Pkrevenue.com

Tag: SITE Association

  • Connecting Pakistan, Iran customs stressed to resolve trade issues

    Connecting Pakistan, Iran customs stressed to resolve trade issues

    KARACHI: Customs authorities of Pakistan and Iran should be connected for improving bilateral trade between the two neighboring countries.

    Consul General Hassan Nourian, Consul General of Iran said there were two issues impeding trade i.e. banking channel transactions and second one is absence of proper bilateral trade regime between the two countries.

    Regarding barter trade, he suggested developing an active linkage to resolve two countries’ two customs related issues by connecting customs of two countries.

    READ MORE: Karachi Chamber welcomes Dar’s decisions

    On the IPI & TAPI gas pipeline, he said that India is no longer part of the project and finally Iran and Pakistan need to proceed with the project.

    He said that it is our second visit to SITE Association of Industry, and informed that during this visit of delegation, three MoUs have been signed. In the month of January 2023, Iran Single Country Exhibition is being organized at Karachi Expo Centre, and proposed that a similar exhibition may also be organized by Pakistan in Tehran, Mashhad or Isfahan.

    A businessmen delegation from Islamic Republic of Iran visited SITE Association of Industry, and met President Riaz Uddin, office bearers and Executive Committee members to discuss the matters of enhancement of bilateral trade relations between the two brotherly countries.

    READ MORE: Pakistan business confidence index drops to lowest level

    The delegation was headed by Yaganeh Fard, President Chamber of Commerce Zanjan. Consul General of Islamic Republic of Iran H.E Hassan Nourian, Commercial Attaché Hossein Amini were also present in the meeting. Riaz Uddin, President, SITE Association of Industry, Abdul Kadir Bilwani SVP SITE Association, VP Muhammad Hussain Moosani, Former President Abdul Rasheed and Abdul Hadi, Muhammad Kamran Arbi, Anwer Aziz, Azeem Motiwala, Haris Shakoor, Imran Ghani and others were also present in the meeting. Iranian Businessmen delegation visited a renowned Textile unit to see the manufacturing process.

    Leader of the Iranian Businessman delegation Yaganeh Fard, President Chamber of Commerce Zanjan, on this occasion said that Pakistan and Iran have many things in common including trade, but the trade volume is much below the abilities and potential of the two countries.

    The businessmen and products of the two countries should be introduced to each other and for this purpose, travelling and participation in exhibitions are important.

    READ MORE: Furniture retailers want fixed tax regime

    “Trade is a two-way road we can engage ourselves through partnership, joint investments and production. He added that Iran is facing difficulties due to US sanctions imposed and barter trade is a welcoming sign amid such sanctions. The target of $5 billion trade volume per annum has been set.”

    Riaz Uddin, President, SITE Association of Industry welcomed & thanked the valued guests from Iran and thanked the Consul General for making efforts to promote business ties between the two countries. He said that Iran was the first country to recognize Pakistan at the time of its birth. In reciprocation Pakistan was amongst the first countries who recognized Islamic Revolution of Iran.

    READ MORE: APTMA demands immediate release of textile machinery

    “Trade volume is extremely low as we are unable to avail the opportunities available in the brotherly country Iran. Pakistan needs basic commodities like oil gas petrochemical products, particularly Gas which is badly needed by industries and Iran has abundance of gas”, he said, adding that there has been development for barter trade with Iran but there is need to expand its operations to entire Pakistan and remove legislative barriers.

  • SITE Association demand date extension for income tax return filing

    SITE Association demand date extension for income tax return filing

    Abdul Rasheed, the President of the SITE Association of Industry, has urged the government to extend the deadline for filing income tax returns, citing the recent heavy rains and floods that have severely impacted business activities across the country.

    (more…)
  • Power tariff hike termed disaster for industries

    Power tariff hike termed disaster for industries

    KARACHI: SITE Association on Industry on Saturday termed the significant power tariff as disaster for industries.

    Abdul Rasheed, President Site Association of Industry, while expressing deep concern over the massive hike in power tariff, Fuel Adjustment Cost (FAC) and reintroduction/ increase in fixed charges, has termed this unbearable upsurge in electricity tariff as disastrous for the industries.

    In an appeal to Prime Minister Shahbaz Sharif and Federal Minister for Power Engr. Khurram Dastgir, SAI chief demanded to immediately withdraw FAC, fixed charges and increase in electricity rates to continue uninterrupted production activities, otherwise it will be impossible to run the industries due to cost overrun.

