Latest news with #SIFC
Express Tribune
4 hours ago
- Business
- Express Tribune
Vanaspati manufacturers threaten closure over tax
Listen to article The Pakistan Vanaspati Manufacturers Association (PVMA) has warned of an indefinite nationwide shutdown of ghee and cooking oil production if the Federal Board of Revenue (FBR) does not withdraw controversial tax enforcement powers within 48 hours. At a press conference following the association's General Body meeting in Karachi, PVMA Chairman Sheikh Umer Rehan said the strike was unanimously approved by members. However, the strike is on hold for two days due to ongoing FPCCI-FBR talks facilitated by the Special Investment Facilitation Council (SIFC) in Islamabad. "We have delayed the strike by 48 hours, hoping that negotiations between FPCCI and FBR under SIFC supervision will bring results. If not, we will halt production across Pakistan," Rehan warned. According to a statement released on Wednesday, PVMA opposes new amendments in the Income Tax Ordinance in Budget 2025-26, particularly Sections 40B, 40C, 21S, and 8B. These allow FBR to monitor private businesses and grant power to arrest alleged defaulters without warrants under Section 37A. Rehan said these powers mirror the National Accountability Bureau (NAB), raising fears of arbitrary interference in commercial activities and would lead to harassment. "If NAB-like officers monitored the FBR chairman, could he work freely? Then how can we work under similar pressure?" he asked. PVMA highlighted its economic role, saying the sector is the second-largest taxpayer after petroleum. Rehan said the industry pays 35% tax on imports and 10% on sales but still faces raids and arbitrary rules. He also claimed that utility stores owe the industry over Rs6.5 billion, while billions in sales tax refunds remain unpaid. He added that the sector lacks capacity for immediate compliance with the newly introduced digital invoicing requirement. "Digitisation takes time and investment. We can't do it overnight," he said. The PVMA said it prefers dialogue but warned that if the government fails to act, it will proceed with a shutdown.
Arab News
17 hours ago
- Business
- Arab News
Deputy PM Dar invites New York investors to leverage Pakistan's youth, consumer base
ISLAMABAD: Deputy Prime Minister Ishaq Dar on Wednesday urged investors in New York to leverage Pakistan's young population and large consumer base for diverse investment opportunities, Pakistan's foreign ministry said. Pakistan has increasingly eyed foreign investment from regional allies and partners, particularly since it formed the Special Investment Facilitation Council (SIFC) in 2023, to escape a prolonged macroeconomic crisis. The SIFC aims to attract investment in key economic sectors such as minerals, IT, tourism, agriculture and livestock. Dar, who also serves as Pakistan's foreign minister, arrived in the United States on July 21 and is scheduled to lead high-level signature events at the UN headquarters till July 28. The deputy premier met a group of businessmen and investors in New York to share his perspective on Pakistan's improving economic landscape, the foreign ministry said. 'He encouraged the participants to explore diverse investment opportunities in Pakistan with a view to leveraging the large consumer base, young population, growing digital economy, and advantageous geographic positioning toward mutually rewarding outcomes,' the statement said. Pakistan has a sizable population of over 240 million people, where nearly 64 percent are under the age of 30. Islamabad has recently taken several measures to adopt digital financial assets to ensure economic growth as the world embraces new forms of currency. Dar stressed the critical role of the Pakistani diaspora toward realizing the trade, investment and economic ties between Pakistan and the US, the statement added. He informed investors about the SIFC's streamlined processes for investors across priority sectors such as agriculture, IT, minerals, energy and tourism. 'The participants expressed their commitment to fostering deeper economic collaboration and long-term investment engagement between the two countries,' the ministry concluded. Pakistan considers the US an important trade ally as it is the South Asian country's top export destination. Pakistan's exports to the US totaled $5.44 billion in FY2024, as per official data. Prime Minister Shehbaz Sharif's government has linked Pakistan's economic revival to an export-driven growth and partnerships based on what the premier describes as 'mutually beneficial' with allies.
