Businessmen want enabling environment, peace of mind: Zubair Ahmed Malik

Govt assures FPCCI of resolution of problems, acceptance of demands

Directives issued to FBR for speedy implementation, other departments: Ishaq Dar

Dated: Sept 23

Government on Sunday assured The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for resolution of all the justified outstanding problems being confronted by the business community.

Senator Mohammad Ishaq Dar, Federal Finance Minister contacted President of FPCCI Zubair Ahmed Malik to inform him about the decision of the government regarding acceptance of all the reasonable and appropriate demands.

Ishaq Dar told FPCCI chief that FBR and all the other departments have been directed to expedite the formalities and implement decisions as soon as possible.

He said that provision of enabling environment to the traders and industrialists is among top priorities of the government which is necessary to attain growth targets and overcome multiple problems including unemployment.

Dar said that government will frame policies with the help of business community which can help fulfil agenda of national development at a rapid pace.

At the occasion, Zubair Ahmed Malik said that business community has been facing multifarious problems which must be resolved so that we can play our due role in the national development with peace of mind.

Law enforcing agencies has restored our confidence to so extent but the genuine demand of the business community to bring changes in the federal budget 2013-14 were not accepted which disappointed us, he said.

He said that inflation has taken toll on masses and all the sectors which has left people hungry and Pakistani products non-competitive in the regional and international markets.

The FPCCI chief said that the situation has left local and foreign investors very frustrated which is casting negative shadow on the economy.

Malik Zubair Ahmed hoped that government will accept all the warranted demands of the business community so that they continue their businesses restfully.

It may be mentioned that FPCCI on September 17 announced to look into the option of protest if their demands were not met by the government.

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SBP asked to do more to stem free fall of rupee

SBP asked to do more to stem free fall of rupee

Sept 20

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday said the efforts of State Bank of Pakistan have stabilised the eroding currency to some extent but more should be done to stop its free fall.

Many among the business community think that monetary sovereignty has been surrendered to the IMF which has resulted in defeat of rupee at the hands of dollar on all fronts, said Muhammad Ali, Vice President FPCCI.

Speaking to the business community, he said that inter-bank as well as open market continues to see fall of the rupee which has lost around 7 per cent value since the current pro-business government has taken.  

Rupee may soon join club of other currencies which have seen double digit depreciation against the dollar, he said.

He said that inaction on the part of the government has resulted in a panic-like situation among masses putting additional pressure on the local currency.

Muhammad Ali said that the local currency has lost ability to resist the onslaught of dollar because the government has adopted a cool attitude towards the problem.

Government was deliberately devaluing the local currency without an announcement which indicates that there is something worth hiding from the general public.

India, Brazil and other countries have taken serious measures to save their currency while our economic managers have decided that local currency must shed points on daily basis, he observed.

The agreement with the IMF or paying back loan has failed to strengthen the rupee or the economy and it seems that the depreciation would not stop as long as IMF desires, said Muhammad Ali.  

Import of petroleum products alone are enough to create imbalances on external account, reduce the country’s import capability and hit the exchange rate for further devaluation of local rupee.

Devaluation will make imports costly reducing their demand while exports cheaper depriving manufacturers of incentive to cut costs and become more efficient which will increase production cost over time.

Why the government and the SBP have failed to foil the plans of speculative forces, he questioned.

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Narcotics ministry become a threat to industrial, commercial business activities: FPCCI

Govt functionaries pushing country towards another crisis: Zubair Ahmed Malik

ANF chocking growth, stoking inflation, pushing up unemployment

FPCCI asks Govt to take note of highhandedness of ministry, ANF officials

Dated: Sept 14

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday said Ministry of Narcotics Control (MoNC) has been harassing business community, chocking growth, reducing government’s revenue, triggering uncertainty, stoking inflation and contributing to massive unemployment.

