Karachi, November 17, 2024 – Pakistan’s knitwear exports have witnessed an impressive growth of 19% during the first four months (July to October) of the current fiscal year 2024-25, according to the latest data released by the Pakistan Bureau of Statistics (PBS).
(more…)Category: Trade & Industry
This section covers news on trade and industry. Pakistan Revenue is committed to providing the latest updates on business trends.
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FPCCI Criticizes Changes in Petroleum Act 1934 Amendments
Karachi, November 16, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has voiced strong objections to the recent amendments made to the Petroleum Act of 1934. The amendments, introduced on August 5, 2023, particularly Clauses A, B, and C, categorize certain petrochemicals, but have raised significant concerns among chemical importers, traders, and industrialists.
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KCCI Flays Restoration of Affidavit Condition for Sales Tax Returns
Karachi, November 9, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) expressed its strong opposition on Saturday to the recent reinstatement of the affidavit requirement for filing sales tax returns. KCCI President Muhammad Jawed Bilwani sharply criticized the move, demanding the immediate suspension of the affidavit mandate until substantial consultations with stakeholders have been conducted and effective alternatives identified.
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FPCCI Calls for Winter Package to Boost Industrial Production
Karachi, November 6, 2024 – Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has urged the government to implement a comprehensive winter package aimed at revitalizing Pakistan’s industrial sector. Sheikh highlighted the pressing need for incentives and cost reductions to ensure industries remain competitive in global export markets.
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FPCCI Voices Disappointment Over SBP’s 2.5% Policy Rate Cut
Karachi, November 4, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed dismay at the State Bank of Pakistan’s (SBP) recent decision to reduce the policy rate by only 2.5%, calling it insufficient for the economic needs of the country. Businesses had hoped for a more substantial cut, at least 500 basis points, given the sharp decline in inflation.
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FPCCI Proposes Essential Amendments to Petroleum Act 1934
Karachi, November 4, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed essential amendments to the Petroleum Act of 1934, emphasizing the need for modernization to address the evolving demands of the petrochemical industry.
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KCCI Criticizes SBP’s 2.5% Policy Rate Cut as Inadequate
Karachi, November 4, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) expressed strong dissatisfaction on Monday with the State Bank of Pakistan’s (SBP) decision to reduce the benchmark policy rate by 2.5%, deeming the measure insufficient to address the needs of Pakistan’s business community.
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FPCCI Calls for Aggressive Rate Cut in Upcoming Monetary Policy
Karachi, November 1, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the State Bank of Pakistan (SBP) to implement a substantial interest rate cut in the upcoming Monetary Policy Statement (MPS) scheduled for November 4, 2024.
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KCCI Urges SBP for Bold 500bps Rate Cut to Stimulate Economy
Karachi, November 1, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has called on the State Bank of Pakistan (SBP) to implement a substantial interest rate cut of 500 basis points, citing a marked decline in inflation and urging economic revival measures.
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FCCI Applauds FBR’s Exemption from Biometric Verification
Faisalabad, October 30, 2024 – The Faisalabad Chamber of Commerce & Industry (FCCI) welcomed the Federal Board of Revenue’s (FBR) recent decision to exempt old-age citizens and certain sales taxpayers from the requirement of biometric verification. This policy shift addresses long-standing concerns raised by the FCCI regarding the challenges some taxpayers face with biometric technology.
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