroo Khan Achackzai, President FPCCI, S.M. Muneer, Iftikhar Ali Malik, Former Presidents, Senior Vice President and Vice Presidents, Mian Zafar of Faisalabad Small Traders Chamber, Dr. Noman Idrees Butt and Business Community of Pakistan strongly support new government initiative to efforts to document the economy and expanding tax net that will definitely boost socio-economic development and economic prosperity of the people of Pakistan.

    The FPCCI always proactively engage with the government to bring foreign exchange through positive image of Pakistan and assures its support to help government on all economic fronts.

    The business community while appreciating the Prime Minister endeavor to re-track economy of the Pakistan has also requested that being the policy of the PM to solve all issues with consultation and concentration by involving real stakeholder to invite businessmen especially small traders who are suffering seriously due to some measures announced in the federal budget.

    Being the national institute of private sector the President FPCCI showed his serious concern on the problems of small traders and requests the prime minister to give us time and appointment to solve the latest burning issues on priority to keep the economy moving forward.

  • KCCI supports government resolve to tax all taxable incomes

    KCCI supports government resolve to tax all taxable incomes

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has supported efforts of the government to bring all taxable income into tax net.

    In a statement issued on Monday President KCCI Junaid Esmail Makda said that Karachi Chamber never supported any strikes and will continue to do so in future as well because strikes were neither in favor of the business community nor in favor of the government therefore, they strongly believe in negotiations which was also suggested by Chairman BMG during the abovementioned meeting with PM Imran Khan.

    He opined that the government has set an ambitious revenue collection target and we hope that the government could come close to achieving it as the country is in dire need of it.

    Junaid Makda stated that the government rightly emphasizes on strictly dealing with tax evaders particularly those who have been living lavish lives, frequently travelling abroad, having huge properties and extravagant vehicles while their kids were also studying in foreign universities but during this course of action no injustice be done to any innocent.

    “Our Prime Minister, State Minister, PM’s Advisor, Chairman FBR and other lawmakers have been claiming of possessing details of all such tax evaders and assuring to take strict action but I would like to suggest that the names of such elements who are the actual culprits must be publicized in the media. It is genuinely because of such elements that the loyal taxpayers have to bear the burden of exorbitant taxes which is a sheer injustice and needs special attention,” he added.

    While appreciating PM’s remarks pertaining to partnering with the business community in order to resolve issues and ensuring Ease of Doing Business which is the need of the hour, Junaid Makda requested a flexible approach while dealing with loyal taxpayers who hardly receive just 5 percent of facilities as compared to their contribution to the national exchequer.

    He further pointed out that hundreds of imported containers remain stuck up at the port either due to anomalies or any other issues emerging after the amendments. Although the Chairman FBR Shabbar Zaidi has assured to look into this matter but the business community would highly appreciate a more rapid approach with permanent solution to this issue in order to save businessmen from suffering serious losses on account of demurrage and detention charges.

    Chairman Businessmen Group (BMG) & Former President KCCI Siraj Kassam Teli and President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda, welcomed the assurance given by Prime Minister Imran Khan during his last meeting with Karachi’s business community, stated that the Karachi Chamber fully supports the government’s resolve to bring everyone into the tax net as higher number of taxpayers would result in dividing the tax burden and ultimately ensure relief to existing taxpayers who are currently overburdened with exorbitant taxes and duties.

    Chairman BMG and President KCCI categorically stated that Karachi Chamber’s membership base comprises of taxpayers only who all have valid NTN numbers. “KCCI firmly believes that everyone should pay taxes and it was a matter of pride for us that we represent a city that contributes a mammoth amount of more than 70 percent revenue to the national exchequer in shape of taxes, duties and other levies”, they said, adding that everyone should be taxed and no tax exemptions should be granted to favorites as it is the prime responsibility of every citizen to contribute towards the progress and prosperity of Pakistan by paying all the applicable taxes.

    The KCCI leadership further urged the FBR to post the city-wise taxation details and relevant statistical data on its website so that actual position could be brought into the limelight and other cities, which were contributing less taxes, must also be taken to task.

    Chairman BMG Siraj Kassam Teli commented that the government has devised numerous laws and amendments with a sincere intent to enhance tax collection but we fear that most of these laws and amendments which have enhanced discretionary powers to FBR officials even at lower level would only be used to harass the taxpayers in order to seek personal benefits and gratifications.

    “The government is serious towards improving the tax collection which we highly appreciate but the recently introduced laws and amendments need some review and scrutiny by independent individuals. These laws should be devised and implemented in such a manner that they don’t pave way for corruption but actually enhance the revenue”, he added.

    He was of the opinion that in order to achieve the desired results in terms of revenue collection, the government has simultaneously opened many fronts which have terribly disturbed the entire business cycle and it was the basic reason behind why they (the government) have been facing agitations and resistance.