MoNC has placed a ban on manufacturing, sale, purchase and use of certain chemicals including hydrochloric acid (HCL) without obtaining NOC and without informing stakeholders while Anti Narcotics Force has started putting businessmen behind the bars which is unfortunate, said Zubair Ahmed Malik, President FPCCI.

He said that MoNC has suddenly asked the stakeholders to take NOC before dealing in the chemicals without giving time for preparations. Many have applied for the NOC but bureaucratic inertia has been making the situation worst, he said.

The FPCCI Chief said that the unilateral and sudden decision has put the future of industries at stake while hurting major industries of national importance like power generation, textiles, paper, soap, water treatment, atomic energy, fertilisers, oil and oil well drilling, steel, food, dyes, chemical and many more.

Many industrial units will face a shutdown in few days while the prices of some chemicals have escalated from Rs4500 per tonne to Rs 35000 seen ten per cent hike due to controversial decisions for which end-users would be charged, he informed.

Zubair Ahmed Malik said that imposition of the condition has left industrial units unable to procure HCL from local manufacturers as they have been warned of strict action in case of sale or purchase of this chemical without the ministry's approval.

On the other hand, manufacturers of HCL says that little stock left which can cater for requirements of next few days and the production of major industries will come to a standstill if the ministry continued to insist on NOC before procurement of chemical.

Keeping manufacturers and users uninformed about the decision is the failure of the ministry concerned for which business community is being made to pay which is unacceptable, he said adding that many businessmen have been caught unaware which has sent very negative signals.

The affectees say that ministries of food, commerce, power, energy etc. were also not taken on board before the decision which is amazing, however Chaudhry Nisar Ali Khan, Federal Minister for Interior and Narcotics Control is aware of the situation and trying to settle the issue.

Malik said that all the requests for interim relief to help continue operations have fallen on deaf ears which will pave way for unrest, uncertainty, price hike and legal battles.

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PIA can be turned around: Zubair Ahmed Malik

Shutting down national flag carrier shouldn’t be an option

Bailout packages sans solid revival strategy waste of taxpayers’ money

Dated: Sept 12

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday said Pakistan International Airlines (PIA) is an asset, country’s pride and its flag carrier which shouldn’t be closed down under any circumstances.

Many leading airlines are offspring of the PIA, once placed amongst the top ten airliners of the world, it is now wasting around Rs3 billion per month which cannot be accepted, said President FPCCI Malik Zubair Ahmed.

Expressing concern over proposal to shut down PIA, he said that this is not the solution, bringing it back to profit needs simple steps like containing overstaffing, corruption, favouritism, political interference, mismanagement and introducing proper accountability system.

The FPCCI chief said that a professional management can swing PIA to profit by reopening profitable routes, grabbing the revenue worth Rs60 billion taken away by competitors, and luring millions of expats through improved service and cutting costs creeping beyond global industry standards.

PIA can also focus on downsizing and paying attention to the domestic market from where it gets half of its revenues, he added.

Zubair Ahmed Malik said that providing bailout packages without a solid revival plan amounts to wasting taxpayers’ money in an airline whose fuel cost has touched undesirable limit of 55 per cent of the revenue against 25-30 per cent accepted limits.

With 20 thousand employees, we have world’s most surplus employee-to aircraft-ratio standing at 570 against 120 which is a reason behind crumbling institution providing travel facilities to five million people annually. Increasing the number of aircraft can balance the ratio if reducing staff isn’t an option at this point.

PIA balance sheet for the year ended in Dec 31, 2012 shows after tax loss at Rs32 billion, up from Rs27 billion loss the earlier year. Its net revenue declined to Rs125 billion 2012, from Rs127 billion in 2011 while management cost surged by Rs1 billion because of the management hired on political considerations.

Locally-operated private airlines which are dependent on PIA for their maintenance are making profit while PIA with good infrastructure is losing money at an unprecedented rate which is amazing, he observed.

The government should go ahead with the reforms or induct honest businessmen on airline’s board to make it profitable, he said, adding that selling it through transparent process will work but closing it down in not appropriate, said Zubair.

