KCCI slams FBR proposals
Listen to article
President of the Karachi Chamber of Commerce and Industry (KCCI), Muhammad Jawed Bilwani, has strongly criticised the Federal Board of Revenue (FBR) for what he termed its authoritarian conduct and disregard for the Business Anomalies Committee, comprising presidents of chambers and trade bodies from across Pakistan.
Following extensive consultations with its members, KCCI has launched a citywide protest by displaying banners across Karachi against what it calls "oppressive" provisions in the Finance Bill 2025-26, particularly the proposed Section 37AA in the Sales Tax Act.
"This is just the beginning," Bilwani said in a statement. "The protest will escalate, with press conferences by KCCI and other major chambers. If our demands are ignored, we may have no choice but to call for citywide or even nationwide strikes."
He dismissed the finance minister's claims of a "public-friendly" and "business-friendly" budget as detached from reality. "Industrialists and exporters unanimously agree — there is no relief." Bilwani outlined a grim outlook for the business environment, citing high energy costs, poor infrastructure, gas shortages, water scarcity, and delayed tax refunds. "Our exports survive not because of policy support, but due to the resilience of our business community. Some buyers are even advising us to shift operations to more stable, business-friendly countries."
Criticising Section 37AA as a "draconian law," he said it allows FBR to freeze bank accounts, seize funds, and arrest taxpayers based solely on suspicion, regardless of their past compliance. "Who will continue to do business under such hostile conditions?"
He revealed that many businessmen have asked KCCI to help them explore options for relocating abroad. "We still want to stay and contribute. But we need the government and prime minister to listen and give us confidence."
Bilwani stressed that this frustration is nationwide. "Faisalabad, Lahore, Sialkot — all major export hubs — are raising the same concerns."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
14 hours ago
- Express Tribune
PSX climbs to historic high at 124k
Shares of 333 companies were traded. At the end of the day, 135 stocks closed higher. PHOTO: FILE Listen to article Pakistan Stock Exchange (PSX) closed at another all-time high on Friday, with the benchmark KSE-100 index surging over 2,300 points, or 1.91%, and closing just shy of 124,400, marking a weekly gain of 3.6%. The rally was fueled by aggressive institutional buying ahead of FY26 portfolio allocations, strong foreign inflows and improved investor sentiment. Key gainers included Fauji Fertiliser Company (FFC), Lucky Cement and Meezan Bank, while Pakistan Services, National Foods and International Steels weighed on the index. Fresh hydrocarbon discoveries by Pakistan Oilfields and MOL in Khyber-Pakhtunkhwa lifted energy sector confidence. On the diplomatic front, Prime Minister Shehbaz Sharif and US Secretary of State Marco Rubio reaffirmed their commitment to deepening trade ties. Meanwhile, Pakistan secured $3.1 billion in commercial loans and over $500 million in multilateral funding, expected to be reflected in reserves late Friday. Trading volumes remained robust at 773.4 million shares while traded value stood at Rs37.6 billion. The market is expected to find support around 122,000 with potential upside towards 127,000 in the coming week. "Stocks closed at an all-time high after the National Assembly passed Finance Bill 2025 amid political consensus. Investors eye State Bank's policy easing amid falling government bond yields in the recent auction," said Arif Habib Corp Managing Director Ahsan Mehanti. Surging global equities on a stable Iran-Israel ceasefire and rising global crude oil prices drove the PSX to a record close, he added. At the end of trading, the benchmark KSE-100 index posted a surge of 2,332.60 points, or 1.91%, and settled at 124,379.07. Arif Habib Limited (AHL) wrote in its daily review that on Friday, the index rose by 1.91%, led by strong performances from FFC (+2.23%), Lucky Cement (+4.28%) and Meezan Bank (+2.98%). On the flip side, Pakistan Services (-8.3%), National Foods (-1.76%) and International Steels (-0.8%) were the key drags on the index. In a positive development, Prime Minister Shehbaz Sharif and US Secretary of State Marco Rubio agreed to deepen bilateral ties, especially through enhanced trade. Meanwhile, the government of Pakistan secured $3.1 billion in commercial loans and over $500 million in multilateral funding, which would be reflected in the reserves update. In the energy sector, Pakistan Oilfields (+6.06%) and MOL announced new hydrocarbon discoveries in K-P's Makori Deep-03 well, expected to yield 22 mmcfd of gas and 2,112 barrels of oil per day, AHL mentioned. For the coming week, technical support is expected at around 122,000, with resistance seen near 127,000. It was a strong week for Pakistan's equity market, with the KSE-100 index gaining 3.6% week-on-week to close above the 124,000 mark, it added. Topline Securities, in its review, wrote that bulls dominated trading on aggressive buying by local institutions as the KSE-100 index increased 1.9% to close at its highest-ever level of 124,379. "This buying by local institutions can be attributed to fresh liquidity due to new fiscal year allocations towards equity funds," it said. Top positive contribution to the index came from FFC, Lucky Cement, Meezan Bank, Pakistan Oilfields, Engro Holdings, Engro Fertilisers and OGDC as they cumulatively contributed 1,044 points. Traded value-wise, Lucky Cement (Rs2.27 billion), OGDC (Rs2.11 billion), PSO (Rs1.97 billion), Pakistan Petroleum (Rs1.94 billion), Maple Leaf Cement (Rs1.09 billion), Hubco (Rs1.03 billion) and UBL (Rs1.02 billion) dominated the trading activity, Topline added. Mubashir Anis Naviwala of JS Global said bulls took charge on the trading floor, with the KSE-100 index climbing 2,332 points. Strong price action was seen across the board, reflecting renewed investor confidence. Broad-based buying interest lifted major sectors, boosting the overall market sentiment, he said. The rally was supported by robust demand for cement, banking and fertiliser stocks. The near-term outlook remains positive, with dips offering attractive entry opportunities, the analyst said. Overall, shares of 484 companies were traded. Of these, 334 stocks closed higher, 116 fell and 34 remained unchanged. Bank Makramah was the volume leader with trading in 79.7 million shares, gaining Rs0.56 to close at Rs5.07. It was followed by Ghani Global Holdings with 27.7 million shares, gaining Rs1.60 to close at Rs17.99 and Pervez Ahmed Consultancy with 24.9 million shares, losing Rs0.02 to close at Rs3.27. Foreign investors sold shares worth Rs1.2 billion, the National Clearing Company reported.
