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Tag: KATI

  • KATI terms sudden policy rate hike as economic disaster

    KATI terms sudden policy rate hike as economic disaster

    KARACHI: Korangi Association of Trade and Industry (KATI) on Friday expressed annoyance over sudden 2.5 per cent increase in key policy rate by the State Bank of Pakistan (SBP) in an unscheduled meeting held a day earlier.

    KATI President Salman Aslam expressed concern over the sudden increase in interest rate by SBP by 2.5 per cent and setting the policy rate at 12.25 per cent.

    READ MORE: SBP increases policy rate sharply by 250bps to 12.25%

    He said that the unexpected meeting and decision of the Monetary Policy Committee would cause irreparable damage to the economy.

    Salman Aslam said that already due to increase in production cost, stabilization in electricity, gas and petrol prices, it is very difficult to compete with other countries in the region including India, China and Bangladesh. Salman Aslam said that increase in interest rates, export orders are also likely to be affected due to which the wheel of the industry is becoming extremely difficult to move.

    READ MORE: PKR becomes worst currency in region: KATI

    The country’s economy is already under pressure due to the political crisis. In such a scenario, the abrupt rise in interest rates by the SBP is beyond comprehension. He said that in view of such measures, there were concerns over the undue autonomy of the SBP in the business community.

    President KATI appealed to Prime Minister Imran Khan and Finance Minister Shaukat Tareen to take immediate notice of the increase in monetary policy rate. He said that due to political instability, the value of the dollar had reached an all-time high and a significant increase in interest rates was tantamount to inviting a major storm of inflation.

    READ MORE: KATI expresses concerns over rising inflation

    Salman Aslam said that the people of Pakistan and the business community could not afford further inflation. He said that industrialists and traders were facing economic crisis and raising interest rates above 12 percent would completely destroy industries and exports of the country. Expensive bank loans will further increase the cost of production.

    President KATI also appealed to the Governor SBP to immediately reverse the interest rate hike in the best interest of the economy.

    READ MORE: KATI strongly criticizes hike in petroleum prices

  • PKR becomes worst currency in region: KATI

    PKR becomes worst currency in region: KATI

    KARACHI: Korangi Association of Trade and Industry (KATI) has said that the continuous depreciation in Pakistan Rupee (PKR) against the dollar made it the worst currency in the region.

    In a statement issued on Wednesday, Salman Aslam KATI President said that the value of the dollar was continuously rising which has made the Pakistani rupee one of the worst currencies in the region while raising fears of a severe surge of inflation in the country.

    READ MORE: KATI expresses concerns over rising inflation

    Political instability has cut off domestic and foreign investment, which is a matter of great concern. Salman Aslam said that the value of the dollar has reached a historic high of Rs 186 which is detrimental to the economy.

    He said that the countries whose currencies had depreciated so fast in the world were on the verge of collapse and those governments have failed to rebuild their economies.

    In such a case, it becomes the responsibility of the SBP to intervene realizing the gravity of the matter and stopping the diminishing value of the rupee.

    READ MORE: KATI strongly criticizes hike in petroleum prices

    President KATI said that the political leaders of the nation should also work for reconciliation for the sovereignty of the country and the nation instead of political confrontation otherwise Pakistan could not afford to face further economic crisis.

    Salman Aslam said that the historical rise of the dollar and the economic crisis are first and foremost hurting trade and it has become very difficult for exporters to compete in the world.

    READ MORE: Korangi Association flays key policy rate hike

    President KATI expressed concern that if the situation continues like this, the fear of high inflation, unemployment, and chaos is increasing. He appealed that the sovereignty of Pakistan shall not be compromised and the economy must be saved by finding immediate solutions to the problems.

    Salman Aslam also appealed to Governor SBP to play his role in preventing rupee depreciation on an emergency basis.

    READ MORE: Around 65,000 industry workers vaccinated: KATI

  • KATI expresses concerns over rising inflation

    KATI expresses concerns over rising inflation

    KARACHI: Salman Aslam, President, Korangi Association of Trade and Industry (KATI) has expressed serious concern over rising inflation and increasing prices of food items in the country.

    “It is a matter of concern for the government to be considered as the most expensive country in the region,” KATI President said in a statement on Tuesday while quoting a survey report.

    READ MORE: KATI strongly criticizes hike in petroleum prices

    He said that medicines, ghee, cooking oil, tomatoes and other essential items have become more expensive.