    “The business community cannot bear the extraordinary increase of 80pc in electricity rates, rather industrialists will be forced to close their units as a result of this move, as they are not able to bear this huge increase in electricity rates,” he said, adding that the base tariff has been increased by Rs 9.8972 per unit, which has increased the price per unit from Rs 19 to around Rs 30 per unit.

    Apart from this, 17pc sales tax and income tax will also be applicable on this increased basic tariff of Rs.30 per unit of electricity. When all these components are combined, an unbearable minimum impact to 80 per cent.

    SAI president further said that various tariffs for industries suspended in the past under the policy of peak and off-peak hours have been reinstated once again. This will increase the production cost of the industries enormously. In such a case, the industrialists can reduce their production by 50 per cent because they cannot bear this burden in the severe economic crisis in the country.

    Abdul Rasheed requested the Prime Minister and Minister Power to avoid excessive increase in fuel adjustment charges (FAC), fixed charges and electricity tariffs in the best interest of the economy and to save the industries from destruction.

    It should be withdrawn immediately so that the anxiety of the industrial community can be removed, and they can continue their productive activities with satisfaction and create ample employment opportunities.

  • Rupee depreciation disaster for industry: SITE Association

    Rupee depreciation disaster for industry: SITE Association

    KARACHI: SITE Association of Industry on Thursday said that the continuous decline in rupee value against the dollar has brought the industry at verge of collapse.

    Abdul Rasheed, President, SITE Association of Industry, in a press statement, expressed serious concerns over the silence of State Bank of Pakistan in controlling rupee devaluation.

    READ MORE: SITE Association demands reversing policy rate at 7%

    He demanded the central bank of taking steps to control rupee-dollar parity.

    On Thursday, the dollar touched the highest ever level of Rs228 which is having adverse impact on the business activities in the country and the industries in particular, are now at the verge of collapse due to constantly increasing cost of production.

    SITE President said that despite the demand of the business community to control rupee devaluation, no effective steps were taken by the State Bank of Pakistan.

    READ MORE: SITE Association signs MoU for tax return filing

    Instead the State Bank of Pakistan stated that the economic situation of the country is better. This statement of the SBP is contrary to ground realities as business and industries are suffering the most due to increasing dollar value.

    Raw material is imported to meet the requirements of local industries. Due to costlier dollar value, the imports have also become costlier, thereby increasing production cost and making it difficult to run industries.

    READ MORE:SITE Association hails FBR chairman’s no bank account freezing decision

    Abdul Rasheed added that the government is focusing only on getting a loan from the IMF without considering how to refund the IMF loan when there will be no industry and no tax collection. In the absence of adequate tax collections, the economy will collapse.

    Drawing attention of the federal government towards the gravity of the matter, Abdul Rasheed demanded to control of rupee devaluation and flight of dollar to avert its negative impact on industries and economy as a whole.

    READ MORE: Key policy rate goes up to 9.75%; SBP raises 250bps in less than month

  • SITE industrialists reject increase in power tariff, POL prices

    SITE industrialists reject increase in power tariff, POL prices

    KARACHI: SITE Association of Industry (SAI) on Friday strongly rejected the increase in power tariff and prices of petroleum products announced by the government a day earlier.

    Abdul Rashid, President, Site Association of Industry, Karachi, while expressing deep concern over the recent increase in base tariff of electricity by Rs7.90 per unit, announced by NEPRA, and sharp increase in petroleum prices, saying that these steps should be taken back immediately in the best interest. Otherwise, the dream of development of the country’s economy will never come true.

    READ MORE: Yarn merchants for reducing utility prices to save industry

    SAI President said that the business community would not accept the self-imposed decision of NEPRA as raising base electricity tariff without public hearing is a total violation of laws.

    He termed the sharp rise in petroleum prices after the hike in electricity tariffs as dangerous for the economy, and said that it would not only lead to a storm of inflation but also cause huge losses to the industries as the production cost of the industries is already high. It has grown to an unbearable level, so the government should refrain from taking such measures as putting the survival of the industry at stake.

    READ MORE: KATI demands withdrawal of electricity, petrol price hike

    “The government needs to take steps to promote exports of Pakistani products so that the economy and business can flourish and that is possible only when the cost of doing business is reduced by significantly reducing the prices of electricity, gas, petroleum products and water,” he opined.

    SAI chief added that raising electricity tariffs was not wise but these crises could be overcome only by focusing on increasing energy production and alternative energy projects.

    READ MORE: Pakistan braces for worst food inflation: FPCCI

    Abdul Rashid demanded Prime Minister Shehbaz Sharif to issue notification to abolish 17% sales tax on solar energy as per his promise, also explain the HS code for importing raw materials, and the 30% duty on the import of machinery should be abolished immediately so that the production activities can be promoted without any hindrance.

