Islamabad, May 5, 2025 – President of the All Pakistan Sarafa Gems and Jewelers Association, Qasim Shikarpuri, has strongly criticized the government’s latest economic policies, calling them a fresh assault on the already struggling business community.
He specifically objected to the inclusion of jewelers in the new Tax Laws (Amendment) Ordinance 2025, under which they have been classified as Designated Non-Financial Businesses and Professions (DNFBPs), placing them under anti-money laundering regulations.
According to Shikarpuri, this step is unfair and seems more like a targeted move against small and medium traders. He said that linking jewelers to money laundering is misleading and damaging. “People involved in money laundering don’t buy jewelry,” he explained. “They avoid it because when they try to resell it, they lose 20 to 25% of the value. No one involved in illegal money transfers would accept such a loss.”
He added that the business sector in Pakistan, especially jewelers, is already facing immense financial challenges due to inflation and reduced customer spending. “Instead of offering support, the government is adding more pressure and treating honest traders as criminals,” he said. Shikarpuri pointed out that while wealthy individuals and powerful groups often escape taxation, the Federal Board of Revenue (FBR) continues to focus on those who are already paying taxes responsibly.
He also accused the FBR of widespread corruption, especially through the misuse of Point of Sale (POS) systems. According to him, POS devices have become tools for monthly bribe collection. Giving more authority to FBR field officers will only increase corruption and open new doors for the elite and officials to demand illegal payments. Meanwhile, small traders, including jewelers, will face even harsher conditions.
Shikarpuri urged the government to stop making the business community pay the price for its own mismanagement. “This tax policy is clearly against the interests of traders and jewelers. It’s deeply concerning,” he said. The Association plans to continue protesting through legal and democratic means. He demanded that the government immediately reverse the unfair actions against jewelers and consult with stakeholders before enforcing such damaging measures.