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Business Recorder
4 days ago
- Business
- Business Recorder
Traders, politicians reject hike in POL products' prices
PESHAWAR: Traders, leaders of political parties and members of civil society have rejected the recent increase in prices of petroleum products and urged the federal government to withdraw its decision immediately. Sarhad Chamber of Commerce and Industry and Tahir Itehad Khyber Pakhtunkhwa strongly opposed the hike in prices of petroleum products and described it as an irrational decision on part of the rulers. The chamber president, Fazal Moqeem Khan, said that the rising prices would not only increase industrial costs, but also erode competitiveness of Pakistani goods in the global market. Other businessmen including Abdul Jalil Jan, senior vice president and Shehryar Khan, vice president and members of the SCCI's executive committee described the hike as a 'ticking time bomb' that will set off another wave of inflation. 'Businesses which are already grappling with severe inflationary pressures, are now facing the looming threat of closures.' They said that there was a visible increase in the transport fares after the in fuel price hike; resultantly, prices of essential food items have also jumped up that will bring a new 'tsunami of inflation'. The business leaders feared very tough days ahead for consumers, warning of a sharp increase in the prices of food items due to the unprecedented increase in petrol and diesel rates in the last one month. They criticized government policymakers for treating fuel pricing as a convenient 'fiscal shortcut' that destabilizes the broader macroeconomic foundations. SCCI leaders wondered how petrol has transformed from a basic necessity into a daily financial burden, driving up transport costs, electricity bills, and prices of consumer goods nationwide. They stated the relentless surge in fuel prices, electricity and gas would make businesses unsustainable and unviable. However, Tahir Itehad Khyber Pakhtunkhwa President Mujeeb Ur Rehman also rejected the hiked fuel prices and feared that it would lead to unprecedented hike in prices of all daily use commodities. Qaumi Watan Party spokesman Tariq Ahmad Khan also urged the federal government to reverse the increase in fuel prices. He said the majority of the people have already been living under the poverty line and such decisions would further add to problems of the poor masses. Emir of Jamaat-e-Islami Pakhtunkhwa (central chapter) in a statement strongly condemned the recent increase in fuel prices, calling it an act of extreme anti-people act by the federal government. 'Within a month, petrol prices have increased by Rs 13.72 per liter, while diesel prices have surged by Rs 21.76 per liter,' he said. The JI leader warned that this price hike would severely affect the already struggling low income group exacerbating poverty and inflation. He criticized the federal government for not providing relief to the people despite the decrease in global oil prices. He demanded that the government immediately reduce fuel prices to alleviate the burden on the common man. Copyright Business Recorder, 2025
Business Recorder
15-07-2025
- Business
- Business Recorder
SCCI supports traders' shutter-down strike
PESHAWAR: Sarhad Chamber of Commerce and Industry on Monday announced full support for the country-wide shutter down strike for July 19 against anti-business tax measures through Finance Act 2025-26 and warned the agitation movement would be prolonged, if the unjust and damaging provisions were not withdrawn immediately. Speaking at a news conference, Fazal Moqeem Khan, president of the Sarhad Chamber of Commerce and Industry along with senior vice president Abdul Jalil Jan and members of the SCCI's executive committee at the chamber house expressed deep concern over the alarming provisions of the Finance Act, which came into force on July 1, 2025. President SCCI issued a strong warning to the government, stating that if the unjust and damaging provisions are not withdrawn immediately, the strike will likely be prolonged, and business owners may be compelled to take even more drastic steps, including suspending the filing of Sales Tax and Income Tax Returns. He noted that such sentiments are being increasingly echoed by SCCI's members, who have lost faith in the prevailing economic environment due to the government's oppressive policies. Fazal Moqeem Khan expressed deep concern over the alarming provisions of the Finance Act, which came into force on July 1, 2025. He voiced full solidarity with the Karachi Chamber of Commerce & Industry (KCCI), which has identified thirty harsh tax and customs measures that pose a serious threat to the survival of businesses across Pakistan. He emphasized that the SCCI stands shoulder to shoulder with all business organizations demanding the immediate reversal of these unjust laws. He highlighted, in particular, the extreme dangers posed by the introduction of Sections 37A and 37B of the Income Tax Ordinance, terming them as draconian and unprecedented. 