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Business community fears economic contraction after IMF deal

Attaining growth within IMF limits biggest test for Govt: FPCCI

Govt may not be able to accomplish economic objectives: Zubair Ahmed Malik

Dated: Sept 11

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday said using IMF loan responsibly and ensuring growth within the parameters of lender’s harsh conditions is to be one of the biggest test of the government’s ability.

IMF policies are widely blamed for chocking growth making life difficult for masses and the private sector while the PML-N is known for its pro-investment and pro-business policies, said Zubair Ahmed Malik, President FPCCI.

This obvious contradiction will make it very difficult for the government to ensure growth keeping lender happy and without compromising the falling living standards of masses, he added.

Speaking to the business community, Zubair Ahmed Malik said that majority of the population is already living below the poverty line reeling under rising inflation while businesses are finding it difficult to sustain.

“We see ahead an era of further depreciation in exchange rate, monetary contraction, massive unemployment, dwindling exports, reduced forex reserves, missed revenue targets, double digit inflation and rising cost of production,” he added.

He said that gas levy estimated at Rs105 billion, 30 to 50 per cent increase in power tariff and 30 per cent escalation in domestic power price from next month could result in increased energy theft and decelerated power sector recoveries.

Business community doubts accomplishment of the Government’s stated objectives like pushing growth rate to six per cent in five years, fiscal deficit at 4 per cent, tax to GDP ratio at 15 per cent, investment to GDP ratio at 20 per cent, and generation of 10,000MW of electricity.

Similarly, the FPCCI chief said, increase in food production and expenditure on education by 4 per cent each, pushing literacy rate to 80 per cent, 2 per cent hike in health sector spending, and creation of three million jobs seems difficult tasks. 

He noted that deadly combination of growing fiscal deficit and unsustainable trade deficit should be tacked to ensure sustainability.

Zubair Ahmed Malik said that solid and bold policy action is lacking which can tackle terrorism and sectarianism and improve socio-economic and political situation of the country which will help reform the economic fundamentals ensuring a bright future for generations to come.

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First-ever meeting of Pak-Thai Joint Working Group held

Close partnership to lift millions out of poverty agreed

Both sides agreed to boost trade and investment

Islamabad: August 21

The private sector of Pakistan and Thailand has agreed to boost trade and economic cooperation in various fields and hold meetings of Joint Business Council biannually for future growth and prosperity.

Noted Thai investors have lauded the investment policies and environment of Pakistan and decided to visit Pakistan next month to explore new avenues of investment and economic cooperation.

The development came during the first-ever meeting of joint working group comprising private sector of the two countries.

Pakistan side was headed by President FPCCI Zubair Ahmed Malik while Thai side was led by Mr. Isara Vongkusolkit, Chairman of the Joint Standing Committee on Commerce, Industry and Banking of Thailand and Chairman of the Board of Trade Thailand.

Both sides agreed to explore investment opportunities in energy, food processing, agriculture, pharmaceutical, auto parts, fisheries, marble, granite, tourism and health tourism and ensure significant progress.

Speaking at the occasion Zubair Ahmed Malik said that Pakistan market presents great opportunities to Thai investors and that we can help enhance their market access to Afghanistan, Central Asia, and some Gulf and Middle Eastern nations.

He said that Thailand is world leader in food processing, auto parts manufacturing while it is exporting fisheries worth 10 billion dollars per annum.

Thai investors can explore opportunities is Pakistan’s robust auto industry, food processing and agricultural sector, he said, adding that fish products of Pakistan match western standards.

The FPCCI President said that Pakistan’s marble and granite sector  exports to China and Hong Kong are picking up and he expects Thailand to consider this promising sector for investment.  

Mr. Isara Vongkusolkit took keen interest in the discussion and raised many question regarding reforms agenda, quality of Pakistani products including pharma and rice. He informed that Pakistan can export orange and its juice to Thailand where people prefer it over any other nectar.

