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Tag: Karachi Chamber of Commerce and Industry

  • Razak Dawood hints incentives for exporters in next budget

    Razak Dawood hints incentives for exporters in next budget

    KARACHI: Abdul Razak Dawood, Adviser to Prime Minister on Commerce, Industry and Production on Saturday said that the ministry of commerce is planning a comprehensive strategy with the help of Federal Board of Revenue (FBR) to introduce export incentives in the next federal budget 2020/2021.

    Razak Dawood was addressing during his visit to Karachi Chamber of Commerce and Industry (KCCI). He said that increase in exports is must for economic growth. The adviser said that the purpose of increasing exports is to boost foreign exchange reserves of the country.

    The adviser said that the economy was facing immense challenges a year ago. The economy was facing monthly $2 billion deficit during the period. The present government had taken decisions to improve the economic condition. “These decisions have resulted in shrinking current account deficit,” he added.

    The foreign exchange reserves of the country have increased to $18 billion from $11 billion.

    He pointed out criticism on five percent growth in exports and rupee devaluation and said that it should be realized that globally exports had declined. He said that Pakistani exports had increased in terms of volume.

    Razak Dawood said that exports should be duty and tax free. “In this regard we are planning with the FBR to facilitate exporters,” he added.

    He informed that India was allowed duty drawback on around 1,000 items. “If India is granting duty drawback on 1,000 items then we should increase the numbers,” he added.

    The adviser said that in the past the country had focused only on five sectors for exports. “We need to identify and increase the number of exportable items.”

    He said that businessmen complaining about non-issuance of refunds. “This is not correct. The government has released Rs17.5 billion refunds,” he added. “This month more refunds will be issued to non-textile sector.”

    The adviser said that the export of meat and poultry had increased by 54 percent. “We analyzed data and identified the exports of livestock was going to Saudi Arabia and UAE,” he said, adding that around 60 tons sea food products had been exported to China.

  • KCCI demands terminal operators to publicize container charges

    KCCI demands terminal operators to publicize container charges

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has demanded the terminal operators to make public the container charges.

    Agha Shahab Ahmed Khan, President, KCCI while referring to numerous complaints submitted at the Chamber by the importers, urged the Terminal Operators and Shipping Agents to publicize Full Container Load (FCL) and Less Than Container Load (LCL) charges on their websites in order to facilitate trade and industry.

    It has been observed that terminal operators and shipping agents do not share the breakup of charges even on demand and seek aggregate amount decided whimsically which was highly unfair as the relevant traders are totally unaware of what exactly was being charged under what label.

    “Access to such information is the fundamental right and a fair demand of the importers who are carrying out legitimate businesses and timely paying all their taxes”, he said, adding that the Ministry of Maritime Affairs must look into this issue and order the Terminal Operators and Shipping Agents to share breakup of charges with importers which would certainly be appreciated by the business community.

    Agha Shahab was of the opinion that Pakistan’s sea port charges were one of the highest in the South Asian region which discourage cost efficient shipping lines from taking cargo to and from Pakistan resulting in a demand/supply gap and higher transportation costs for the traders.

    “As per studies conducted earlier, Karachi’s two ports have charges which are estimated to be three times that of Sri Lanka’s, and seven times that of Singapore. Such problems should be addressed at the earliest, if we want to see Pakistan rapidly become a hub of regional trade”, he added.

    He said that the business community faces inconsistency in the charges of shipping companies, thus making costing and forecasting difficult for businessmen.

    Shipping lines are charging exorbitant charges in the name of free competitive rates and loose cargo landing delivery orders.

    “In addition, high port charges are being charged as there is no fixed policy in this regard. This is adversely affecting the business in terms of flow thus creating a negative impact for the business community,” he added.

    He stressed that the charges of KICT, PICT and QICT are too high in comparison with global standards and need to be reduced.

    “There is a need to increase the time of free days of delivery order and detention charges of containers to 21 days and detention slab of not more than $5 per day after 21 days by the shipping companies. The number of demurrage free days should also be increased to around 10 days,” he added.

  • Gas shortage created purposely for using RLNG: KCCI

    Gas shortage created purposely for using RLNG: KCCI

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has said that the gas shortage in Sindh is created purposely to force industry to take RLNG.