Business Recorder
14 hours ago
- Business Recorder
Israeli aggression: Pakistan expresses solidarity with Iran: PM
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday said that Pakistan expressed full solidarity with the Iranian government and people at all levels during the recent Israeli aggression on Iran. Speaking to members of the Senate and National Assembly after the approval of Budget 2025-26, he said that Iranian leaders, notably President Dr Masoud Pezeshkian, maintained continuous contact with him throughout the crisis. 'The resolution of the Israel-Iran conflict will unlock a new era of peace and prosperity across the region,' he said, underlining Pakistan's commitment to regional stability. Shifting focus to domestic affairs, Sharif hailed the tireless efforts of his economic team for crafting a 'people-friendly' budget designed to meet the aspirations of all Pakistanis. He expressed deep gratitude to allied political parties, whose crucial consultations paved the way for the budget's smooth approval. 'This exemplary unity among our coalition partners is the backbone of our economic revival,' he said, urging collective hard work for the nation's development. Turning to security and foreign policy, Sharif proudly recounted Pakistan's recent victory in countering India's 'unjustified aggression.' He credited the Armed Forces, political leadership, civil society, and media for collectively foiling hostile designs and elevating Pakistan's prestige on the global stage. Under the leadership of PPP Chairman Bilawal, Pakistan's diplomatic delegation exposed India's malign intentions and won international acclaim. The delegation's efforts were warmly lauded by overseas Pakistanis, who praised both the government and the military for their decisive diplomatic and military triumphs, he added. The parliamentarians who called on the Prime Minister include MNAs Khail Das Kohistani, Dr Darshan, Nelson Azeem from PML-N, and Ramesh Lal and Naveed Amir from PPP. They congratulated the Prime Minister on the budget's approval and discussed pressing constituency issues. Minister for Parliamentary Affairs Rana Mubashir Iqbal, Minister of State for Power Abdul Rehman Kanju, and Special Assistant Talha Burki also met the Prime Minister. In a separate meeting, Sharif welcomed MNAs Abrar Shah, Tahir Iqbal, Salahuddin Junejo, Jam Abdul Karim Bajar, Abdul Qadir Gilani, and Sardar Yaqub Khan Nasir, who reiterated their congratulations and brought forward local concerns. Copyright Business Recorder, 2025
Express Tribune
14 hours ago
- Express Tribune
'Gas price hike will hit exports'
Listen to article Chairman Businessmen Group (BMG) Zubair Motiwala and Karachi Chamber of Commerce and Industry (KCCI) President Muhammad Jawed Bilwani have strongly opposed the proposed gas tariff hike for industrial processes, calling it illogical and damaging for Pakistan's already struggling industrial sector. The proposal is expected to be discussed in the upcoming meeting of the Economic Coordination Committee (ECC). In a joint statement, Motiwala and Bilwani said the hike is unjustified in light of current global and domestic energy trends. They noted that Brent crude prices have declined and that the SNGPL system is already facing a surplus of imported RLNG, with 300 to 400mmcfd going unutilised due to high prices and excessive taxes. They argued that the government should focus on improving supply management instead of further burdening industry. They emphasised that although only 80 to 100 Independent Power Producers (IPPs) use process gas, more than 8,000 Small and Medium Enterprises (SMEs) rely on it. A tariff increase would cripple these SMEs, which form the backbone of Pakistan's manufacturing sector. Instead, they recommended a 20% reduction in gas tariffs to help SMEs stay afloat amid rising input costs and harsh budgetary taxes. The leaders highlighted that OGRA's recent decision on May 20, 2025, reduced SSGC's gas tariff by Rs103.95 per MMBtu to Rs1,658.56, reflecting falling global fuel prices. They questioned how a hike for industrial users could be justified when regulatory bodies themselves recognised falling costs. OGRA also set a revised tariff of Rs1,895.25 per MMBtu for SNGPL, which remains below the proposed rate. Petitioners during OGRA's hearings also flagged inflated RLNG diversion costs and unrealistic Brent crude pricing assumptions that distort true gas pricing. Motiwala and Bilwani warned that raising gas tariffs would worsen inflation, increase unemployment, and discourage local and foreign investment. Industry, already hit by electricity costs, currency instability, and shrinking demand, cannot absorb further shocks. They called on the ECC to immediately withdraw the proposal and conduct a transparent review of gas pricing, aligning it with OGRA's findings and global trends. "Burdening industry to offset inefficiencies elsewhere is unacceptable," they said. "Support for industry is essential for true economic recovery."
