Karachi, July 19, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has issued a stern demand for the government to reassess its taxation policies and energy tariffs, citing severe repercussions on various sectors of the economy.
(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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DG Khan Cement Expands Horizons with New Subsidiary in USA
Karachi, July 19, 2024 – DG Khan Cement Company Limited, a leading name in Pakistan’s cement industry, has announced plans to establish a subsidiary in the United States. The decision was communicated to the Pakistan Stock Exchange (PSX) on Friday.
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Pakistan’s Textile Exports Inch Up by 0.93% in FY24
Islamabad, July 19, 2024 – Pakistan’s textile group exports saw a slight increase of 0.93% during the fiscal year 2023-24, reaching $16.655 billion compared to $16.501 billion in the previous fiscal year, according to data from the Pakistan Bureau of Statistics (PBS).
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ICMAP Highlights Adverse Budget Impact on Exports
Karachi, July 18, 2024 – The Institute of Cost and Management Accountants of Pakistan (ICMAP) has identified an overall negative impact of the 2024-25 budget on the country’s exports. In its comprehensive review of the budget’s impact across various sectors, the ICMAP highlighted several key concerns that could significantly affect Pakistan’s export performance.
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KATI Warns of Crisis Amid Hikes in Petrol, Electricity Prices
Karachi, July 18, 2024 – The Korangi Association of Trade and Industry (KATI) issued a grave warning on Thursday regarding a potential economic crisis, following significant increases in petrol and electricity prices. The association’s president, Johar Qandhari, strongly opposed the government’s recent decisions to raise these essential costs, emphasizing their detrimental effects on the industrial sector.
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Bank Deposits of Private Sector Surge by 13.50% in FY24
Karachi, July 16, 2024 – The State Bank of Pakistan (SBP) has reported a significant surge of 13.50% in bank deposits from the private sector during the fiscal year 2023-24, marking a notable increase from the previous year.
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SITE Industries Forced to Halt Production Amid Water Crisis
Karachi, July 12, 2024 – The water crisis in Karachi’s largest industrial area, SITE, has worsened significantly, leading to a cessation of water supply to industries and severely affecting production.
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Monsoon Woes: KATI Seeks Action on Drainage, Traffic Flow
KARACHI, July 12, 2024 – With monsoon rains on the horizon, the Korangi Association of Trade and Industry (KATI) is urging local authorities to implement a comprehensive plan to mitigate potential disruptions.
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SMAP Urges Government to Define Axle Load Limits
KARACHI, July 11, 2024 – The Salt Manufacturers Association of Pakistan (SMAP) has called on the government to clearly define and enforce axle load limits for truck carriage. The current ambiguity and lack of strict enforcement have led to increased extortion from traders, significantly raising transport costs and severely impacting export activities.
Qasim Yaqoob Paracha, Chairman of SMAP, has made a direct appeal to Prime Minister Shahbaz Sharif and Federal Minister of Communications Abdul Aleem Khan to address the escalating issue of transporter extortion. Paracha emphasized the urgent need for strict adherence to the Ministry of Communication’s axle load regulations, ensuring that charges for goods transportation are fair and regulated.
“The enforcement of axle load regulations has inadvertently provided an opportunity for exploitation by transporters,” SMAP chairman stated. “Transport mafia are exploiting loopholes in the axle load limits, charging traders for loads well beyond the regulated limits of 30 to 32 tons, citing unnecessary fines and causing delays during deliveries.”
This unfair practice has led to inflated transport costs, which not only affects the salt industry but also other sectors reliant on efficient and cost-effective transportation. The increased costs ultimately hamper Pakistan’s export activities, reducing the competitiveness of Pakistani goods in international markets.
SMAP chief highlighted the need for the government to take immediate action to curb these exploitative practices. He urged the government to define and enforce axle load limits for truck carriage nationwide, mandating that transporters adhere strictly to government-regulated charges based on the stipulated load limits.
“Clear definitions and stringent enforcement of axle load limits are crucial to prevent exploitation and ensure that the transportation of goods is carried out efficiently and fairly,” Paracha added. “This will not only benefit the salt industry but also other sectors facing similar challenges,” SMAP Chairman added.
The SMAP chairman’s call to action underscores the importance of regulatory clarity and enforcement in maintaining the integrity of Pakistan’s transportation sector. Addressing these issues promptly will be vital in safeguarding the interests of traders and exporters, thereby supporting the overall growth and stability of the country’s economy.
The government’s response to this appeal will be closely watched by industry stakeholders, who hope for swift and effective measures to address the concerns raised by SMAP and ensure a fair and transparent transportation system.
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NKATI Fears Mass SME Closure Over Budget Adversities
Karachi, July 10, 2024 – The North Karachi Association of Trade & Industry (NKATI) voiced deep concerns on Wednesday over the potential mass closure of small and medium enterprises (SMEs), attributing the grim outlook to the adverse impacts of the 2024-25 budget.
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