    Agha Shahab Ahmed Khan, President KCCI in a statement on Wednesday said: “gas pressure has been reducing purposely to pressurize the industries to take RLNG, which has resulted in terribly affecting the overall production and was causing severe losses of up to billions of rupees.”

    He added: “Gas resources in Sindh are largely being mismanaged that has led to creating severe crises not only in Sindh but also in Punjab and the rest of the country.

    “None of the provinces were getting the required gas due to the said mismanagement. If gas resources are distributed exactly as per Article 158, there will not be any crises in Sindh and Karachi, which is the hub of economic & industrial activities while the rest of the country must get RLNG which has to be promptly imported.”

    He expressed displeasure over serious gas shortage being suffered by the industries situated in all industrial zones in Karachi, stressed that the gas being produced in Sindh must at first be provided to its inhabitants and industries whereas only surplus gas should be forwarded to other provinces as per Article 158 of Pakistan’s Constitution.

    Agha Shahab stated that RLNG, which was being imported to overcome gas shortages, must be provided to those provinces who either have zero gas production or were not producing sufficient amount of gas as per their requirement whereas, the Sindh province, which is blessed with abundant gas resources, must get gas from its own reserves.

    “Why the consumers in Sindh are being compelled to take RLNG, when the province has sufficient gas reserves to surmount its local demand,” he asked, adding that it is totally ‘contrary to the Constitution.’

    “We, the business & industrial community of Karachi, are already suffering badly because of high cost of doing business therefore the suspension of gas in Karachi would not only prove detrimental for the industry but would also lead to worsening the economic crises, besides raising poverty and unemployment,” he opined.

    Referring to Prime Minister Imran Khan’s remarks in which the business community was urged to set up industries and factories as 2020 is going to be a year of growth, Agha Shahab said that under the prevailing circumstances when the existing industries were confronted with severe gas crises, high electricity rates, exorbitant interest rates, devaluing rupee against dollar, rising petroleum prices, lack of infrastructure and other serious civic issues, how could anyone think of setting up industries or go for expansion.

    “In order to actually make 2020 a year of growth, the government will have to resolve all these issues on top priority otherwise there will be no growth at all and the economic performance would continue to remain depressed or it may even worsen further,” he added.

  • 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.

  • Iranian delegation urges Pakistan for reducing customs duties for promoting formal trade

    Iranian delegation urges Pakistan for reducing customs duties for promoting formal trade

    KARACHI: Iranian trade delegation has urged Pakistani authorities to bring down customs duties in order to encourage formal trade between the two countries.

    Talking to the members of Karachi Chamber of Commerce and Industry (KCCI), Morad Nemati, leader of the Iranian delegation said that in order to improve the trade relations between Pakistan and Iran, it was really essential that steps have to be taken to deal with the barriers hindering smooth trade between the two brotherly countries while the high custom duties need to be brought down to encourage legal trade and discourage smuggling.

    Morad Nemati added that in addition to bringing down the high custom duties, formal banking channel between the two countries has to be activated which was widely being demanded by the business communities of the two countries since quite some time now.

    Commercial Attaché of the Iranian Consulate in Karachi Mahmoud Hajy Yousefi Pour, Vice President Shahid Ismail, Former Vice President Asif Sheikh Javaid, KCCI Managing Committee Members and members of the Iranian delegation from different sectors of the economy were also present on the occasion.

    While referring to China-Pakistan Economic Corridor (CPEC), Morad Nemati said that this essential project was going to open up huge opportunities not just for Pakistan but also for Iran and they (Iran) want to become part of this project which would surely ensure prosperity in the entire region.

    He also underscored that that the business communities of the two countries will have to meet more frequently and improve their contacts, besides holding Single Country Exhibitions which would certainly improve trade and investment in both the brotherly countries.

    Morad Nemati, who has also discharged his service as Commercial Attaché of the Iranian Consulate in Karachi, assured full support and cooperation to the business community so that trade could improve further and they collectively explore new avenues trade cooperation.

    Earlier, Vice President KCCI Shahid Ismail, while welcoming the Iranian delegation, stated that despite being brotherly countries, trade remains low hence, Pakistan and Iran must make collective efforts to explore new avenues. It has always been KCCI’s struggle to promote bilateral trade and the Chamber has a very positive approach towards improving trade ties particularly with neighboring countries.