    “It is requested to compare all the segments where taxes have been imposed verses the revenue expected and decide whether it is worth to take on that particular segment immediately or leave it for a while. We are not asking to leave anybody out of the net but wherever the implementation is not immediately possible it’s better to give some time and let the country move forward, he added.

  • FPCCI seeks removal of protective duties on Pakistani products by Turkey

    FPCCI seeks removal of protective duties on Pakistani products by Turkey

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged Turkish authorities to remove protective duties imposed on Pakistani products.

    “Turkey should remove local preventive in PTA/FTA with Pakistan,” said Engr. Daroo Khan Achakzai, President, FPCCI in a statement on Friday.

    He said that in the past textile exports to Turkey was based on normal tariffs of imports but later Turkey imposed protective duties i.e. 18 percent which were very high, leading to decline in the earlier registered increase in the textile exports to Turkey.

    The volume of bilateral trade between both nations drastically reduced from US$1.08 billion to US$792 million after imposition of protective duty on textile.

    He appreciated the efforts of Government of Pakistan and Turkey to enter into Strategic Economic Framework (SEF) for enhancement of bilateral relations in trade, tourism, healthcare, hospitality, industry, education, housing, agriculture, aviation and banking.

    He further stated that Pakistan and Turkey has concluded nine rounds of negotiations including SEF; but so far the reports/outcome of negotiation has been not shared with the concerned stakeholders.

    He emphasized on the need of strong home-working of the government with the consultation of stakeholders for formulating list of concessionary items for FTA in trade with Turkey.

    Turkey being part of customs union with the EU, providing assumption that Pakistan may also have access to Turkish market under GSP+ status.

    This assumption was diluted due to refusal of Turkey to extend GSP+ status to Pakistan and Turkey proposed conducting negotiations on bilateral FTA between both countries.

    The President FPCCI urged the government to resolve all antidumping and non-tariff barriers before entering into SEF.

    Textile, rice, cutlery, crockery, badges, Musical instruments, surgical instruments, gloves, footwear, sports good, construction materials and leather products are the main exportable items of Pakistan that needs special market access to Turkey by reduction in tariff rates.

    He also stated that Pakistan offer Turkish for their participation in special economic zones which may add to the quality competition in specific housing, food and pharmaceutical industries.

    He also underlined the need of activation of train service with Turkey in order to reduce trade cost and transit time as trade through sea is not cost effective for both the nation.

    He further added that Turkey should promote trade directly with Pakistan instead of third countries like importing of surgical items from Germany that are originally manufactured in Pakistan.

    He also underlined the need of simplification of visa procedure for genuine businessmen and traders. He further added that Pakistan and Turkey both are active members of ECO, Developing eight and Organization of Islamic Countries (OIC). FPCCI will take up the above issues in the meeting between FPCCI and TOBB in the forthcoming meetings, he added.

  • No compromise on documentation; PM refuses to withdraw CNIC condition

    No compromise on documentation; PM refuses to withdraw CNIC condition

    KARACHI: Prime Minister Imran Khan on Wednesday showed firm resolve to document the economy and flatly refused demands of business community to withdraw condition of CNIC on sales above Rs50,000.

    Representatives of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Karachi Chamber of Commerce and Industry (KCCI) met the prime minister at the Governor House. The entire prime minister’s team of finance and commerce was also present at the meeting.

    The business community urged the prime minister to withdraw the condition of CNIC at the time of sales, which was introduced through Finance Act, 2019.

    Sources said that the Prime Minister had refused the demand and told the business community that the businesses had to be documented. The prime minister said requirement of CNIC / information on above Rs50,000 sales was quite justified.

    The prime minister said that he wanted to see Pakistan grow on Turkish model. He further said that the government wanted to take along the business community on journey to growth.

    Prime Minister Imran Khan told the business community that he had arrived Karachi to resolve problems of trade and industry. He said that the government wanted to ease in doing business.

    Our priority to eradicate poverty and accelerate economic growth, he added.

    After the meeting business community has expressed disappointment.

    Mirza Ikhtiar Baig, senior FPCCI leader, while talking to media said that the apex body had presented all the problems at the meeting that are hampering the economic growth.

    The prime minister has been informed about protests by small associations. He said that the FPCCI had urged the prime minister to restore zero rated for export sector.

    He said that the interest rate by State Bank was on the rise and it would make difficult for industry to continue the production activities. On the other hand the FBR had also not withdrawn several levies on the export sector.

    The prime minister has been informed that reforms should bring in phases.

    Another meeting was held with export sector in which the prime minister listened to their problems. However, the export sector was also not happy to resolve their issues at the meeting.

