Tag Archives: FPCCI

FPCCI Asks PM to Mediate on Withholding Tax on Bank Transactions

FPCCI Asks PM to Mediate on Withholding Tax on Bank Transactions


Ram zi | category: Banking

FPCCI asks PM to mediate on withholding tax on bank transaction.The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed grave concern over FBR’s inaction on section 38-B and withholding tax on bank transactions and urged the prime minister to intervene into the matter.

The FPCCI Vice President & Regional Chairman Ch.Arfan Yousaf said that challenges to economy would swell if issues of discretionary powers and withholding tax on bank transactions would not be resolved. Ch.Arfan Yousaf expressed these views while talking to a delegation of Pakistan Computers Association (PCA) at the FPCCI Regional Office Lahore.

“Being a major source of revenue for the government, business community deserves honor while withholding tax should be removed as it is unjustified and double taxation”, the FPCCI Regional Chairman said and added that indirect taxes are being removed gradually throughout the world. However in Pakistan these are contributing around 60 percent to the revenue despite the fact that expenses on this practice are higher than the collections.

He said that section 38-B is being misused badly against the business community that is one of the major reasons of low tax-to-GDP ratio. He said that exports have been already declined and trade deficit is touching the sky while such issues are adding fuel to the fire. He said that FBR should stop harassing filers as it discourages businesses to come into the tax net. Registered businesses are required to comply with various departments involving a lot of financial and time resources whereas unregistered businesses are free from all such hassles.

He said that there are 3.5 million registered taxpayers out of which only around 1 million file their tax returns. Government should take all the measures to ensure filing of returns by remaining 2.5 million individuals and businesses. The government claims that it always acts as a facilitator but in this scenario it is entirely otherwise.

Ch.Arfan said that attaching bank accounts for recovery of outstanding dues is hampering business growth and tarnishing the soft image of the government. He said that bank accounts should not be attached without prior notice to the taxpayer and after seeking approval in writing of Commissioner in the light of reply submitted by the taxpayer. The recovery should be after the decision of the Tribunal and not before that.

He said that unfortunately if the FBR initiates a recovery case, the taxpayer is not allowed to defend as FBR itself is the complainant and a judge. Instead of focusing on controlling under-invoicing, curbing smuggling and expanding the tax net, the FBR seems to be inclined to pressurize registered taxpayers who are already suffering due to high rate of sales tax, income tax and Custom duties by creating fictitious cases for recovery of outstanding dues to meet revenue target.

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FPCCI Appreciates Appointment of Miftah Ismail as Finance Advisor

FPCCI Appreciates Appointment of Miftah Ismail as Finance Advisor


Ram zi | category: News

FPCCI appreciates appointment of Miftah Ismail as Finance Advisor.Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday hailed the appointment of Dr. Miftah Ismail as Advisor to Prime Minister for Finance.

President of FPCCI Zubair F. Tufail, and senior leaders of the Federation S.M. Muneer and Iftikhar Ali Malik in a statement issued here today appreciated the decision of the government to appoint Dr. Miftah Ismail as Advisor to Prime Minister for Finance. They have acknowledged that the step taken by the Prime Minister to form a new finance team as it was the need of the hour.

The business leaders have congratulated Dr. Miftah Ismail on his new assignment and have hoped that since he is aware of the problems being faced by the trade and industry and the businessmen, therefore, he will immediately look into the issues and will try to resolve them. The FPCCI and business leaders have extended their full support to Dr. Miftah Ismail.

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Depreciation Will Not Attract Foreign Investment: FPCCI

Depreciation Will Not Attract Foreign Investment: FPCCI


Ram zi | category: Business

Depreciation Will Not Attract Foreign Investment: FPCCI. The eroded rupee will not only hit the manufacturing sector but it will also take a toll on the country’s SME sector, an official of the FPCCI said Tuesday.

The SMEs which were already fighting for their survival in an adverse environment will face more troubles, therefore, authorities should take notice of the situation, he said.
The importance of the SME sector cannot be overemphasized as it is directly linked to the development of an economy and eradication of poverty, said Atif Ikram Sheikh, Chairman FPCCI Regional Committee on Industries.

SMEs have proved to be the engine of growth in several successful economies. These economies include Japan, South Korea, Taiwan and India. But Pakistan’s authorities have largely ignored the sector, he added.
Atif Ikram Sheikh said that the weakness of rupee will increase cost of machinery and raw material which will add to the problems of the manufacturing sector which has recently shown signs of some improvement,
He said that a falling currency will never attract additional foreign investment as the investors consider many more things before taking a decision.

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Furniture Sector Can Play Vital Role in Economy If Government Patronizes: FPCCI VP Manzoor

Furniture Sector Can Play Vital Role in Economy If Government Patronizes: FPCCI VP Manzoor


Ram zi | category: Business

Furniture Sector Can Play Vital Role in Economy If Government Patronizes: FPCCI VP Manzoor. Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Regional Chairman and  Vice President Manzoor ul Haq Malik Saturday said local furniture sector attached great importance to the national economy and could make a substantial contribution of billions of dollars export annually if the government properly patronizes it on priority for boosting export of Pak-handmade furniture.