    He pointed out that the bilateral trade between Pakistan and Iran was much less than the potential as Pakistan exports stood at a mere $330.2 million while the imports were around $1.247 billion during 2018.

    Shahid Ismail noted that the negotiations on Free Trade Agreement (FTA) are underway as both the countries have shared their desire of upgrading Preferential Trade Agreement (PTA) into Free Trade Agreement (FTA) for which initial drafts have already been shared while the State Bank of Pakistan has also shared draft of Memorandum of Understanding (MoU) for signing its Banking Paying Arrangement (BPA) with Iran’s Iranian Bank Markazi Jomhouri. Both countries have already signed MoU through which channels would be opened in the central banks of both the countries for trade transactions that would reduce the usage of dollar account for Letter of Credit (LC) clearance.

    He hoped that the desperately needed proper banking channel between Pakistan and Iran becomes a reality soon which would surely boost the existing trade ties.

    Shahid Ismail underscored the need to sort out infrastructural constraints to enhance bilateral trade via Quetta-Taftan land route whereas regular operation of ECO container train will lend impetus to cargo and transit facilities between the two countries. While underscoring the need for a realistic approach, Vice President KCCI said that KCCI was keen to strengthen trade ties with their counterparts in Iran.

  • Kuwait ready to ease visa policy for Pakistani businessmen

    Kuwait ready to ease visa policy for Pakistani businessmen

    KARACHI: Salem Yousif Al-Hamdan, Consul General of Kuwait, has said that his government is ready to ease visa policy for Pakistani businessmen.

    In order further discuss and devise strategies for easing the issuance of business visas, the Kuwaiti Interior Ministry was ready to hold negotiations and in this regard, Pakistan’s Ministry of Interior had been approached quite some time ago but unfortunately they have not received any response from them so far, the Kuwaiti Consul General said at a meeting with office bearers of Karachi Chamber of Commerce and Industry (KCCI).

    A press release issued by the KCCI on Wednesday quoted the consul general as saying that around 120 communities were living in Kuwait which was the basic reason why Kuwait has to adopt stringent visa policy which was not just for Pakistanis but also for all the foreigners.

    “We want to ease issuance of business visa hence, negotiations must take place between the Interior Ministries of the two friendly countries as soon as possible,” he added.

    Kuwaiti Consul General pointed out that China Pakistan Economic Corridor (CPEC) was a very important project which would have a positive impact not only on Pakistan but the entire region.

    “To attract the interest of Kuwaiti business community and other investors from the Gulf, we asked the Government of Balochistan to organize a CPEC Conference in Karachi and we will make sure that this conference is attended not only by the Kuwaiti business community but also by other potential investors from the gulf region,” he said, adding that this conference would help in raising awareness about the significance of CPEC project and provide a perfect opportunity to highlight the immense CPEC-related investment opportunities in Pakistan.

    Salem Al-Hamdan further mentioned that Kuwait has signed many MoUs with different institutions from all provinces in Pakistan while work on some of these MoUs has already begun and the Kuwaiti Investment Authority was also intending to undertake numerous projects in Pakistan, particularly in Sindh province.

    Referring to an MoU signed between Kuwait Chamber and Karachi Chamber, he said that both chambers had excellent relations in the past but with the passage of time, some gap has developed as no interaction was taking place between the two institutions.

    “Hence, I decided to visit KCCI and will certainly be making efforts to restore communication between Kuwait and Karachi Chambers by playing the role of bridge between the two institutions,” he added.

    He said that Pakistan and Kuwait, being brotherly and friendly countries, have been enjoying very old and good relations as many commodities were smoothly being traded while Kuwaitis have very positive sentiments for Pakistanis.

    “The two countries have good trade ties and many Pakistanis have also been working really hard in different sectors of Kuwaiti economy which is a testimony that we both are true friends,” he added.

    Kuwaiti CG was of the opinion that Karachi city, being the financial, trading and industrial center of the Pakistan with two ports, can offer a lot of trade and investment opportunities to Kuwaiti business community but the business communities of both the brotherly countries will have to meet regularly, exchange trade delegations and explore more avenues of trade and investment cooperation.

    Earlier, president KCCI Agha Shahab Ahmed Khan, in his welcome address, stated that Karachi, which is the economic hub of Pakistan, offers profitable investment opportunities and added facilities for trade, investment and joint ventures to business and industrial community from Kuwait.

