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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.

  • Prime Minister invites suggestions on new tax amnesty scheme: KCCI

    Prime Minister invites suggestions on new tax amnesty scheme: KCCI

    KARACHI: Prime Minister Imran Khan has asked business community to give their suggestions for a new tax amnesty scheme, said Junaid Makda, President, Karachi Chamber of Commerce and Industry (KCCI) on Monday.

    Makda said that the prime minister recently met representatives of chambers and associations of the country, including KCCI, to take feedback on the economy.

    At the meeting the challenges to business community was discussed, Makda said.

    The meeting was also attended by federal ministers and advisers.

    The prime minister discussed about improving GDP growth. The prime minister also expressed reservations over failure of past amnesty schemes, Makda said.

    The prime minister invited suggestions for new amnesty scheme, Makda said, adding that the KCCI suggested amnesty for local taxpayers.

    KCCI president said that the business community informed the prime minister that due to difficult tax environment most people preferred out of tax net.

    Makda suggested that litigation against taxpayers should be withdrawn. Those taxpayers paying more should be given priority, he added.

    KCCI president said that division of filers and non-filers created immense problems. Besides, zero rated and non-zero rated also created difficulties at industrial level, he added.

    He also demanded that notices to beneficiaries of past amnesty schemes from NAB and FIA should be stopped.

  • Business community applauds Pakistan response to India

    Business community applauds Pakistan response to India

    KARACHI: The business community has applauded the professional approach of Pakistan air force for downing two India jets, which intruding into Pakistani soil.

    Dr. Mirza Ikhtiar Baig, Acting President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), business community leaders S.M. Muneer, Iftikhar Ali Malik, Zubair Tufail, Shaikh Khalid Tawab, have vehemently condemned the act of aggression by Indian air force by violating Pakistan Air space and targeting civilians inside Pakistan.

    They said that the Modi’s government is in hysteric state due to their anticipated defeat and they want to create an atmosphere where they can exploit the sentiments of their voters against Pakistan.

    The business community is behind our brave armed forces and expresses its full solidarity with them. Pakistan Armed forces are among the top Professional forces in the world and not only they can defend the motherland but resoundingly respond to the enemy.

    Dr. Baig said that Pakistan is a nuclear state now and any misadventure by India will have catastrophic consequences for them.

    Pakistan has acted with responsibility so far and Prime Minister has shown maturity by offering all options to India.

    Pakistan’s stance has earned support worldwide and no one has seriously taken Indian allegations against Pakistan for Pulwama incident.

    The incident was purely indigenous and reaction to Indian barbaric brutality against Kashmiri people.

    The business community congratulates the Pakistan Air force for downing the tow Indian jets. They said, India must have leant lesson from this response and will think several times before going any further.

    Dr. Baig also lauded the efforts of the Foreign Ministry for engaging the world on this crucial issues and effectively projecting Pakistan stance.

  • FPCCI condemns air space violation by India

    FPCCI condemns air space violation by India

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday strongly condemned India for violating Pakistani air space.

    In a joint statement on issued Tuesday the office bearers of FPCCI and business community of Pakistan, condemned India for violating Pak Air Space today.

    Vice President FPCCI Dr. Mirza Ikhtiar Baig called it frustration of Modi’s government, to point score for their forthcoming election campaign.

    In a question Indian ban and imposing 200 percent custom duty of Pakistani goods, he said it’s now time for our industry to realize to achieve self-reliance in cotton production and import substitution of dyes & chemicals, importing from India.

    He said the whole business community of Pakistan and entire private & corporate sector are with the government on this critical junction of time, and are willing to give any sacrifice to defend our beloved country Pakistan.

  • KCCI expresses concerns over shifting weekly holiday rumors

    KCCI expresses concerns over shifting weekly holiday rumors

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has cautioned that any move to shift weekly holiday from Sunday to Friday would be resisted and it should not be done as it will completely cutoff Pakistan from many western countries around the world for three-and-a-half consecutive days.

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  • FPCCI laments delay in releasing refunds, duty drawback

    FPCCI laments delay in releasing refunds, duty drawback

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has lamented delay in issuance of refunds and duty drawback to exporters.

