Pkrevenue.com

Category: Trade & Industry

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

  • APTMA demands deferment of utility bills, interest payment

    APTMA demands deferment of utility bills, interest payment

    KARACHI: All Pakistan Textile Mills Association (APTMA) has demanded the government of granting deferment of utility bills and interest payment against loans as industry was facing acute liquidity shortage.

    APTMA Chairman Zahid Mazhar emphasized that currently there is an acute shortage of liquidity and it is impossible for the mills to pay the utility bills.

    He requested the government to come to the rescue and immediately announce the deferment of payment of gas and electricity bills by the industry for a period of at least one month.

    He further demanded deferment of payment of interest on short term loans for at least three months. He also pointed out the dire need to immediately bring down the rate of interest to 5 percent.

    Zahid Mazhar, appreciated all the positive steps the provincial and federal governments have under taken to control wide spread of Coronavirus (COVID-19) Pandemic and to combat its adverse impact.

    He said that due to drastic slowdown of domestic as well as international markets and delay in receipt of payment from them in addition to cancellation of export orders even from big organizations and large scale buying houses, export oriented textile industry is facing worst ever liquidity crisis.

    He said the Coronavirus (COVID-19) Pandemic is having extremely negative impact on Pakistan’s economy. Though the government has taken some positive steps like deferring loan repayments and speeding up of refunds but it will fall far short of keeping the industry afloat.

    He further said that drastic situation needs drastic measures to be taken to save our export oriented textile industry from the negative economic impact of Novel Coronavirus (COVID-19) as it is showing adverse impact on exports.

    He demanded the government to provide immediate relief in the best interest of industry, economy and the people as the impact of slowing of economy and lockdown can only be shielded by the industry for a month or two beyond which there will be no capacity to retain workers leading to massive unemployment.

    He requested the Government of Sindh to allow running of those textile mills which have labour residing within their residential colonies as well as those export oriented units which have export orders in hand.

  • Business community demands cut in tax rates to half for three months

    Business community demands cut in tax rates to half for three months

    KARACHI: Business community has demanded the government of reducing tax rates to half for at least three months in order to provide relief to industry and dilute impact of coronavirus.

    (more…)
  • KCCI demands suspension in sales tax on services collection for six months

    KCCI demands suspension in sales tax on services collection for six months

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has demanded the Sindh government to suspend the sales tax collection by Sindh Revenue Board (SRB) for six months.

    (more…)
  • ABAD hails tax incentives for construction industry

    ABAD hails tax incentives for construction industry

    KARACHI: Mohsin Sheikhani, Chairman, Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani on Friday termed the incentives announced by Prime Minister Imran Khan as a historic package for the construction industry of Pakistan and this package will prove a turning point for the economy of Pakistan.

    Commenting on incentives announced for construction sector, Mohsin Sheikhani said that ABAD was demanding incentives for the construction sector because more than 70 allied industries are depending on construction sector. He said that we are indebted to Prime Minister for reviving the construction industry.

    He said that Prime Minister has announced that no question will be asked about investment in construction sector this year, Fix Tax Regime (FTR) for construction sector, 90 percent Fixed Tax will be waved off if invested in Naya Pakistan Housing Scheme, With Holding Taxes waved off, Federal Government will discuss with Provinces regarding sales tax reduction. Punjab and KPK have reduced sales tax to 2 percent, no Capital Gain Tax will be charged in case of Family house sell, Rs 30 Billion Subsidy for Naya Pakistan Housing Scheme, Status of Industry to Construction sector and much awaited Construction Industry Development Board to be established for development of Construction Industry.

    We wholeheartedly grateful to the Prime Minister and also request him to announce an universal policy for approval of building plans throughout Pakistan so builders and developers can start construction as early as possible.

  • APTMA demands restoration of zero-rate sales tax, policy rate reduction to 5pc

    APTMA demands restoration of zero-rate sales tax, policy rate reduction to 5pc

    KARACHI: All Pakistan Textile Mills Association (APTMA) on Tuesday demanded the government of restoring zero-rate sales tax and reducing interest rate to five percent in order to help the industry and ensure jobs.

    (more…)
  • PCDMA urges FBR to withdraw notices amid coronavirus lockdown

    PCDMA urges FBR to withdraw notices amid coronavirus lockdown

    KARACHI: Commercial importers have resented to the notices sent by Federal Board of Revenue (FBR) despite realizing severe economic crisis amid lockdown in the country to control spread of coronavirus.