    Karachi city, which contributes more than 70 percent revenue to the national exchequer, is an attractive place for Kuwaiti businessmen, who can surely earn maximum profits by undertaking joint ventures with their Pakistani counterparts.

    Commenting on economic relations between Pakistan and Kuwait, he said that both countries share cordial and healthy bilateral relations based on cooperation in different economic spheres.

    “During 2018, Pakistan exported goods worth $172.69 million to Kuwait as against exports of $166.78 million in 2017, showing a growth of 3.54 percent while our imports from Kuwait witnessed a decline of 4.11 percent to $1.40 billion during 2018 as against imports of $1.46 billion in 2017.”

  • US companies reluctant to visit Pakistan: USDA counselor

    US companies reluctant to visit Pakistan: USDA counselor

    KARACHI: Rey Santella, Agricultural Counselor of United States Department of Agriculture (USDA) has said although they were inviting the US business community but many of them were still reluctant to visit Pakistan mainly due to negative perception and also because of legal and Information Technology related hurdles that need to be addressed.

    While speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), he said that Pakistan had many challenges in the past but the country has been progressing well and the situation was much better now.

    “Good opportunities for US investors exist in Pakistan where they can surely explore trade and investment opportunities in numerous sectors including the agriculture, dairy, food items and animal feeds etc.”

    Rey Santella pointed out that besides exporting meat, soybean and other agricultural products, non-fat dry milk worth US$50 million was also being sent to Pakistan annually.

    “There is a big potential for further expanding trade and investment ties between the two countries but the business communities will have to meet more frequently so that this potential could be realized.

    “Meanwhile, USDA, which is already cooperating in the agriculture sector, is ready to provide technical assistance and training of trainers in the dairy and animal husbandry that would lead to improving the productivity.”

    He sought KCCI’s assistance in identifying numerous trade opportunities so that these could accordingly be focused and disseminated amongst US companies with a view to improve the existing trade ties between the two countries.

    Rey Santella further informed that USDA will be participating in Gulfood Exhibition scheduled to be staged in Dubai in February 2020 where Pakistani companies can visit the stalls of numerous US companies to examine their products and services.

    Earlier, President KCCI Agha Shahab Ahmed Khan, in his welcome address, stated that it was really heartening to see many US companies were taking keen interest in Pakistani market hence, it was the right time to fully facilitate and encourage joint ventures between the business communities of the two countries in numerous sectors.

    He was of the opinion that there was a huge potential to enhance trade and investment cooperation between Pakistan and the United States, particularly in the agriculture, dairy, livestock, fisheries etc.

    “We must promote collaborations in all such sectors with huge trade and investment potential which would certainly prove favorable for both the nations”, he added while acknowledging the support and cooperation being extended by USDA.

    He mentioned that Pakistan, being the 4th largest producer of milk, produces around 54 billion liters of milk per annum hence, this was an area where the business communities of the two countries must look for joint ventures while the USDA must extend technical cooperation so that the dairy yield could be improved further.

    Agha Shahab further noted that as US has an advanced agricultural sector while Pakistan’s economy is also agri-based, it is very crucial to cooperate in this particular sector by focusing on exploring ways and means on how to transfer US technology to Pakistan’s agricultural sector, which was facing several issues including limited cultivatable land, water and fertilizer scarcities and also the energy crises.

    “US can provide assistance in enhancing the yield of cultivatable land and you can also share water conservation and energy saving techniques, besides providing good quality fertilizers at competitive prices to Pakistani farmers”, he added.

    He also underscored that instead of staying confined to just sending the same old traditional items only, the business community must look into the possibility of diversifying the exports by exploring new avenues and they must also effectively market their products and services in order to maximize share in the US markets.

  • Banking channel between Pakistan, Iran to become reality soon: KCCI

    Banking channel between Pakistan, Iran to become reality soon: KCCI

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Saturday hoped that banking channel between Pakistan and Iran will become reality soon.

    Agha Shahab, President, KCCI said at a meeting with an eight members high level delegation from Iran, which was led by the Managing Director of Milad-e-Noor Ali Mohtassham Amiri .