    Engr. Daroo Khan Achakzai, FPCCI, President in a statement on Thursday urged the Finance Minister Asad Umar to release the exports sector’s overall outstanding refund claims including deferred claims; Customs Duty Drawback; DLTL etc., which have been lying pending for payment since long.

    FPCCI Chief recalled that he, during the Finance Minister’s Pre-Budget visit to FPCCI Head Office Karachi on January 12, 2019 and thereafter on his post budget visit to FPCCI Regional Office Lahore had stressed the need for an early clearance of back-log of refund claims and automatic payment within the stipulated time limit as the inordinate delay had made the exporters to suffer from liquidity crunch in meeting future export orders well in time.

    While referring to the Finance Supplementary (2nd Amendment) Bill, 2019 regarding issuance of Promissory Notes to exporters on annual profit of 10 percent with maturity period of 3 years for stuck-up refunds, he lamented: “There is a very slow progress in processing of the pending Sales Tax refunds and issuance of RPOs.”

    He wanted that all types of refunds including DLTL, Income Tax etc, should also be included in the Promissory Note Scheme to help the exporters to overcome financial crunch and ensure availability of working capital.

    He proposed that the Government may dole out funds – like for revival of PIA, Pakistan Steel Mills etc., – for clearance of stuck-up refunds, one time full-fledged.

  • K-Electric, NIP sign MoU for enhancing supply for BQIP

    K-Electric, NIP sign MoU for enhancing supply for BQIP

    KARACHI: K-Electric and National Industrial Park (NIP) on Wednesday signed an MoU to ensure meeting electricity demands at Bin Qasim Industrial Park (BQIP).

    Under the MoU, KE will immediately start work on laying four 11KV feeder lines of 4-4.5 MW for the industrial units under construction and will ensure supply of needed electricity before they go into full production.

    A statement said that the current government is focusing on creating enabling environment for the businesses to grow and contribute in the economic development in the country.

    Special drive has been started by the Prime Minister’s Advisor on Commerce, Textile, Industries & Production and Investment Abdul Razak Dawood to address the chronic issues in the Industrial Zones of the country so that the business could grow and flourish in these zones.

    Bin Qasim Industrial Park (BQIP) is a 950 Acre Special Economic Zone situated on the Pakistan Steel land.

    It is a project of National industrial Parks Development and Management Company, a wholly-owned entity of Ministry of Industries & Production, Government of Pakistan. Currently, BQIP has only one 11KV feeder line of 4MW load capacity coming from K-Electric Pinri Grid station, which is currently unable to cater the needs of growing number of industrial units.

    Lately, four of the zone enterprises which are expected to come into full production capacity in the next 2-3 months showed their serious concerns on the inability of the Special Economic Zone to fulfill their immediate electricity needs of approximately 17MW.

    At the direction of the Advisor, Mr. Dawood KE authorities were engaged to find an immediate solution. NIP and KE have jointly come up with a short and long-term solutions to meet the electricity needs of the BQIP (SEZ) enterprises.

    Investors of the zone enterprises were also present at the signing ceremony and expressed their profound gratitude to Razak Dawood for his timely intervention and support to make it happen as it’s in larger interest of the country.

    They viewed that such measures are expected to attract more investment in the industrial Zones of the country.

  • Export sector complains non-compliance by power utilities

    Export sector complains non-compliance by power utilities

    KARACHI – The zero-rated textile export sector in Pakistan has raised concerns over the non-compliance of power utility companies in providing subsidized rates, according to a letter addressed to Abdul Razak Dawood, the Adviser to the Prime Minister on Commerce and Textile Industry.

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  • Steps afoot to rationalize tax regime: Asad Umar

    Steps afoot to rationalize tax regime: Asad Umar

    Finance Minister Asad Umar reiterated the government’s commitment to fostering a more supportive environment for taxpayers on Tuesday, announcing steps toward the rationalization of the tax regime.

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  • Chinese delegation visits FPCCI to explore business opportunities

    Chinese delegation visits FPCCI to explore business opportunities

    KARACHI – In a bid to foster stronger economic ties between Pakistan and China, a delegation of Chinese businessmen paid a visit to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), as per an official statement released on Saturday.

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  • Production activities halt on gas shortage: FPCCI

    Production activities halt on gas shortage: FPCCI

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said that manufacturing activities have been halted due to gas shortage in the country.

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