He stressed preservation and processing of agriculture and fisheries products terming them important national resource of Pakistan. Thai side also took interest in Pakistan’s energy, gemstones and education sectors and offered scholarships to Pakistani students.

Vongkusolkit encouraged Pakistani businesses to look towards Thailand, a market of 70 million people for business expansion. Thailand can help enhance presence of Pakistan in whole ASEAN region, a market of 600 million people which will become a single market in 2015, he said.

The two sides agreed to forge close partnership to help lift millions of people out of poverty and build a stable, prosperous and democratic future for their respective countries.

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FPCCI chief lauds Chinese cooperation in various fields

China expresses renewed interest in expanding economic ties

High-powered Chinese delegation expresses interest in energy project

Islamabad:

Dated: August 19

China on Monday expressed renewed interest in increasing bilateral economic ties and vowed to resolve Pakistan’s energy crisis by investing the ailing sector.

The pledge was made in a meeting between officials of Policy Research Office, Kunmíng, the capital and largest city of Yunnan province in Southwest China and President FPCCI Zubair Ahmed Malik.

Speaking at the occasion, Director of Policy Research Office Mr Yuan Peiwen, having expertise in solar and wind power, said that they have come to Pakistan to have direct communication with business community to explore ways and means to enhance economic cooperation which include

We are here to improve understanding and to resolve problems of the local exporters, he added.

He said that two-way trade has picked up to 12 billion dollars in last five years Pakistan’s exports registering 48.2 per cent growth in one year. He hoped that target of 15 billion dollar of bilateral trade would be met by 2015.

The biggest increase in Pakistan’s exports to China in 2012 were textiles, vegetable products, ores, mineral products, base metals, marble products etc., said Peiwen adding that Pakistani business community will be provided every possible facility in China.

Speaking on the occasion, President FPCCI Zubair Ahmed Malik said that China is now Pakistan’s biggest trading partner.

He lauded Chinese government and business community is expansion of Pakistani business community in their country saying that opportunities being provided will go a long way in cementing ties.

China is on way to become the largest energy consuming country of the world in which Pakistan is fully cooperating through proposed energy corridor, said Malik.

He said Chinese economic policies are based on partnership and political equality which is highly encouraging.

Lauding the recent pledges by Chinese companies to invest heavily in Pakistan’s energy sector, the leader of the business community said that maximum resources should be utilized for controlling energy crisis for the development of the country.

He said that government is attaching top priority to resolving energy problem and all out encouragement is being extended to local and foreign investors.

China is a trusted friend of Pakistan and has played a commendable role in its development.

Pakistan is a poor country which needs to generate power at minimum cost to cope with the energy problem which has compromised growth, said Zubair Ahmed Malik.

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Pakistan’s future linked to elimination of power subsidies

Pakistan’s future linked to elimination of power subsidies

Islamabad: July 07

The Islamabad Women's Chamber of Commerce and Industry (IWCCI) said on Sunday lauded the decision of the government to phase out power subsidies gradually terming it in the best interest of country.

It is very difficult for Pakistan to survive without foreign aid in presence of power sector and energy subsidies, she said.

Talking to Chairman Coordination FPCCI Sheikh Abdul Razzaque, VP FPCCI Muhammad Ali, Chairman Media FPCCI Malik Sohail and others, Farida Rashid said that subsidies have not benefited poor but rich while it misbalances the budget.

She said that subsidies leave little funds with government to spend of public welfare, it boost demand while reduces investment in renewables.

Subsidies also contributes to social injustice, discourages private sector and push up the global warming, she added.

She said that losses of the power subsidy have reached to an extent that it has become an issue of national security.

At the occasion, Sheikh Abdul Razzaque said that different national are paying around two trillion dollar in power subsidies which if abolished will reduce global demand and decrease global warming by 13 per cent.

Last year our oil import bill was $ 14 billion which will touch mark of $ 50 billion in seven years, enough to leave Pakistan bankrupt, he said.

