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Tag: FPCCI

  • FPCCI, KCCI sit together after long time

    FPCCI, KCCI sit together after long time

    KARACHI: Members of Pakistan Federation of Chambers and Commerce and Industry (FPCCI) and Karachi Chamber of Commerce and Industry (KCCI) on Wednesday sit together after defeat of SM Muneer led group in the recent elections of FPCCI.

    Siraj Kassem Teli, Chairman of Businessmen Group (BMG) along with office bearers of KCCI visited FPCCI on the invitation of newly elected FPCCI president Anjum Nisar.

    President FPCCI Anjum Nisar in his welcome address appreciated the role of KCCI in supporting him in the election.

    He vowed that business community would evolve a joint strategy for resolution of problems.

    Nisar said that the economic conditions were not good and it was difficult for industries to operate in higher interest rates.

    BMG chairman Siraq Kassem Teli, who visited the FPCCI after about 20 years, praised the unity of business community.

    He said that his group would fully support the FPCCI on economic issues.

  • KCCI assures support to newly elected FPCCI president, successful candidates of BMP

    KCCI assures support to newly elected FPCCI president, successful candidates of BMP

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has assured full support to newly elected president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and successful candidates nominated by BMP panel.

    Chairman Businessmen Group (BMG) & Former President KCCI Siraj Kassam Teli has congratulated Chairman Businessmen Panel and the newly elected President FPCCI Mian Anjum Nisar, Senior Vice Chairman BMP Mian Zahid Hussain, Shaukat Ahmed, Zakaria Usman and others on BMP’s impressive victory in FPCCI’s elections.

    In a statement issued, Siraj Teli said that as BMP, under the leadership of Mian Anjum Nisar, has been struggling really hard since many years and this year they succeeded in overthrowing almost all their opponents, the business & industrial community hopes that the newly elected leadership at FPCCI would take practical steps to improve FPCCI’s functioning and make it a vibrant platform.

    Siraj Teli opined that setting the FPCCI free from the clutches of UBG, which remained in power for five consecutive years, was not an easy task but due to hard work and sincere efforts along with BMG’s full support, BMP candidates outshined in FPCCI’s elections and they all deserve to be appreciated.

    He was of the opinion that the new leadership at FPCCI will have to revisit all the policies, completely replace the existing mechanism and devise effective strategies in consultation with all stakeholders to improve FPCCI’s image and make it the leading voice of the entire business and industrial community at the national level.

    Siraj Teli stressed that FPCCI, as a national institution will have to focus on getting the national issues resolved while the newly elected leadership must fulfill their commitments made to the business community during the election campaign. “Every step taken by BMP leadership to improve FPCCI’s performance and in the larger interest of the country will be fully supported by the Karachi Chamber and Businessmen Group as we firmly believe that we all can play the lead role in dealing with the ongoing economic crises if we make collective efforts”, he added.

  • Border markets, warehouses to be established to contain smuggling: Member Customs

    Border markets, warehouses to be established to contain smuggling: Member Customs

    KARACHI: Pakistan Customs to set up border markets and border warehouses all border crossing of the country to contain smuggling, a top official of Pakistan Customs said.

    A statement released by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday quoted Jawwad Agha, Member Customs (Operations) as saying that on the instructions of the Prime Minister Imran Khan is being prepared under which border markets and border warehouse would be established at all border crossing of the country to contain the smuggling.

    Jawwad Agha in response to the FPCCI president suggestion regarding restoration of 20 days period for clearance of imported or exported goods from 15 days said that the period was reduced to 15 days due to avoid port terminal congestion.

    However, in case of default particularly for the LCL he agreed to consider downward revision of heavy penalty which at present Rs. 5000/- per day. Regarding reduction in utilization period from 24 monthsof input acquired for manufacture and export of output goods under DTRE, he informed that the time was reduced to boost the manufacturing and exports of goods and advised the importers to complete the cycle of manufacturing of goods within the stipulated time.

    In response to a suggestion for data exchange between Pakistani and Chinese customs agencies to curb under-invoicing, the Member Customs (Operations), FBR informed that during the Prime Minister’s visit to China the agreement has been signed and would be initiated soon.

    Engr. Daroo Khan Achakzai, FPCCI President in his recommendations said that in order to facilitate the exports, the government should introduce a new scheme for imports-cum-exports of packing material whereby a notified percentage of inputs may be allowed to be imported at zero rate duties against FOB value of exports of Previous year with flexibility to import any product among the notified list in any quantity within the overall entitlement of the exporter.

    Similarly Garment and Home Textile industry be facilitated by allowing duty free import of Accessories up to 10 percent of last year export performance, which should be added automatically in WeBOC of Manufacturer Cum Exporter ID after closing of 30th June every year on the basis of record available in WeBoc.

    Exporter should be allowed to use it in exports without the condition of mentioning these goods in Export goods declaration.

    However, if an Exporter is required to imports accessories/packing material in excess of 10% then he may use (SRO-492), (SRO 327-Export oriented unit) and (SRO 450-Manufacturing Bond). New Exporter may also use SRO 492(I)/2009 dated June 13, 2009 in first year to make their performance.

  • Inflation cannot be controlled through high policy rate: FPCCI

    Inflation cannot be controlled through high policy rate: FPCCI

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday said that inflation in Pakistan is cost push and it cannot be controlled through tight monetary policy stance.

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  • FPCCI urges convention compliance for continuation of GSP Plus

    FPCCI urges convention compliance for continuation of GSP Plus

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to ensure compliance to international conventions for continuation of GSP Plus status granted by European Union (EU).

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  • FPCCI hopes improved ease of doing business to encourage foreign investment

    FPCCI hopes improved ease of doing business to encourage foreign investment

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) hoped that improvement in ease of doing business in Pakistan will encourage foreign investment into the country.

    Engr. Daroo Khan Achakzai, President FPCCI in a statement issued on Friday congratulated Prime Minister of Pakistan Imran Khan and his team for improvement of Pakistan’s ranking from 136 to 108 in Ease of Doing Business 2020 report issued by World Bank.

    The report indicated that the World Bank and others institutions has started recognition of Pakistan’s Business reforms.

    He added that the improving of Pakistan in Ease of Doing Business will definitely pave the way in encouraging the international investors to make substantial investment in Pakistan as most of the international investors make decisions of investment on the basis of this report.

    The President FPCCI said that the Present Government has achieved another milestone of their manifesto i.e. to bring Pakistan into top investment destinations.

    He hoped that the continuous reforms of the Government will bring Pakistan into top 80 countries next year. He added that Pakistan’s ranking had improved in six indicators i.e. starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders which made Pakistan in top ten business reformer countries.

    This will also facilitate the other countries to investment in CPEC related projects which will connect South Asia with Central Asia and Europe.

    He suggested the government to make similar incentives/reforms in Baluchistan and KPK as the World Bank report has only covered two main provinces Punjab and Sindh.

    Inclusion of these provinces will help in their economic development.

    He further added that improvement in ranking will improve the business environment and overall economy become visible because of the reforms introduced by the government which will focus on the mandate of ensuring well being of masses and providing quality education and health to all segment of society.

  • 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.