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Tag: FPCCI

  • FPCCI hopes Pak-China FTA Phase II to be instrumental for bilateral trade

    FPCCI hopes Pak-China FTA Phase II to be instrumental for bilateral trade

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) hoped that the second phase of China-Pakistan Free Trade Agreement (FTA) will be instrumental in enhancing the bilateral trade to its optimum potential.

    FPCC president Engr. Daroo Khan Achakzai in a statement on Saturday appreciated the strenuous efforts made by the Prime Minister and his team in preparation of long awaited China-Pakistan Free Trade Agreement (CPFTA) – II in consultation and consensus of all the stakeholders and making it operational w.e.f. December 1, 2019 which will witness Chinese investment in all sector.

    The FPCCI Chief hoped that the CPFTA-II would be instrumental in enhancing the bilateral trade to its optimum potential, exploring the new areas of joint ventures, transfer of Chinese technology to Pakistan as it had thin industrial based as compared to China, broadening and protecting indigenous industries and improving Pakistan’s trade balance with its counterpart.

    He recalled that under FTA Part-I Pakistan had benefitted to the tune of only 4 percent whereas rest was derived by the China.

    While commenting on the statement of the Advisor to the PM on Commerce, Textile, Industries and Production and Investment published in some section of newspapers, he clarified that FPCCI has always advocated / supported the decisions of the government in the best interest of Business Community and flourishing of business environment to make Pakistan economically stable and sound.

    Being apex body of trade & industry of Pakistan FPCCI has all the capability and expertise to contribute in government efforts in expansion of all economic sectors such as manufacturing, investment, export etc. He said that the FPCCI status and its role should not be undermined as it has representation all members of trade and industry on its board across the country.

    He also hailed the efforts of the government in the development plan of Balochistan and KPK under CPEC which will definitely eradicate their economic issues particularly unemployment and poverty and will bring least developed rural areas of Balochistan and KPK at par with the other part of Pakistan.

  • FPCCI suggests one month extension in income tax return filing

    FPCCI suggests one month extension in income tax return filing

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday urged the government to extend the last date for filing income tax return up to October 31, 2019.

    Engr. Daroo Khan Achakzai, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has urged the Advisor to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh, and Chairman of the Federal Board of Revenue (FBR) Syed Shabbar Zaidi to extend the deadline for filing of Income Tax Returns (ITR) from 30th September to 31st October, 2019.

    The FPCCI Chief argued that a large number of business community members could not file their ITR mainly due to a variety of reasons such as uncertainty prevailing in the country because of changes in the taxation provisions of the Income Tax Ordinance 2011 ; slowdown of normal business activities; Election of FPCCI member trade bodies; interruption in on-line system of e-filing of ITR ; protracted rain etc.

    “This will help the tax payers in discharging their tax liability well in time without penalty on the one hand and increase in government exchequer on the other hand”, he added.

  • Container scanning charges abolished: Ali Zaidi

    Container scanning charges abolished: Ali Zaidi

    KARACHI: Syed Ali Haider Zaidi, Minister for Maritime Affairs, on Saturday said the container scanning charges has been abolished in order to reduce the cost of the industry.

    He was addressing the members of Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

    Zaidi said that the terminal operators had been scanning charging at $5 on each container handling. “The terminal operators were charging this amount from all the containers irrespective of scanning or no scanning,” he added.

    The minister said the terminal had been stopped from charging this on those containers which were not scanned.

    The minister also said that he had opposed to collect fuel freight charges on supplies to Karachi city. He said that all the petroleum products imported at Karachi ports and then supplied to other parts of the country.

    Ali Zaidi said that he had openly opposed to this levy in order to facilitate people and the industry.

    He said that land transfer of Port Qasim and KPT had been stopped till the audit of already allotted lands.

    He disclosed that there was huge corruption in land allotments of port lands.

  • FPCCI recommends dedicated accounts to stop fraud in sales tax refunds

    FPCCI recommends dedicated accounts to stop fraud in sales tax refunds

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended dedicated accounts for prevent fraud in sales tax refunds.

    Engr. Daroo Khan Achakzai, President, FPCCI while commenting on SRO 981(I)/2019 of dated August 07, 2019 with special reference to Chapter V-A said that there is need of dedicated Head of Accounts sector-wise for creating transparency.

    He further stated though Rs22 Billion have been released to exporters against RPOs issued as of August 31, 2019 but new RPOs have been stopped which creating shortage of liquidity crunch.

    The new refund system promised to issue refund within 72 hours still not implemented under new rules that have some lacunas.