    Pakistan Chemicals & Dyes Merchants Association (PCDMA) chairman and former director Karachi Stock Exchange Amin Yousuf Balgamwala in a statement on Monday demanded to waive all notices including income tax, sales tax, WHT and all proceeding in this regard for two months due to the worst economic crisis, as due to coronavirus pandemic, all the business activities have stopped and commercial importers are already facing huge financial crises.

    Balgamwala said we are surprised on receiving FBR notices, as whole country is lockdown for prevention of coronavirus pandemic, so chairman FBR to issue directives to chief commissioner and all RTOs to stop harassment to commercial importers, so that import activities could be restored after the lockdown period.

    “If wheel of trade and industry will continue to rotate, will create more opportunities for employment as the country develops,” he said

    PCDMA chairman further said that if all notices including income tax, sales tax, WHT and other proceeding not stopped for at least 2 months then the textile industry will be badly affected which is the backbone of the domestic economy as commercial importers are the largest means of providing raw materials to the textile industry to continue production activities.

    Amin Yusuf Balgamwala also demanded to defer the condition of the CNIC on the sale of goods to unregistered persons for six months so that the business community, especially small traders should be protected from destruction.

  • FBR urged to defer CNIC condition for six months

    FBR urged to defer CNIC condition for six months

    KARACHI: Business community has urged Federal Board of Revenue (FBR) to defer CNIC condition on purchases above Rs50,000 for at least six months.

    In a statement Saquib Fayyaz Magoon, Convener of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) standing committee on Sales Tax and Chairman Indenters Association of Pakistan (IAOP), urged Government to pay attention on economic crises due to lockdown for prevention of coronavirus pandemic and has demanded Prime Minister to defer CNIC Condition for 6 months on sale of goods to unregistered persons in view of the current economic crisis.

    Magoon Said due to situation caused by the coronavirus, all payments to exporters have been stopped and export orders canceled while the economic activities have also stopped. While there has been a severe crisis of cash flow in the market, therefore, by defer the condition of the CNIC will improve the cash flow situation, otherwise there will be another major financial crisis.

    He also requested the government to accept sales tax returns without CNIC and said that in the current economic crisis, now we will depend largely on the local consumer industry, who are already in crisis due to the CNIC condition.

    Prime Ministers adviser on commerce Abdul Razzaq Dawood in which he assured that cash flow would not be affected by the Coronavirus.

    So if he wants the cash flow not affected then CNIC Condition must defer for minimum six months so that business activities can be restored as usual.

    Magoon pointed to the difficulties facing the businessman community over the ban on courier companies due to the lockdown, said the original document of import shipment could not be reached in the banks.

    So as long as the lockdown is in place, the State Bank should issue clear instructions to the banks that the EIF be approved on the copy of the document to ensure uninterrupted clearance of imported goods. Because the original documents are required for EIF approval.

    Due to not being provided original documents is causing constraints and importers are not able to file a GD which is causing consignment storage and shed charges.

    Saquib Fayyaz Magoon appealed the Prime Minister Imran Khan that in view of the serious situation caused by the coronavirus, a directive should be issued to the State Bank that the EIF be approved on the copy of the document at the time of payment by the importers to the banks.

  • Business community welcomes PM relief package

    Business community welcomes PM relief package

    KARACHI: Business community has welcomed the relief package of around Rs1.2 trillion announced by Prime Minister Imran Khan to ward off the negative impact of coronavirus.

    (more…)
  • Karachi Chamber announces shut down amid coronavirus spread

    Karachi Chamber announces shut down amid coronavirus spread

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has announced shut down its offices for a week due to outbreak of coronavirus and rising number of infected persons in Karachi.

    Keeping in view the outbreak of coronavirus and rising number of cases in Karachi, Chairman Businessmen Group Siraj Kassam Teli, Office Bearers and Managing Committee members of the Karachi Chamber of Commerce and Industry (KCCI) have decided to shut down KCCI for one week hence all departments of the Chamber will remain closed from March 24th to March 29th as a precautionary measure to save the public and staff from the life-threatening disease caused by coronavirus.

    KCCI will reopen on March 30th, 2020, Monday, with normal office timings, said a press release issued here on Saturday.

  • KCCI for more stringent measures to fight coronavirus epidemic

    KCCI for more stringent measures to fight coronavirus epidemic

    The Karachi Chamber of Commerce and Industry (KCCI) has called upon the government to implement stricter measures in the battle against the coronavirus epidemic. Agha Shahab Ahmed Khan, President of KCCI, emphasized the need for enhanced efforts to combat the threat posed by COVID-19, urging both the government and the public to remain vigilant and proactive in containing the spread of the virus.

    (more…)