    READ MORE: APTMA demands continuation of energy tariffs

  • Industry cries foul as gas suspension halts production

    Industry cries foul as gas suspension halts production

    KARACHI: The industry has cried foul over suspension of natural gas, which has halted the manufacturing activities resulting dishonoring export orders.

    The Industrialists of SITE Karachi have stringed up protesting banners over various roads and roundabouts of industrial areas against Gas load shedding, appealing the Prime Minister for uninterrupted supply of gas to industries of Karachi to save export and general industries including SMEs from disaster otherwise, fulfillment of export orders and new investments of billions of rupees shall be at risk.

    READ MORE: SITE Association demands reversing policy rate at 7%

    President, SITE Association of Industry, Abdul Rasheed, in a statement appealed Prime Minister Imran Khan that industries are facing suspension of gas supply since November 21, 2021.

    Due to daily 16 hours’ gas load shedding or zero gas pressure, about 66 per cent industrial production has been effected whereas, discrimination with Karachi is catastrophic for industries and against the defined export policies of the prime minister.

    Karachi is industrial and economic hub of Pakistan, despite of contributing 68 per cent to national exchequer, contributing over 54 per cent towards total exports and 52 per cent towards textile exports, Karachi is facing injustice by authorities.

    READ MORE: SITE Association signs MoU for tax return filing

    Abdul Rasheed raised the question as to why industries of Karachi solely suffers from shortage of Gas? Why is Sindh being prevented from using its own Gas?

    “It seems that there is hidden intention of shutting down or destroying Karachi industries behind depriving Karachi of gas. Is depriving Karachi of gas aimed at thwarting Prime Minister’s export policy?”

    Last year SSGC was provided with 150 MMCFD RLNG against only 34 MMCFD RLNG provided this year.

    READ MORE: SITE Association hails FBR chairman’s no bank account freezing decision

    He further added that Sui Northern Gas Company may also confer its appropriate share to Baluchistan and wrongly allowed 211 MMCFD gas to Sui Northern Gas may be provided back to SSGC to improve gas supply.

    SAI chief has appealed to Prime Minister Imran Khan to ensure round-the-clock gas supply with adequate pressure to Karachi industries and requested to supply gas regardless of category i.e. Export, General industries or SMEs so that destruction of industries could be avoided failing which investment made by importing 3 billion dollars’ worth machinery by various industries shall be in jeopardy and will lead to a flood of unemployment.

    READ MORE: Pakistan unlikely to get benefit from 2nd phase of China FTA: SITE Association

  • EOBI to launch self assessment scheme for employers

    EOBI to launch self assessment scheme for employers

    KARACHI: Employees Old-Age Benefits Institution (EOBI) has proposed a self assessment scheme under which the institution may select companies through random balloting for audit.

    EOBI Chairman Shakeel Ahmed Mangnejo said that for the convenience of employers as well as to encourage more contributions from them, a Self-Assessment Scheme is proposed in the upcoming amendment into the EOBI Act, under which, companies to be audited shall be selected by random balloting.

    READ MORE: EOBI pension to increase Rs15,000 per month

    He was addressing the SITE Association of Industry (SAI).

    EOBI Chairman announced to make EOBI Helpdesk at SITE Association functional with immediate effect and depute an officer to attend the Helpdesk at least once in a week for better coordination between registered employers and EOBI as well as to resolve issues of members of the Association.

    Expressing views on minimum wage and contribution, Chairman EOBI asked the industrialists to make payment at Rs. 13,000/- wage and clear the backlog as the EOBI fund is also facing difficulties.

    He gave the option of installments to those who are paying contributions of less than 780/- per month to clear their backlog.

    READ MORE: SITE Association demands reversing policy rate at 7%

    He further informed that EOBI is currently paying Rs50 billion per annum to more than 400,000 pensioners. Therefore, everyone should pay a contribution on time Rs13000 minimum wage in the larger interest of registered workers and suggested to report harassment cases under Section 35 of the Act – a portal for this is already active on their website.

    Replying to a query from Ex-President Saleem Parekh regarding sharing of EOBI accounts, Chairman EOBI informed that un-audited accounts up to the year 2020, together with minutes of BOT, have been placed on the website of EOBI.

    Chairman EOBI further said that companies whose contributions exceed Rs. 100,000/month would be bound to pay their contributions through EOBI’s automated Facilitation System (FS) from 1st February 2022. This is necessary to maintain an accurate record of registered workers. By March 2022, EOBI is expected to launch its mobile app as well.