Business Recorder
a day ago
- Business
- Business Recorder
Sections pertaining to arrest, detention be held in abeyance: APTMA says salutes COAS for his support
LAHORE: The All Pakistan Textile Mills Association (APTMA) extends its deepest and most heartfelt gratitude to Field Marshal Syed Asim Munir, NI (M) for graciously meeting with a business delegation led by Dr Gohar Ejaz, HI, SI (Civ). 'We salute the Field Marshall's exemplary commitment to engaging with the business community and industry, demonstrating both patience and concern for economic issues faced by the businesses and people of Pakistan.' During the highly constructive meeting, the delegation commended the government and SIFC's monumental efforts that have brought much-needed economic stability to the country and thanked the Army Chief for his unwavering support and resolve. It presented a comprehensive overview of the challenges faced by the industrial sector, with particular emphasis on the recently enacted expansions of the Federal Board of Revenue's (FBR) powers. Tax laws: PM directs formation of arrest powers review panel We are immensely thankful to Field Marshall Munir for immediately directing that the new provisions, particularly those added under Sections 37A and 37B of the Sales Tax Act, 1990 pertaining to arrest and detention, be held in abeyance, and for instructing the FBR to enter meaningful, solution-oriented dialogue with stakeholders and address their concerns. The GHQ will oversee progress through the Special Investment Facilitation Council (SIFC), fostering an environment of collaboration and trust. The delegation called for interest rates to be brought down in line with inflation to stimulate businesses and economic activity. It also highlighted the significant delay in notification of the Export Facilitation Scheme (EFS) amendments relating to exclusion of cotton, cotton yarn, and fabric from the scheme and imposition of an 18% sales tax on their imports. Field Marshal Munir assured the delegation that these measures, as announced in the Finance Minister's budget speech, will be implemented without delay. APTMA is grateful for the Field Marshall's attention to unsustainable electricity prices that are burdening manufacturers and businesses across the country. We appreciate his ongoing commitment to securing more competitive electricity rates for consumers nationwide, with special emphasis on revitalizing the industrial and export sectors. His unwavering support is a testament to his overarching vision to propel Pakistan's economic landscape to new heights. On behalf of the entire textile sector and business community, APTMA once again extends its profound gratitude to Field Marshal Syed Asim Munir NI (M) for his visionary leadership and steadfast dedication to Pakistan's progress and growth. Copyright Business Recorder, 2025
Business Recorder
a day ago
- Business
- Business Recorder
FPCCI extends gratitude to COAS for meeting with Ejaz-led team
LAHORE: Atif Ikram Sheikh, President FPCCI; President ECO-CCI and VP CACCI, has said that FPCCI extends its deepest and most heartfelt gratitude to Field Marshal Syed Asim Munir, NI (M), for graciously meeting with the trade and industry delegation led by Dr. Gohar Ejaz, HI, SI (Civ). We salute the Field Marshal's exemplary commitment to engagement with the business community – demonstrating both patience and concern for economic issues faced by the businesses and the people of Pakistan, he added. During the highly-productive meeting, the delegation commended the government and SIFC's monumental efforts that have brought much-needed economic stability to the country and thanked the Field Marshal for his unwavering support and resolve. The delegation presented a comprehensive overview of the challenges faced by the industrial sector – with particular emphasis on the recently enacted expansions of the Federal Board of Revenue's (FBR) powers. Atif Ikram Sheikh maintained that the business community is immensely thankful to Field Marshal Asim Munir for immediately directing that the new provisions; particularly those added under Sections 37A and 37B of the Sales Tax Act 1990, pertaining to arrest and detention; be held in abeyance; and, for instructing the FBR to enter meaningful and solution-oriented dialogue with stakeholders and address their concerns. Additionally, the GHQ will support economic activities in the country through the platform of Special Investment Facilitation Council (SIFC); fostering an environment of collaboration and trust. Atif Ikram Sheikh informed that the business community's delegation called for interest rates to be brought down in line with inflation to stimulate businesses and economic activities. It also highlighted the significant delay in notification of the Export Facilitation Scheme (EFS) amendments relating to exclusion of cotton, cotton yarn and greige fabric from the scheme; and, imposition of an 18% sales tax on their imports. During the meeting, Field Marshal Asim Munir assured the delegation of his full support for the economic growth of the motherland. FPCCI is grateful for the Field Marshal's attention to high electricity prices that are burdening manufacturers and businesses across the country. FPCCI appreciates his ongoing commitment to securing more competitive electricity rates for consumers nationwide; with special emphasis on revitalizing the industrial and export sectors. His unwavering support is a testament to his overarching vision to propel Pakistan's economic landscape to new heights. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business
- Business Recorder
Dar urges urgent global financial reforms to save SDGs at UN Forum
NEW YORK: Pakistan's Deputy Prime Minister Ishaq Dar delivered a strong call for sweeping global financial reforms during his address at the UN High-Level Political Forum (HLPF) debate, warning that the world is far off track in achieving the 2030 Sustainable Development Goals (SDGs). He stated that with only five years left until 2030, just 35 percent of the SDGs are currently on course. The Deputy Prime Minister blamed the reversal in development progress on the compounded impacts of the COVID-19 pandemic, global food, fuel, and financial crises, and the growing intensity of climate change—all of which have undermined hard-won gains and worsened inequality worldwide. Despite these global setbacks, Dar emphasised that Pakistan remains fully committed to the 2030 Agenda. He highlighted that the country's national development strategies, including its 'Udan Pakistan' framework, are closely aligned with the SDGs. Dar said Pakistan's social protection initiatives, such as the Benazir Income Support Programme and the Benazir Nashonuma child development scheme, are aimed at ensuring inclusivity and preventing marginalisation. To empower the youth, Pakistan has launched the Digital Youth Hub, while efforts are underway to expand access to quality education through smart schools and new university campuses. On the climate front, Dar noted Pakistan's ambition to achieve 60 percent renewable energy by 2030, along with resilience-building projects like Recharge Pakistan and the Living Indus initiative. He added that the country's updated Nationally Determined Contribution (NDC) on climate action is in its final stages. Alongside its climate efforts, the government has introduced key economic reforms to ensure fiscal stability and create a more investor-friendly environment. He said that the Special Investment Facilitation Council (SIFC) is playing a central role in attracting foreign direct investment into key sectors of the economy. However, Dar cautioned that national-level efforts alone are insufficient to bridge the global development gap. He stressed the need for deep reforms in the international financial architecture to support SDG implementation, particularly in developing countries. He called for expanded access to concessional and grant-based resources, meaningful debt relief, and increased climate finance to enable countries like Pakistan to meet the financial requirements of sustainable development. Dar referenced the Compromise of Seville, adopted at the Fourth World Conference on Finance for Development, describing it as a clear and actionable roadmap. He urged the global community not to delay its implementation any further. As the world marks the 80th anniversary of the United Nations, Dar said the Secretary-General's UN80 initiative provides a critical opportunity to strengthen the UN's three core pillars—peace, development, and human rights—and to ensure that the SDGs are achieved on time, not just in principle but in practice.