'Another alarming aspect of the Finance Act is the amendment introduced through Section 21(S), which effectively disallows any cash transaction amounting to Rs. 200,000 or more for tax deduction purposes. This means that if a customer pays a supplier in cash, even by depositing cash directly into the supplier's account, the supplier could be penalized by losing 50 percent of the expense in tax calculations, he added. The SCCI chief also voiced serious reservations about the mandatory implementation of E-Bilty and digital invoicing systems for all sales tax-registered entities. He criticized the FBR for attempting to enforce complex digital systems in a country where general and computer literacy remains significantly low. Why taxpayers are being forced to perform the FBR's duties at their own expense and warned that this would only widen the gap between the business community and the tax authorities, Moqeem questioned. He said businessmen should be encouraged to focus on productivity and revenue generation rather than bureaucratic red tape that stifles operations and increases costs. He also condemned the government's complete disregard for the established consultative process traditionally followed before the passage of the Finance Bill. Historically, the Business Anomaly Committee engages with stakeholders and the FBR in a series of meetings to address anomalies and formulate mutually agreed-upon recommendations. These discussions are held with the participation of Member Inland Revenue, Member Customs, and eventually the Finance Minister and Chairman FBR. This year, however, the process was unilaterally bypassed for the first time, leaving no room for dialogue or consensus. In protest, several committee members resigned and walked out. Despite vocal objections not only from the business community but also from parliamentary standing committees of the National Assembly and Senate, the Finance Bill was rushed through without incorporating key recommendations that had been previously agreed upon during deliberations. In conclusion, President Fazal Moqeem Khan appealed directly to the Prime Minister of Pakistan to immediately withdraw Sections 37A and 37B, the Rs. 200,000 cash transaction penalty under Section 21(s), the digital invoicing requirement under SRO 709, and the mandatory E-Bilty provision under Section 40(c). He continued to say that section 8B of the Sales Tax Act, also grants discretionary powers to the FBR Commissioner to disallow complete input tax adjustment, which is completely unacceptable, he said. He also called for shifting exporters from the Normal Tax Regime (NTR) to the Final Tax Regime (FTR). He reiterated that the business community across the country is united in its demand for urgent and meaningful reforms. If the government fails to take corrective measures, the current protest movement will only escalate, with severe consequences for the economy and the state's relationship with its business sector. Copyright Business Recorder, 2025
Express Tribune
14-07-2025
- Business
- Express Tribune
SCCI backs strike against tax measures
The Sarhad Chamber of Commerce and Industry (SCCI) has thrown its full weight behind the countrywide shutter-down strike scheduled for July 19, in protest against what it terms anti-business provisions in the Finance Act 2025-26. At a press conference held at the Chamber House on Monday, SCCI President Fazal Moqeem Khan strongly criticized the federal government for imposing what he called "draconian tax laws" without consulting the business community. Flanked by senior vice president Abdul Jalil Jan and executive committee members, Khan warned that if the controversial measures are not rolled back, the protest movement could intensify. "We may be compelled to suspend the filing of Sales Tax and Income Tax returns," he cautioned.
Business Recorder
28-06-2025
- Business
- Business Recorder
Traders reject abrupt implementation of digital invoicing system
PESHAWAR: Traders and manufacturers rejected imposition of heavy penalties and declaring defaulters under section 25-A of the SRO-709 and abrupt implementation of digital invoicing system to integrate small and large scale businesses and industries in one go. Business community raised voices against the government and FBR for its unilateral policy and initiatives, especially the aforementioned new system through three different resolutions that were adopted unanimously during an awareness session on Digital Invoicing organised by Sarhad Chamber of Commerce and Industry in collaboration with Federal Board of Revenue /PRAL (Pakistan Revenue Automation Private Limited) here in the chamber. The session was chaired by SCCI president Fazal Moqeem Khan. Senior vice president of the chamber Abdul Jalil Jan, member of the SCCI executive committee Adnan Nasir, Aftab Iqbal, Ashfaq Ahmad, Muhammad Nadeem Rauf, Sajjad Zaheer, former senior vice president Imran Khan Mohmand, carpet exporters Mazhar ul Haq, Atif Rasheed Khawaja, Afshan Khan, Sadder, Fazal e Wahid, Secretary General SCCI Muqtasid Ahsan, representatives, managers of various industries, business and importers and exporters were in attendance in a large number. The resolutions strongly denounced the imposition of Rs2Million to Rs3 Million penalties and declaring the business community defaulters over violation of not digitizing in digital invoicing system and imposing heavy penalties under the Section 25-A, and called it an attempt to discourage the business and industries and demanded immediate abolishment of the afore-stated section forthwith. Another resolution against S.R.O.709(I)/2025, stating that businesses and industries are unprepared technically and physically to adopt this new system abruptly, therefore, it is strongly called to give an extension into implementation of the new system for an indefinite period. In the third resolution, the business community suggested phase-wise and sector wise implementation of the new digital invoicing system, right from large-scale manufacturing industries to small businesses and traders. Traders and manufactures opposed the section 25-A that has made mandatory to electronically integrate their hardware and software with FBR's computerized system through a license integrator or PRAL and to issue invoices, which unable for them to adopt abruptly while keeping in inadequate digital infrastructure, particularly in underdeveloped and remote industrial zones, insufficient technical readiness among enterprises, especially SMEs, limited digital literacy and capacity, both at user and support levels. They viewed that FBR is not itself fully digitized. Business community furthermore pointed out that frequent downtime of FBR's IRIS services couldn't enable them to generate invoices in wake of inaccessibility of the system. Copyright Business Recorder, 2025