He said that country will be unable to cope with Rs 500 billion circular debt in presence of power subsidies which is deterring local and foreign investors.

Thar holds 99 per cent more energy than whole gas reserves of Pakistan put together but the speed of development is frustrating, he observed.

He said that plight of poor of the country must be considered while abolishing subsidies.

The masses and business community will soon see the positive impact of the decisions of the government which are presently viewed by some as unfavourable, remarked Sheikh Abdul Razzaque.

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Taking South Asia seriously is manifesto of the Government

Rising trust between Pakistan, India to boost S Asia: Khurram Dastagir

Islamabad: Dated: July 06

State Minister for Privatization Engr. Khurram Dastagir Khan on Saturday said government has attached top priority to the welfare of the masses which is difficult without regional cooperation and deeper integration of Saarc countries.

He said that the rise in trust level between Pakistan and India will boost regional cooperation in South Asia and help addressing allied issues effectively.

Khurram Dastagir Khan said this while speaking at a seminar titled, “Creating Synergies for Regional Cooperation in South Asia,” organised by Saarc Chamber of Commerce and Industry.

The minister further added that Pakistan and India are lacking proper linkages, infrastructure, banking channels, telecommunications and other facilities which are impeding bilateral trade which was currently lowest in the world.

VP Saarc Chamber Iftikhar Ali Malik, Gen. (Retd) Abdul Quyum, Secretary Commerce Qasim Niaz, VP FPCCI Sheikh Muhammad Ali, Sec. Gen. Saarc Chamber Iqbal Tabish also addressed at the inaugural session.

Speaking on the occasion, VP Saarc Chamber Iftikhar Ali Malik said that the new government has given new hope for improving Pakistan’s ties with India in particular and south Asian countries in general which would help promote economic relationship and boost the morale of the private sector of Pakistan. Private sector has a role in creating synergies for which creativity is an integral component, said Malik.

Addressing the technical session, DG South Asia Foreign Ministry Riffat Masood, DG SASSI Maira Sultan, DG Saarc Arbitration Council Syed Sultan Ahmed, DG Saarc HRD Riffat Ayesha Anis, Director Saarc energy Centre Hilal A Raza, President ICCI Zafar bakhtawri, and Advisor Unilever Pakistan Basharat Ahmed were of the opinion that the Saarc region as a whole could grow provided all regional conflicts are addressed in acceptable manner.

The speakers argued that despite having enormous potential, Saarc was home to twenty two per cent of the global population where around 50 per cent are living in poverty due to questionable priorities of the policymakers.

Safta has been operational since five years but the regional trade was dismal due to political sensitivities and misleading conceptions, they said. 

They emphasised for creating synergies through promoting cooperation in the areas of trade, investment, energy, tourism, and effective supply chain mechanism.

They said that lack of transportation facilities and cumbersome procedures and restrictions by neighbouring states hikes cost of doing business and cost of commodities up to 30 per cent which if brought down will benefit tens of millions of people.

Chairman Media FPCCI Malik Sohail facilitated the seminar.

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Congestion at ports making imports costly, exports uncompetitive

Govt promoting intra-Saarc trade through liberalisation, connectivity: Micheal

Ferry service between Karachi, Gujarat ports under consideration: Minister

Trade liberalisation to boost economic ties, ensure lasting peace: Malik

Congestion at ports making imports costly, exports uncompetitive

Islamabad: June 23

Federal Minister for Ports and Shipping Senator Kamran Michael on Sunday said government is promoting intra-regional trade through confidence building measures,liberalisation, and improved connectivity.

The strategy will unlock growth potential of the region marred with lowest level of intra-regional trade in the world, he said.

Speaking at a reception jointly organised by Saarc Chamber of Commerce and Friends of Pakistan Forum, Kamran Michael said that only way to bring billions of people out of poverty is enhanced regional trade for which full equipped ports are imperative.