He expressed these views here today during his visit to  “9th Interiors Pakistan” exhibition held at Expo center. He appreciated the PFC for holding successful series of interiors Pakistan exhibitions in Karachi, Islamabad and Lahore. He urged the government to establish greater liaison with this sector to fully understand the market conditions and requirements of the industry needs to protect, develop and promote.

He said the government should also provide more visible support to furniture business in terms of simple and easily obtainable grants for exhibiting and travelling to trade shows and promoting Pak export as a success globally. He said currently, the textile sector was the country’s largest industry in terms of exports, exporting $14 billion worth of goods annually.

He said the second largest segment is rice, which generates $2 billion through exports, but Pakistan’s furniture exports stand at a meager $51 million. He said if the government extends its support to furniture companies, the volume of export could touch the figure of $ 5 billion for the next five years. He suggested that a programme for developing and promoting the furniture sector both in rural and urban areas could be feasible, and also stressed upon urgent need for implementing modern techniques which not only enhance productivity, develop skills of labourers and meet requirements of local and global markets.

Senior Vice President Lahore Chamber Khawaja Khawar Rashid during his visit praised the skills of the Pakistani carpenters  and woodworkers for producing world best handmade furniture which he added could generate more revenue and foreign exchange if it is exported.He said there is a vast scope for direct and indirect foreign investment in this  sector as it possess great potential which he observeds still needs to be fully exploited

Mian Rehman Aziz, former  VP and Regional Chairman FPCCI Mian Rehman Aziz said  no one can compete Pakistan in handmade furniture as its quality and designs attract the buyers of all taste irrespective of geographical boundaries. He said that he is regular visitor of this exhibition because different variety of furniture  of all brands  is available under the umbrella  Pakistan Furniture Council.

 A delegation of Women Chamber of Commerce and Industry  headed by its President Falahat Imran and  Punjab University students  from Institute of Communication studies led by Senior Faculty Member Dr.Waqar Ch also visited the all stalls and evinced keen interest and lauded the efforts of PFC for arranging top class expo which they added must be held twice in a year.

Briefing the dignitaries and delegates, Mian Kashif Ashfaq said, “PFC has done a lot to promote interior designers and furniture manufacturers from all over Pakistan, both nationally and internationally. Through these exhibitions the Pakistan Furniture Council has laid the groundwork for furniture related commerce to move forward effectively and expand their market and in turn serve the economy of Pakistan. We are holding multiple exhibitions annually.

He further said with its previous experience, PFC remains one of the most distinctive channels for regional and international companies to penetrate the global market. It is renowned among international buyers for quality, value and wide selection of all types of furniture, he added.

“We are always striving for a higher degree of excellence. But the problem in furniture making is that it is so labor intensive. So our goal with this organization is to show people what we do and why our work is worth what it costs,” Kashif said.

 He said the essence of these exhibitions is to promote the Pakistan-made furniture and associated products at local and international level.

People came with families to look at home furnishings, while professionals arrived to look at innovations in office furniture. Also available were home décor items and bedding. The three-day Expo , which ends on Sunday, gives an opportunity for people to compare and shop at the leisure.

Interiors Pakistan, one of a mega furniture exhibition in the country organized by Pakistan Furniture Council (PFC), continued to attract as many as 60, 000 crowd on its second day hailing from all walks of life a singular platform to promote local furniture industry.

The crowd included massive numbers from Lahore such as corporations, academia, teachers and general public which visited stalls and appreciated the local woodworks.

PFC is  offering  a 20%value back advantage for customers at the Expo.

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Business Community Expresses Concern on FTA with China

Business Community Expresses Concern on FTA with China


Ram zi | category: Business

Business community expresses concern on FTA with China.Business community, especially local manufacturers have expressed their concern and reservations on the Free Trade Agreement (FTA) with China as it has been providing more benefit to China and local manufacturers are facing huge losses due to the demand of products being imported from China.

The Businessmen Panel of the FPCCI in a statement issued today said FTA with China is against the interests of Pakistan and local business community as it is causing massive losses to limping economy of Pakistan. The business community is of the view that trade deal was tilted towards China from the very beginning and all the attempts of the government to make any balance in this trade have filed and the Pakistani manufacturers and especially small traders have been facing losses.

The national economy of the country is also facing losses, the business community added.
The business community said that both the friendly countries should make necessary changes in the Pak-China FTA without delay as it has not providing any profit to Pakistan but resulted in heavy losses.
A leader of the Business Panel of the FPCCI Naseemur Rehman in a statement said
after the FTA Chinese exports have jumped from 3.5 billion dollars to over 16 billion
dollars making China the biggest trading partner of Pakistan while Pakistani exports have increased slightly.

Naseemur Rehman said that since 2006-07 the trade gap has surged from 2.9 billion
dollars to over $32 billion which has created problems for the business community and
the economic managers while China is not ready to make any meaningful change in the
deal. He said that the share of Chinese imports in the non-oil sector has surged
to 36 percent which must be noticed as the share of Pakistan exports has increased
insignificantly.
He said that China has signed many trade deals with other countries and blocks which has left its deal with Pakistan irrelevant, therefore the authorities should not sign any trade deal with friendly countries at the cost of local industries and local manufacturers.

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