    The new refund rules which are not very clear and has many lacunas and refunds promised to exporters within 72 Hours still not implemented.

    The exporters are confused as the new system does not release pending refunds since 2008.

    The new system is full of Errors and the Exporters are facing lot of issues and they cannot file the returns of Refunds.

    Unless the new system is perfectly tested it should not be applied.

    FBR has already collected approximately Rs.48 Billion (on the basis of last year data as current year data still not available) for textile exporters. In the month of July nothing has been refunded.

    The exporters should be informed how much amount of Sales Tax refund is outstanding as of August 31, 2019.

    Engr. Daroo Khan Achakzai urged FBR to take remedial measure immediately to solve exporters problems.

  • KCCI opposes proposal to extend tenure of FPCCI office bearers

    KCCI opposes proposal to extend tenure of FPCCI office bearers

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has strongly opposed to the proposal regarding extending the tenure of office bearers of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) from one year to three years, a KCCI statement said on Wednesday.

    Vice Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Haroon Farooki, General Secretary BMG AQ Khalil and Acting President KCCI Khurram Shahzad, who represented KCCI at a meeting of the Standing Committee on Commerce & Textile held in Islamabad on Wednesday, strongly opposed the proposed Bill to extend the tenure of FPCCI’s Office Bearers from one year to three years which will not be acceptable to the Business & Industrial Community of entire Pakistan.

    The meeting, which was presided over by Chairperson of the Standing Committee ‏‏Mirza Muhammad Afridi, was also attended by PM’s Advisor on Commerce Razzak Dawood and other prominent members of the Standing Committee along with representatives of Chambers of Commerce from different provinces of the country.

    While sharing their opinion over this particular issue, KCCI’s representatives pointed out that the tenure of FPCCI’s President currently lasts for one year but some elements were attempting to extend this term to three years through amendments in relevant laws which was not practical and would be strongly resisted by the business & industrial community.

    “It is going to be a sheer injustice for those Chambers of Commerce who intend to take charge of the apex body but after such an extension of three years, any chamber of commerce from any province of the country will have to wait for more than two decades to reassume the charge of FPCCI’s presidency”, they added.

    Vice Chairman BMG Haroon Farooki stated that the bill proposes amendment in Section 11 of Trade Organization Ordinance (TOO) 2013 which pertains to one year tenure of the Office Bearers but this particular section was not confined to the tenure of FPCCI Office Bearers only as it was also applicable on all other Chambers of Commerce and Trade bodies. “This bill seeking amendment in Section 11 of TOO 2013 is not practically, technically and legally implementable for FPCCI only as it will have an impact on all the trade bodies hence it must be immediately withdrawn”, he added.

    KCCI’s representatives emphasized that the said Bill to extend the tenure of FPCCI Office Bearers should have been consulted with the all the stakeholders prior to bringing it at the Senate for debate and fact-findings. Majority of the business community in fact the entire business community of country was against this bill hence, it should be immediately dismissed, they demanded.

    After listening to KCCI’s point of view and all the reservations expressed by the representatives of other Chambers, the proposer of the Bill and PM’s Advisor Razzak Dawood, while agreeing to KCCI’s viewpoint, immediately withdrew the bill which was warmly welcomed by all the representatives of the business & industrial Community present at the meeting.

  • SBP urges business community to discourage cash transactions

    SBP urges business community to discourage cash transactions

    Dr. Reza Baqir, the Governor of the State Bank of Pakistan (SBP), has called on the business community to reduce cash transactions to aid economic growth. Speaking to members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday, Dr. Baqir emphasized the importance of promoting transactions through the banking system.

    (more…)
  • NAB not to process sales tax, income tax cases of business community

    NAB not to process sales tax, income tax cases of business community

    KARACHI: Justice Javed Iqbal, Chairman, National Accountability Bureau (NAB) has said that the bureau will not process cases of income tax and sales tax of business community.

    He was talking with Engr. Daroo Khan Achakzai, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) at a meeting, said a statement issued by FPCCI on Friday.

    A delegation of FPCCI under the leadership of President FPCCI Engr. Daroo Khan Achakzai met Chairman NAB, Justice Javed Iqbal at NAB Head Quarter Islamabad.

    During the meeting Engr. Daroo Khan Achakzai expressed his views that entire business community of Pakistan appreciates the role of NAB and the measures taken by it for transparency and curb the corruption of the country.

    He said that business community is the backbone of the country contributing in economic development. NAB is business friendly institution that considers business community as its priority and addressing the issues.