    Agha Shahab noted that the negotiations on Free Trade Agreement (FTA) are underway as both the countries have shared their desire of upgrading Preferential Trade Agreement (PTA) into Free Trade Agreement (FTA) for which initial drafts have already been shared while the State Bank of Pakistan has also shared draft of Memorandum of Understanding (MoU) for signing its Banking Paying Arrangement (BPA) with Iran’s Iranian Bank Markazi Jomhouri.

    Both countries have already signed MoU through which channels would be opened in the central banks of both the countries for trade transactions that would reduce the usage of dollar account for Letter of Credit (LC) clearance.

    He hoped: “the desperately needed proper banking channel between Pakistan and Iran becomes a reality soon which would surely boost the existing trade ties.”

    He was of the opinion that abundant opportunities were available in the Iranian dairy, livestock, meat and beverages sectors for Pakistani traders and investors while Pakistan can also take benefit of Iran’s petrochemical sector.

    Agha Shahab underscored the need to sort out infrastructural constraints to enhance bilateral trade via Quetta-Taftan land route whereas regular operation of ECO container train will lend impetus to cargo and transit facilities between the two countries.

    While underscoring the need for a realistic approach, President KCCI said that KCCI was keen to strengthen trade ties with their counterparts in Iran.

    Managing Director of Milad-e-Noor Ali Mohtassham Amiri, on the occasion expressed the eagerness to improve trade ties with the Pakistani business community which would surely result in further improving the existing trade volume between the countries.

    Managing Director of Milad-e-Noor Ali Mohtassham Amiri stated that they were intending to improve trade ties with Pakistan and if serious efforts are made from both side, Pakistan and Iran can certainly become powerful partners.

    Commercial Attaché of the Iranian Consulate in Karachi Mahmoud Hajy Yousefi Pour, in his short remarks, pointed out that huge potential exists to enhance trade and investment cooperation between the two countries but because of some hurdles, trade was not prospering at the desired pace which requires attention.

    The bilateral trade between Pakistan and Iran was much less than the potential as Pakistan exports stood at a mere $330.2 million while the imports were around $1.247 billion during 2018.

  • Qatar to open two more visa centers in Pakistan: envoy

    Qatar to open two more visa centers in Pakistan: envoy

    KARACHI: Consul General of Qatar Mishal Muhammad Ali Al Ansari has said his country will open two more visa centers in Pakistan for facilitating visa processing, a statement said on Friday.

    At a meeting with office bearers of Karachi Chamber of Commerce and Industry (KCCI) that, he said that two Qatari visa centers were already operational in Karachi and Islamabad while two more such centers will also be established in Peshawar and Lahore in future for processing visas of mostly the skilled and semi-skilled labors.

    “Around 150,000 Pakistanis are living in Qatar as compared to around 40,000 Pakistani expats just four years ago,” he said.

    Qatari Envoy further stated that Qatar and Pakistan have been enjoying very old and strong relations since many decades. “We have initiated visa on arrival service for all Pakistanis while Qataris were also benefiting from a similar visa on arrival facility during their visit to Pakistan. Pakistan is exporting fruits, vegetables, fishes, rice, minerals, steel and cement to Qatar and is one of the fastest growing partner of Qatar in the region.”

    He said, “We’ve opened up the country and are looking for partners from all over the world. We’ve also eased the restrictions and regulations for anyone who wants to do business in Qatar. There are numerous sectors where no local Qatari partner is required anymore while Qatari Banks are also fully assisting such foreign investors.”

    Qatari CG pointed out that 90 percent of Qatari imports from Saudi Arabia and Emirates were suspended because of the blockade imposed around two years ago subsequently, they partnered with other countries including Turkey, Iran, Pakistan and India, besides focusing on becoming self-sufficient in numerous sectors.

    “A lot of changes happened in Qatar during the last two years. We are now self-sufficient and not relying on anyone in the dairy, poultry, farming sectors. Our farms have increased production by almost a thousand percent and all the major vegetables are also being grown in Qatar now. Even our fish farms have now tripled as compared to what they were before the blockade”, he added.

    Keeping in view the recent developments, he was fairly optimistic that the blockade would ease up which would create a much better situation for Qatar. “There was an effect, which I cannot deny but now we are doing well without them and with them (Saudi Arabia & Emirates), we will do great”, he said, adding that all the projects were going on smoothly in Qatar as the new expansion of the airport has started while Qatar Airways was also doing very well since the blockade as the airline added 26 new destinations, raising the total number of destination to 160.