VP Saarc Chamber Iftikhar Ali Malik, Zubair Tufail, VP FPCCI Naveed Jan Baloch, Tariq Haleem, Raheel Khan Bhatti, MNA Pervaiz Malik, MNA Qaisar Shaikh, Senator Haji Adeel, Gen (Retd) Abdul Quyum, DG DTO Jaweed Qureshi, Kunwar Qutbuddin, Iqbal Tabish, Malik Sohail, Farida Rashid, Zafar Bakhtawri, Munawal Mughal and Tariq Sadiq and others were also present on the occasion.

Mr Michael said that around a quarter of the world’s population lives in Saarc but we produce less than two per cent of global GDP due to political conflicts and lack of lack sufficient competencies and capacities.

We need expanding regional production networks, integration into the global economy, foreign direct investment, removal of trade and investment barriers, and heightened demand for which we need to improve infrastructure, he said.

Integration of trade between Pakistan and India has made some progress but remained limited due to trade barriers and insufficient regional cooperation which is now being tackled on a fast pace, he informed.

Mr Michael said that government is seriously considering launching ferry service between ports of Karachi and Gujarat. Ferry service between the two parts of world continued in ancient times, it peaked during British Raj and ended in 1965.

Earlier, Iftikhar Ali Malik apprised the minister of congestion on ports which is hurting the imports and exports and demanded deepening of the ports so that larger cargo shipscan be anchored there.

The container terminals are going to face an acute congestion if no timely expansion in existing facilities or no new terminals are developed to meet annual growth in the traffic of containerised cargo, said former VP FPCCI Zubair Tufail.

Chairman FPPCI Committee on Ports and Shipping Tariq Haleem said the under the present competitive world market, our exports and imports are becoming costly anduncompetitive against the regional countries due to want of better facilities.

The business community demanded to appoint one representative of the private sector on the boards of Port Qasim and other entities working under the Ministry of Ports and Shipping to improve its efficiency and ensure national development. 

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FPCCI hosts farewell dinner in honour of outgoing Ambassadors

FPCCI hosts farewell dinner in honour of outgoing Ambassadors

Diplomats should strive for improved economic relations: Zubair Ahmed Malik

Pakistan has resources, skills to become a developed nation soon: Envoys

Islamabad: Dated: June 19

Zubair Ahmed Malik, President FPCCI hosted a farewell dinner in honour of the outgoing Ambassadors and High Commissioners who have completed their term in Pakistan.

Ambassadors, High Commissioners and diplomats of USA, Japan, Denmark, Kenya, India, Italy, Spain, Hungary, Indonesia, Malaysia, Thailand, Philippines, Brazil, Sudan, Nigeria, Algeria, Jordan, Azerbaijan, and other countries were present on the occasion.

Besides, leaders of the business community, politicians, former and serving top government officials and people representing other walks of life were also present at the well-attended gathering.

Speaking on the occasion, Zubair Ahmed Malik said that all the outgoing Ambassadors and High Commissioners have workeddedicatedly to bring Pakistan closer to their respective countries.

Business community acknowledges your devotion and sincere efforts to broaden bilateral ties by creating opportunities for trade and business, he said.

Zubair Ahmed Malik said, “I hope you successors will help improve already cordial relations and work for enhanced economic cooperation while keeping relations with the local business community intact.”

Advocating relationship on sustained upward trajectory, the national business leader said that we should use trade as the engine for enhanced bilateral partnership. Malik praised the diplomats for their dedicated work in helping improved ties.

Speaking on the occasion, Ambassadors and High Commissioners congratulated Pakistan on successful elections and peaceful transition.

The Ambassadors said that Pakistan has all the resources, skills and leadership to become a developed nation soon. They hoped that dynamic people of Pakistan will soon overcome all challenges to bring the country out of the different problems confronting it.

The envoys assured that their countries would continue to cooperate with Pakistan and serve its interests in best possible way. “Ourcountries will continue to strive for broad-based relationship, focusing on people-to-people contact and promoting trade and development,” they pledged.