    READ MORE: SITE Association signs MoU for tax return filing

    Earlier, President of SITE Association of Industry Abdul Rasheed, while welcoming the guests, said that a representative of SITE Association should be taken in the Board of Trustees of EOBI and stressed the need to re-activate EOBI Helpdesk at SITE Association as per past practice. He mentioned that collection targets issued by EOBI should be avoided and inspection of records should be done only once in a year. He also highlighted the issues being faced by pensioners, particularly widows, in getting pension.

    SVP Saud Mahmood briefed members on the Profile of Shakeel Ahmed Mangnejo who is very well qualified and highly accomplished in all his previous postings.

    Chairman of Labour Sub-Committee Abdul Kadir Bilwani on this occasion briefed the Chairman EOBI on the issues being faced by the employers and employees of SITE area which in particular included delay in issuance of pension cards, release of pending applications of pensioners for payments, relief in inspection audits given the COVID situation to help Industrialists, harassment of Industrialists by audit inspectors and unnecessary demand of company financials.

    READ MORE: SITE Association hails FBR chairman’s no bank account freezing decision

    Former president Jawed Bilwani said that industrialists are actual stakeholders of the country who generate employment, pay taxes and earn sorely needed foreign exchange. He demanded that representatives of employers in EOBI should provide evidence of having taken input from all industrial area associations before making any decision to avoid litigation.

    Former president Younus Bashir on this occasion expressed views about EOBI audit and collection target, notorious activities of labour leaders in industrial areas and stressed the need to avoid time-consuming litigation and drew the attention of EOBI Chairman towards labour representatives’ conduct in the EOBI meetings. He also suggested linking the number of employees with the power & gas consumption of the industry for a better and holistic view of operations as opposed to arbitrary assumptions.

    Dr. Javed Sheikh, Deputy Director General and Ali Muttaqi Shah, Regional Head, Nazimabad Region, EOBI, Abdul Rasheed, President of SITE Association of Industry, Saud Mahmood, SVP SAI, Muhammad Kamran Arbi, VP, Chairman of Labour Sub-Committee Abdul Kadir Bilwani, Former president Jawed Bilwani, Former president Younus Bashir, Tariq Yousuf, Sikandar Imran, Anwer Aziz, Saleem Nagaria, Muhammad Riaz Dhedhi, Azeem M. Afzal Motiwala, Touseef Ahmed, Farhan Ashrafi, Hussain Moosani, Junaid-ur-Rehman, Haris Shakoor, Shahid Ghazanfar and others were also present in the meeting.

  • SITE Association demands reversing policy rate at 7%

    SITE Association demands reversing policy rate at 7%

    KARACHI: Site Association of Industries (SAI) has demanded the State Bank of Pakistan (SBP) to immediately withdraw the increase in policy rate and bring it back at 7 per cent.

    In a statement issued on Thursday, SAI President Abdul Rasheed rejected further 100 basis points rise in interest rates calling for its immediate reversal especially when the industry is facing forced closures due to a severe gas shortage.

    READ MORE: Key policy rate goes up to 9.75%; SBP raises 250bps in less than month

    In a statement, SAI president said that free floating exchange rate works as a shock absorber which discourages imports in a timely manner thereby keeping current account in check.

    SBP in their monetary policy statement have stated that inflation is due to supply side issues further fuelled by higher commodity prices and up to 70 per cent of current account deficit is due to rising global commodity prices.

    READ MORE: SITE Association signs MoU for tax return filing

    Abdul Rasheed demanded reversing the rate to 7 per cent as industries are already facing severe losses due to gas closure industry, a crisis of the magnitude of COVID 19. “With industries facing huge challenges due to closure of gas, one sided minimum wage notification, an interest rate hike could well prove to be the last nail in the coffin for troubled industrialists.”

    Terming the interest rate hike detrimental for Pakistan’s economy especially for Government of Pakistan, he said, “An increase in interest rate of 275 basis points since September would result in higher fiscal deficit by increasing interest expense by Rs1 trillion on Rs26 trillion domestic debt while reducing direct taxes due to lower profitability of companies on account of higher interest expense”, he concluding that keeping raising interest rate at 7 per cent was the main reason that GOP avoided twin deficits having a better performance on the fiscal front despite deteriorating external position.

    READ MORE:SITE Association hails FBR chairman’s no bank account freezing decision

    SAI president discarded the idea of keeping real interest rates mildly positive as most of the countries are maintaining steep negative real interest rates including USA and UK. Terming the reversal of policy rate down to 7 per cent critical for both the private sector and GOP, Abdul Rashid Said, “it is imperative that SBP reverts its decision of raising the policy rates as it is detrimental to both the private sector as well the GOP without aiding at all in improving the current account position.”