    Chairman NAB said that NAB would not process the cases of income tax and sales tax of business community and has ordered to return back all previous cases of business community to FBR as per law. He informed that he has ordered withdraw all notices served by NAB Multan on owners of flour mills of Multan, Bahawalpur and D.G Khan division. He said that he himself would review the notices of flour mills.

    President FPCCI Engr. Daroo Khan Achakzai appreciated the personal efforts of Chairman NAB for looking into the of issues of entire business community. He thanked the Chairman NAB for the establishment of Special Cell for entire business community in NAB Secretariat.

    Chairman NAB Justice Javed Iqbal also acceded to the request of President FPCCI for visiting the Federation House.

  • FPCCI demands immediate release of export refunds, duty drawbacks

    FPCCI demands immediate release of export refunds, duty drawbacks

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded the government of issuing all outstanding export refunds, rebates and duty drawbacks.

    In a statement issued on Tuesday, Engr. Daroo Khan Achakzai, President, FPCCI urged the Advisor to the Prime Minister on Finance & Revenue, Dr. Abdul Hafeez Shaikh to fulfil his commitments made, from time to time, particularly in the Finance Act, 2019 and release export sectors’ all accumulated refund claims including deferred Claims ; Customs Duty Drawback ; DLTL etc., lying pending for payment since long for facilitating and enabling environment to the exporters to overcome their liquidity crunch, meet their export orders well in time; enhance exports and reduce trade deficit so that the export targets as envisaged in the Finance Act, 2019 are met.

    Referring to the Finance Act, 2019 the FPCCI Chief recalled that although a provision had been introduced wherein promissory notes would be issued to the Claimants at their option by a newly formed company called the FBR Refund Settlement Company Ltd., but there is a very slow progress in processing of the pending Sales Tax refunds and issuance of RPOs.

    The FPCCI Chief appreciated Dr. Abdul Hafeez Shaikh, Advisor to the Prime Minister on Finance & Revenue and FBR for initiating Expeditious Refund System (ERS) for automated payment on generated Refund Payment Orders (RPOs) in the wake of withdrawal of zero-rating on Sales Tax inputs for five export oriented industrial sectors and also appreciated for providing Sales Tax refunds for manufacturing of five export-oriented sector, within 72 hours through Risk Management (RMS), however, lamented for the delay in implementation of these system.

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    FPCCI urges government to resolve issues of small traders

  • Business community condemns Indian illegal action

    Business community condemns Indian illegal action

    KARACHI: The business community has condemned India’s illegal actions, Indian atrocities and violation of rights of Kashmiri people.

    The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), on behalf of entire business community, passed a resolution to condemn India’s illegal actions, Indian atrocities and violation of rights of Kashmiri people.

    It said that India has made breach of all international laws.

    According to resolutions of UNO, Kashmir is a disputed territory and actions taken presently by India are futile.

    “We salute to government and Armed forces for their perseverance and consistent diplomacy in raising the issue,” the FPCCI said.

    Business community of Pakistan whole heartedly expresses the solidarity with people of Kashmir and government as well.

    Pakistan should send delegations to all international forums for raising the voice against this issue, according to the resolution.

    FPCCI should inform to all business communities in the world by sending letters about ongoing Indian atrocities in Kashmir and should apprise to Indian Business community (FICCI), SAARC CCI, ICCIA and Other peace making institutions as well.

    Business community of Pakistan appreciated the role of China, Malaysia, Turkey, Saudi Arabia and OIC for condemning the atrocities and oppressions of India with Kasmiri people.

  • FPCCI urges government to resolve issues of small traders

    FPCCI urges government to resolve issues of small traders

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday urged the government resolves problems of small traders in order to keep the economy move forward.

    Engr. Daroo Khan Achackzai, President FPCCI, S.M. Muneer, Iftikhar Ali Malik, Former Presidents, Senior Vice President and Vice Presidents, Mian Zafar of Faisalabad Small Traders Chamber, Dr. Noman Idrees Butt and Business Community of Pakistan strongly support new government initiative to efforts to document the economy and expanding tax net that will definitely boost socio-economic development and economic prosperity of the people of Pakistan.

    The FPCCI always proactively engage with the government to bring foreign exchange through positive image of Pakistan and assures its support to help government on all economic fronts.

    The business community while appreciating the Prime Minister endeavor to re-track economy of the Pakistan has also requested that being the policy of the PM to solve all issues with consultation and concentration by involving real stakeholder to invite businessmen especially small traders who are suffering seriously due to some measures announced in the federal budget.

    Being the national institute of private sector the President FPCCI showed his serious concern on the problems of small traders and requests the prime minister to give us time and appointment to solve the latest burning issues on priority to keep the economy moving forward.