The said that Pakistan is a beautiful, dynamic and robust country with great potential and its people are friendly as well as hospitable; here we felt at home and learned a lot.

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FPCCI to support all positive steps of FBR to put economy back on tract

FBR seeks FPCCI, business community’s help to broaden tax base

Reduced taxes to boost revenue, curb illicit trade: Malik Zubair

FPCCI to support all positive steps of FBR to put economy back on tract

Islamabad: Dated: May 30^th

Ansar Javed, Chairman Federal Board of Revenue (FBR) on Thursday said Pakistan’s future is linked to promotion of tax culture and we are determined to improve tax-to-GDP ratio to make Pakistan a respectable and self-sustaining nation.

He said that we have chalked out a plan to promote tax culture in country for which many steps have been initiated including establishment of a Data Warehouse which will boost the number of taxpayers from existing 1.3 million to 20 million.

Ansar Javed said this while speaking at a pre-budget seminar organised by FPCCI. President FPCCI Zubair Ahmed Malik, Members FBR Muhammad Riaz and Raza Baqir, VP Saarc CCI Iftikhar Ali Malik, Chairman FPCCI Budget Committee Zakaria Usman, VPs FPCCI Azhar Saeed Butt, Muhammad Ali, Khawaja Iqbal, President ICCI Zafar Bakhtawri and others were also present on the occasion.

Chairman FBR said that meeting business community help us to get first-hand knowledge and reaction of the stakeholders which will help us improve performance and ensure a level playing field.

“We are seriously vetting budget proposals to facilitate business community and we need support of FPCCI to expand the tax base,” the chief of Apex tax agency said.

He said that we are employing latest technology alter to local needs, to facilitate taxpayers and discourage misuse of authority by field staff.

Assuring all support to the business community, Ansar Javed said that FBR is not supposed to collect taxes only but to take care of economic direction of the country and play its role in development of society.

Earlier, President FPCCI Mr. Zubair Ahmed Malik told Chairman FBR said that country is passing through difficult situation due to mismanagement, bad governance, deteriorating law and order situation and energy crunch which have increased the crime rate, unemployment and revenue loss.

However, he said, FPCCI will support all the positive steps of FBR to put economy back on tract, assured Malik. 

VP FPCCI Iftikhar Ali Malik and Minister for Information Technology Sindh, Mian Zahid Hussain and office bearers of various business chambers said that SRO culture should be discouraged as it serves no purpose but to confuses businessmen.

Consultation with business community before issuance of SROs and other directives should be made mandatory to boost confidence, they demanded.

FPCCI officials said that subsidy given to different sectors to the tune of Rs 452 amounts to wasting the hard-earned money of taxpayers which should be abolished or minimised.

Criticising the Sales Tax regime, they said that it is not progressive but regressive which is not helping in any way.

Participants of the seminar also discussed issues pertaining to recent economic downturn, revenue targets, mismanagement, tax relaxations, confusing rules and regulations, continuation in policies, tax breaks, increasing share of parallel economy in the national GDP, registration and deregistration process, and overall tax environment.

The Chairman FBR promised to respond to the issue raised by business leaders within seven days.

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Razzaque assumes charge as Chairman Coordination FPCCI

Razzaque assumes charge as Chairman Coordination FPCCI

Islamabad: April 16

Sheikh Abdul Razzaque has assumed the charge of Chairman Coordination FPPCI Capital Office.

Senator Haji Ghulam Ali, President FPCCI Malik Zubair, President ICCI Zafar Bakhtwari, Munawar Mughal, Senior Vice Chairman PVMA Atif Ikram Sheikh and other business leaders were also present on the occasion.

They congratulated Razzaque on assuming charge and assured full cooperation in discharging duties to the full satisfaction of the business community.

Speaking at the occasion, Sheikh Abdul Razzaque said that he will serve the community to best of his abilities.

He called upon the government to take serious steps to resolve energy crisis that has choked the national growth.

It may be mentioned that Razzaque has recently served as Senior Vice Chairman PVMA.

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