    President KATI said that the government needs to take serious positive steps to stem the tide of inflation so that the living standards of the poor and middle class of the country can be improved.

    Salman Aslam said that due to the daily increase in the prices of petroleum products, gas and electricity the cost of production has increased to a dangerous level, after which it is becoming very difficult for the industrialists to run the industry.

    READ MORE: Korangi Association flays key policy rate hike

    He said that due to exorbitant increase in production cost, local industrialists have no other choice but to shift their capital abroad.

    President KATI said that rising inflation has made life miserable for the common man which could not only deteriorate the law and order situation but also increase the pressure on the economy.

    READ MORE: Around 65,000 industry workers vaccinated: KATI

    He said that the industrialists were already convincing the government that timely action was essential otherwise economic stability would not be possible.

    President KATI said that due to the recent increase in petroleum products, there has also been an increase in means of transportation and logistics of goods.

    Salman Aslam appealed to the government to take concrete steps to control inflation and reduce production costs, so as to restore the confidence of local investors and industrialists, including foreign investors.

    READ MORE: KATI seeks precautionary measures before rains

  • KATI strongly criticizes hike in petroleum prices

    KATI strongly criticizes hike in petroleum prices

    KARACHI: Korangi Association of Trade and Industry (KATI) in a statement on Wednesday strongly criticized the government for the substantial increase in petroleum prices.

    Ms. Maheen Salman, acting president of KATI said that increase in prices of petroleum products by the government more than Rs 12 per liter is unacceptable and unbearable.

    READ MORE: Pakistan raises petrol price to record high at Rs160/liter

    She said that the price of petrol in the history of the country has crossed the highest level of Rs150 liter and reached a PKR 160 per liter which is alarming. Earlier, the price of petrol was beyond the purchasing power of the people.

    Maheen Salman said that due to the policy of the government, the inflation for the lower income group had gone up to 21 percent and now the recent increase in petroleum products will further increase the inflation which will severely affect the middle class and upper-middle-class including the poor.

    READ MORE: Korangi Association flays key policy rate hike

    Acting President KATI said that inflation has broken the back of the low-income group. There are no steps being taken by the government to provide some relief to the poor.

    Maheen Salman further said that the statement of the Finance Minister came out in the assembly that the IMF has strict conditions to withdraw the subsidy from the people.

    READ MORE: Around 65,000 industry workers vaccinated: KATI

    In such a situation, the government is increasing inflation on a daily basis but the means for the increase in revenue are not being created.

    Job opportunities are dwindling, industries are closing, flight of investment is all-time high, so how can the country develop. She appealed to the government to keep the inflation rate in line with the purchasing power of the people.

    READ MORE: KATI seeks precautionary measures before rains

  • Smuggled edible oil, ghee devastate domestic production

    Smuggled edible oil, ghee devastate domestic production

    KARACHI: Sheikh Umer Rehan, former chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), has raised serious concerns over the widespread smuggling of edible oil and ghee from Iran, which he said is wreaking havoc on the domestic manufacturing industry.

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  • Korangi Association flays key policy rate hike

    Korangi Association flays key policy rate hike

    KARACHI: Salman Aslam, President, Korangi Association of Trade and Industry (KATI), has expressed concern over one percent increase in interest rates.

    He said that further increase in monetary policy by SBP to 9.75 per cent would result in more inflation.

    President Salman Aslam said that the government was trying to control inflation by raising interest rates but in the current economic scenario this decision could not prove beneficial.

    He suggested that the government should provide facilities and incentives to the export industry to increase the country’s exports and increase foreign exchange reserves, thus reducing the pressure on the rupee against the dollar.

    President KATI said tightening monetary policy would freeze the economy, which would hurt the economy. The government-set growth target of 5 per cent is likely to be affected.

    Salman Aslam appealed to the government to take strict measures to increase exports instead of tightening monetary policy. If imports are reduced then inflation can be brought down.

    He said that the SBP’s move would make loans more expensive and would further increase inflation.

    Salman Aslam said that Korangi industrial area has full potential to increase exports, if the government provides facilities then KATI can play its full role in increasing exports.

    Around 65,000 industry workers vaccinated: KATI
  • FBR to replace IRIS for tax payments: CCIR RTO

    FBR to replace IRIS for tax payments: CCIR RTO

    KARACHI: The Federal Board of Revenue (FBR) to introduce a new and efficient system for payment of all kind of tax payments, said a top tax official.