  • SITE industrialists condemn gas suspension

    SITE industrialists condemn gas suspension

    KARACHI: Abdul Rasheed, President, SITE Association of Industries (SAI), has criticized the suspension of gas supply to all non-export general industries.

    In a statement issued on Monday, while totally rejecting SSGC’s imprudent decision to suspend gas supply to all non-export general industries, he demanded that instead of doing so, the SSGC should carry out staggered gas holidays along with better load management which would ensure non – export general industries will continue to run according to the given schedule.

    READ MORE: SITE Association signs MoU for tax return filing

    SAI president said that SSGC’s management which appears to be unaware of what was happening and was unable to control the situation, must go for staggering holidays and better load management in order to provide relief to the perturbed business & industrial community who are providing livelihood to millions of people.

    Rasheed also questioned the policy to prioritising gas supply to domestic consumers over job security. “What good is gas availability for an unemployed person,” he questioned.

    READ MORE: Export orders under threat as gas supply to industries suspended

    He urged the government to no take populist decisions and understand the negative impact of shutting down manufacturing activity on employment and inflation.

    Abdul Rasheed said the exemption given to export sector would not provide the desired results as general industries supply essential raw materials to export-oriented industries hence are an integral part of the supply chain must stay operational otherwise the export sector even with gas would not be able maintain the pace of exports.

    Terming suspension of gas supply to non-export general industries as detrimental, he said, that SITE Association will not stay silent and we will use all available options including a huge sit-in outside SSGC’s Head office until relief is provided to all industries without any discrimination.

    READ MORE: SITE Association hails FBR chairman’s no bank account freezing decision

    SAI president was of the opinion that gas suspension to general industries would not only result in increased unemployment but would also fuel massive inflation due to shortage of essential goods in the market. “With inflation already at 18% YoY, any supply side disruption would make the situation untenable for the masses as supply side shortages would jack up prices further eroding the purchasing power of the lowest strata,” he added.

    Rasheed further said that Imran Khan did not shutdown industries during COVID 19 for these very reasons while SSGC has done the same without giving heed to Prime Minister’s clear policy on the matter.

  • SITE Association signs MoU for tax return filing

    SITE Association signs MoU for tax return filing

    KARACHI: SITE Association of Industry has signed a Memorandum of Understanding (MoU) with Befiler for facilitating its members and their employees in tax filing, and related business services for promoting compliance culture among its member organizations.

    Patron-in-Chief of SITE Association, Muhammad Zubair Motiwala graced the signing ceremony with his presence. Abdul Rasheed, President, SITE Association of Industry along with SVP Saud Mehmood, VP Muhammad Kamran Arbi and senior members Anwer Aziz, Riaz Uddin, Abdul Kadir Bilwani and others were present at the ceremony. Asad Ali Shah, Chairman Befiler and Akbar Ali, CEO Befiler were representing Befiler.

    READ MORE: MTO Karachi asks taxpayers to file income tax returns

    With this partnership, SITE Association of Industry, one of the highest taxpayer industrial zone in the country, takes another step towards further compliance. Members of SITE Association of Industry will be able to file their tax returns using Befiler app or portal, and receive support and guidance from Befiler to effectively engage with the process and become part of Active Taxpayer’s List (ATL).

    SITE Association of Industry comprises of over 4,500 industrial units of varying sizes, including textiles, heavy machinery, beverages, automobiles, silk, oil, soap, food, chemicals, pharmaceuticals, steel, glass, paints, ready-made garments, etc. With this partnership, SITE Association of Industry is now taking another step towards a responsible and tax compliant institution. Through this partnership it is sending a strong message to its members in particular and citizens of Pakistan in general regarding its determination to foster a disciplined and compliant business environment.

    READ MORE: Persons not required to file income tax return

    Befiler is Pakistan’s largest & only digital tax filing platform offering truly digital NTN registration and tax filing experience. Befiler provides its services, and additional support through calls, live chat, and whatsapp to its clients. This partnership highlights Befiler’s wide acceptance, and credibility in Individual and Business sectors alike.

    Befiler believes that through the use of technology and its digital platform, the entire ecosystem of tax filing and compliance can be automated, making it easy and simple for tax payers leading to greater number of citizens becoming compliant. Bringing digital solution to the business community is a move in the right direction given the scope for growth, systematic reforms and bringing agility to processes through the use of technology.

    READ MORE: Requirement of filing income tax return by persons