  • Foreign investors’ perception over security environment further improves

    Foreign investors’ perception over security environment further improves

    KARACHI: The foreign investors have expressed satisfaction over improved security environment in Pakistan, according to a report released by Overseas Investors Chamber of Commerce and Industry (OICCI) on Tuesday.

    OICCI’s 2019 annual security survey, conducted in June 2019, shows that the foreign investors, OICCI members’, perception of the country’s security environment has further improved significantly compared to the already improved security situation recorded in the 2018 survey.

    The annual security survey, conducted among OICCI members only, is one of the critical annual assessment of the operating conditions in Pakistan and is taken very seriously by the potential foreign investors, relevant diplomats and other stakeholders interested in doing business in Pakistan.

    Whilst overall responses clearly convey continued improvement in the general security environment, the increase in street crimes, an attack on Chinese Consulate in Karachi, sporadic religious/communal attacks in Baluchistan province and some consequences of the recent spat between India and Pakistan, are also reflected in this survey.

    The 2019 Survey findings re-affirm that security environment all over the country has improved as compared to the already improved situation at the time of the last 2018 survey.

    The improvement in security environment ranges from 40 percent in Baluchistan to over 70 percent in Karachi and Lahore, the two cities where most of the head offices of OICCI members are located.

    The visibly improved security situation has boosted confidence of foreign investors and is reflected in over 65 percent increase in the visit to Pakistan by OICCI members’ senior HQ/Regional management.

    Furthermore most of the Board of Directors and management review meetings are now taking place in the country.

    The increase in visits is a vote of confidence in the improved security environment, although there were also some postponement of visits, mainly due to closure of air space after India Pakistan air encounters in March 2019.

    This is a strong indicator that Pakistan as a destination for investors has improved significantly with less concern on overall security situation. This improved security environment has allowed many foreign business visitors and trade delegations being granted travel permissions for their visits to Pakistan from their respective embassies and travel security agencies.

    Commenting on the survey, the OICCI President Ms. Shazia Syed said that ‘the 2019 Security survey once again depicts that security environment in Pakistan for all key stakeholders, has substantially improved not only for the survey participants, but also for their customers, suppliers and employees”.

    Ms. Shazia further added “Overall, OICCI 2019 Security Survey feedback points to a clear appreciation by the foreign investors of the various initiatives of the government and the security agencies in proactively tackling the security, law and order challenges which had serious repercussions on the image of the country as a safe destination for FDI.”

    The 2019 security survey results in respect of serious crimes like abductions/hostage taking and “Bhatta” demands indicated a massive reduction, led by KPK where 88 percent of respondents have reported a decrease over last year, followed by Lahore with 87 percent and Rest of Punjab/Karachi with 83 percent.

    Even in Quetta and rest of Baluchistan serious crimes are reported to be down by over 60 percent, as compared to last year.

    In respect of petty crimes i.e. mobile, cash snatching and car snatching, also the survey results indicate a downward trend ranging from 92 percent in Islamabad, closely followed by 87 percent in Lahore, 83 percent in Karachi, 82 percent in Peshawar and 66 percent in Quetta.

    More than 300 foreign visitors from OICCI members HQ/Regional offices came to Pakistan during the year. The highest number were from European countries, followed by China,, UK, UAE, US and rest of Asia.

    OICCI is the largest chamber of commerce in terms of economic contributions in Pakistan. The 190 OICCI members contribute about a third of the country’s total tax collections, invested $ 2.7 billion last year in new investments and employ about one million people, besides contributing significantly to the socio economic development of the community through their substantive CSR initiatives.

  • Traders call off protest on successful talks with Sindh governor

    Traders call off protest on successful talks with Sindh governor

    KARACHI: Karachi Tajir Ittehad on Sunday called off its three-day shutter down protest after successful meeting with Sindh Governor Imran Ismail.

    The small traders representing various markets of Karachi city a day earlier decided to shut down their shops for initially three days in order to force the government to accept their demands related to taxation.

    The traders had also demanded the federal government to replace Sindh governor.

    Sindh Governor Imran Ismail in the meeting with small traders apologized for his remarks related to collection of taxes.

    The governor assured the traders that the tax authorities would not take any adverse action against traders for next one month. He also assured the trade community for negotiations on taxation measures.

    At the meeting the trade associations presented their chartered of demand.

    The traders said that they were ready to talk with the chairman of Federal Board of Revenue (FBR). Till the meeting with the FBR chairman there will be no protest, the traders assured.

    They said that the negotiations with the FBR chairman would be successful and in case of failure the traders would have no other option but to shut down their businesses.

    The trade leaders including Jameel Pracha, Rizwan Irfan, Sheikh Alam, Hakeem Shaikh, Waqar Azeem and others were present at the meeting.

    Leader of trade community Jameel Pracha asked the market associations to open their business on Monday July 08, 2019.