    “We will introduce a new and efficient system replacing IRIS in which all kinds of taxes can be easily paid in one place,” a press statement quoted Tariq Mustafa Chief Commissioner Inland Revenue, Regional Tax office (RTO) Karachi as saying on Wednesday.

    According to the statement issued by Korangi Association of Trade and Industry (KATI) the CCIR said that it was not the policy of FBR to impose more burden on the taxpayers.

    The RTO Chief said that the issues raised by KATI would not only improve the regional tax office but also benefit the FBR. He said that after 2013, tax refund payments were in a halt. Under the current system, there is no problem of refunds.

    Refunds are now paid immediately through the modern automated system, we are hold accountable for non-payment of refunds.

    KATI members can contact me for any complaint regarding FBR. My doors are open to all members, he said.

    KATI President Salman Aslam, KATI CEO Zubair Chhaya, Tax Liaison Committee Chairman Masood Naqi, Senior Vice President Maheen Salman, Former Presidents Saleem-uz-Zaman, Tariq Malik, Farhan-ur-Rehman, Rashid Siddiqui, Johar Qandhari, Ehteshamuddin, Syed Farukh Mazher and a large number of other members including were present.

    Earlier, KATI President Salman Aslam welcomed the arrival of Chief Commissioner Inland Revenue Tariq Mustafa in KATI and said that the industrialists were concerned over the reports of freezing the accounts of defaulters. He said that to increase further revenues tax net needs to be widened, adding that harassment of taxpayers would not increase revenue.

    President KATI said that new policies should be formulated to facilitate the tax system so that the industrialists consider paying taxes without any fear as a national duty.

    KITE CEO Zubair Chhaya said that, we have been made withholding agent without any compensation and instead of encouragement, we have been issued monitoring notices from 2014 to date.

    The government should encourage withholding agents. He said that in terms of filers and non-filers, non-filers save their lives by paying extra tax once while filers go through various notices and audits despite paying taxes.

    A policy should be formulated in consultation with the stakeholders to widen the scope of taxation.

    Facilities should be provided to the industrialists of Karachi so that the industries can be promoted and the national revenue can be further increased.

    On the occasion, Chairman Tax Liaison Committee Masood Naqi said that a focal person should be appointed to facilitate the industrialists of Korangi and FBR who could provide immediate assistance to the members of KATI.

    He said freezing accounts and imposing heavy fines would discourage taxpayers as they would not be able to pay heavy fines due to the post-COVID economic crisis.

    Around 65,000 industry workers vaccinated: KATI
  • Around 65,000 industry workers vaccinated: KATI

    Around 65,000 industry workers vaccinated: KATI

    KARACHI: Around 65,000 industry workers have been vaccinated with the help of Sindh government, said Saleem-uz-Zaman, President, Korangi Association of Trade and Industry (KATI).

    (more…)
  • KATI seeks precautionary measures before rains

    KATI seeks precautionary measures before rains

    KARACHI: Korangi Association of Trade and Industry (KATI) has urged the authorities to take precautionary measures before heavy rains in order to avoid human and financial losses.

    Patron-in-Chief S M Muneer and President Saleem-uz-Zaman has said that the Meteorological Department in coming days has forecast heavy rains in Karachi.

    In such cases, precautionary measures should be taken to avoid any possible incident. K-Electric, at the request of KATI, had elevated the grid stations of the industrial area and secured the electrical installations to save precious lives, which has greatly reduced the risk of any possible accidents during rains.

    They embassies on awareness campaigns and special messages should be issued to the people to take precautionary measures before the rains.

    S M Muneer appealed to the people of Karachi, especially the employees and labors to be careful in the rains, stay away from electrical installations and avoid installing Kunda during rainy season.

    Saleem-uz-Zaman requested the factory’s administrations of Korangi Industrial Area to take precautionary measures before the rains and save the lives of the employees.

    President KATI suggested that special messages be issued by the concerned departments for pre-rain awareness and special teams be formed to protect precious human lives and property of the people from damage.

    Saleem-uz-Zaman appealed to the government agencies to complete the repair of the city’s highways and manholes so that the rains do not become a nuisance for the citizens like last year.

  • Corporate RTO Chief urges business community to play role for tax policy improvement

    Corporate RTO Chief urges business community to play role for tax policy improvement

    KARACHI: Dr. Aftab Imam, Chief Commissioner, Corporate Regional Tax Office (CRTO) Karachi has urged business community to play their role in improvement of tax policy and procedures.

    (more…)