    Highlighting the activities underway for the FIFA 2020 World Cup and the Vision 2030, Qatari Consul General stated that preparations for the FIFA world cup were in full swing as a lot of projects are going on in Qatar, of which half of the development work on the subway system has been completed while the construction of two out of six stadiums has also been completed while work on the remaining four football stadiums will also be completed next year.

    Moreover, 80 hotels were also being constructed in Doha while some huge cruise ships will also be arriving in Qatar just for the World Cup which is likely to be attended by millions of people from all over the world. “FIFA World Cup’s spending is almost US$200 billion while under the Vision 2030, around 150 large scale projects worth billions of dollars are to be offered after FIFA world cup in 2020.”

    He further mentioned that although one or may be two projects, which are not even 10 percent of the total construction projects, suffered some delay because of the blockade but the construction industry continues to grow as many new buildings and hospitals are being constructed.

    “We are also focusing on promoting tourism, particularly the Cultural Tourism as many new museums are being established and the Museum of Islamic Art and Cultural Centers in Qatar are already open whereas the Hamad Port, which is the largest port of Gulf region, also became fully operational a year ago”, he added.

    Earlier, President KCCI Agha Shahab Ahmed Khan, while welcoming the Qatari Consul General, underscored the need to make collective efforts to enhance trade ties between Pakistan and Qatar. Both countries have been enjoying good bilateral relations particularly in the energy sector but efforts have to be made from both side to enhance trade and investment cooperation in other sectors as well.

    Referring to FIFA 2020 being organized in Qatar, he stated that this particular event has opened up a host of opportunities for the business communities of both the countries to collaborate in numerous sectors of the economy.

    He was of the opinion that Pakistan, being an agricultural economy, can offer many commodities to Qatar and there was also good potential for enhancing trade in fresh fruits, vegetables, rice, meat, livestock, gems & jewelry, Information Technology and Engineering sectors.

    “As Pakistan produces some of the finest gems & jewelry whereas Qatar has been importing these products mostly from India, therefore the Qatari business community must look into the possibility of importing good quality gems and jewelry products from Pakistan as well”, he added.

  • KCCI to raise commercial importers’ problems with FBR

    KCCI to raise commercial importers’ problems with FBR

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has assured commercial importers of taking up their issues with the Federal Board of Revenue (FBR) for resolving amicably.

    President KCCI Agha Shahab Ahmed Khan, in a statement on Tuesday, assured Pakistan Chemicals & Dyes Merchants Association (PCDMA) that the chamber will approach the FBR and other concerned authorities so that the issues being faced by commercial importers could be amicably resolved.

    Exchanging views at a meeting during the visit of PCDMA delegation to KCCI, President KCCI requested PCDMA to submit practical suggestions for resolving the issues being faced by the commercial importers.

    General Secretary BMG AQ Khalil, Senior Vice President KCCI Arshad Islam, Vice President KCCI Shahid Ismail and KCCI Managing Committee members attended the said meeting with PCDMA delegation led by its Chairman Amin Yousuf Balgamwala, which also comprised of Vice Chairman Asif Ebrahim, Former Chairman Haroon Agar, Arif Balgamwala and others.

    President KCCI was fairly optimistic that the issue pertaining to SRO 1190 will certainly be taken into consideration and resolved on KCCI’s intervention.

    He also sought PCDMA’s suggestions for realistic valuation ruling so that the same could be forwarded to relevant authority for consideration with a view to provide a level playing field to commercial importers.

    While agreeing to Chairman PCDMA’s suggestion to form a committee so that collective efforts could be made to get the issues resolved, Agha Shahab sought PCDMA’s nominations for the proposed Committee.

    Speaking on the occasion, Chairman PSDMA Amin Yousuf Balgamwala brief President KCCI about the issues pertaining to Sales Tax, particularly the SRO 1190 being faced by the commercial importers.

    “We are facing a lot of problems in value addition and have constantly been sending letters to concerned authorities but no relief has been provided so far”, he said, adding that the valuation ruling, which have not been revised since many years, must be regularly revised after every three months.

    He further mentioned that as the CNIC condition will come into force from January 2020, therefore collective efforts have to be made on time to avoid any problems in future. “It is really unfortunate commercial importers, who regularly pay all their outstanding taxes, are being called tax evader and accordingly treated, which is not justifiable,” he added.