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Business Recorder
5 days ago
- Health
- Business Recorder
Need stressed to promote medical tourism
KARACHI: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and Islamic Chamber of Commerce & Development jointly organised a Medical Tourism Conference here, attended by top medical professionals, tourism industry CEOs, government officials and parliamentarians. Saquib Fayyaz Magoon, SVP FPCCI, in his keynote emphasised that Pakistani doctors are world-class experts and we can earn substantial foreign exchange for the country through medical tourism like Turkiye, India, Iran and China. He explained that globally tourism industry contributes 10 percent to the World GDP; accounts for 330 million jobs and 28.3% of global services exports. Since the 1970s, tourism has been used as a tool for community development with emphasis on economic development and lessening poverty; as a result, many developing countries have promoted and supported tourism projects in their national development plans. SVP FPCCI elaborated that medical tourism has also emerged as a major industry globally valued at $144.5 billion in 2024. It is projected to reach US$ 700 billion by the year 2033. Key players such as Thailand, Iran, India, Türkiye, Singapore, South Korea and Malaysia have established themselves as medical tourism hubs, leveraging competitive pricing, advanced healthcare facilities and government support. Lt Gen Sardar Hassan Azhar Hayat (Retd), MD Green Tourism Pvt Ltd, maintained that the global medical tourism market is driven by rising healthcare costs in developed countries, long wait times and the demand for specialized treatments. Many countries have successfully attracted international patients by offering advanced medical technologies, high-quality care and a blend of medical and leisure tourism. Zubair Tufail, former President FPCCI, highlighted that medical tourism has huge potential in Pakistan; and, from the platform of Islamic Chamber of Commerce and Development (ICCD) several conferences in Turkiye, Iran and other countries have been organised on the subject. This conference is first ever conference from private sector in Pakistan and is live streaming in all OIC countries. The conference was also addressed by Atif Hanif, President & CEO, AlBaraka Bank Pakistan; Saima Agha, Parliamentary Secretary, Sindh; Dr. Farhat Abbas, CEO AKUH; Dr Habib-Ur-Rahman, Chairman of Shifa International Hospitals and other healthcare industry leaders. Copyright Business Recorder, 2025
Business Recorder
08-07-2025
- Business
- Business Recorder
Business community opposes 37A and 37AA of ST Act: FPCCI
KARACHI: Saquib Fayyaz Magoon, Acting President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI)has briefed the participants federal budget conference that it is not possible to abide by the provisions contained in the Sales Tax Act 1990; such as e-invoicing and e-bilty for each and every consignment. He informed that the sentiment of the business community is unanimously against the newly introduced provisions of 37A and 37AA of the Sales Tax Act 1990 – stating that the honourable taxpayers of Pakistan are not criminals and shouldn't be treated that way. It seems that FBR has failed to achieve the tax collection target; and, the taxation matters are now seem to be resolved by arresting the already registered and law-abiding taxpayers and to put them behind the bars unfairly, he added. Federal budget conference held to highlight technical issues in the federal budget 2025 – 26; along with recommendations and pragmatic solutions for their swift redresses. The conference was attended by multi-sectoral trade bodies, associations and chambers from across Pakistan physically and online in a large number. Notably, there was also senior representation from FBR and PRAL. Asif Sakhi, VP FPCCI, reiterated that trade and industry is ready to cooperate with the government in its efforts to collect taxes in an honourable manner; but, not at the cost of self-esteem and dignity of the taxpayers. Nasir Khan, VP FPCCI, highlighted that, in the present scenario, the country seems to be rudderless in its economic policymaking; and, this lack of effective governance may lead to unrest – and, we, as businessmen, are presently left with no option than to shut down our factories to avert losses, he added. Haji Muhammad Afzal, senior member FPCCI, added that FBR failed to check the unregistered sales and such businesses shouldn't be allowed to operate who represent unregistered persons or entities. Umar Rehan, Chairman of Pakistan Vanaspati Manufacturers Association (PVMA), said that aforesaid provisions contained in the budget may result in closure of multiple industrial sectors. We are with the government for its commitment to digitalization; but, in presence of the current budgetary provisions, it is impossible to cooperate with the FBR. We cannot cut invoices in cash amounting more the 2 lacs under the prevailing circumstances; where, cash is not considered a banking instrument. Towel Manufacturers Association maintained that our businesses are going through losses at the moment; and, we are being labelled by the government as thieves. Our neighbouring countries are taking advantage of the current situation and taking away our export customers. The business environment has now reached a point that international buyers are asking whether we are shifting our businesses to Dubai or somewhere else. Representatives from LNG Association expressed their concerns regarding provisions of SRO 709(I)/2025 of Sales Tax; and, shared that the setup required to make e-invoicing facility available has high installation charges for which the sector is not ready. It is further revealed during the discussion that a lockup sort of setup is being built in the relevant RTOs and that is causing harassment in the business community. Representatives from Pakistan Security Agencies Association said that they tried to contact PRAL authorities several times; but, they don't know how to proceed further in respect of procedure to integrate the system of taxpayers to the PRAL setup – and, informed that FBR portals are not ready to cater to the provisions. Zubair Bilal, Chief Commissioner, IR, Large Taxpayers Office (LTO) Karachi, assured FPCCI of his diligent consideration of the technical points raised collectively from the apex platform of FPCCI and agreed on a continued, inclusive and result-oriented consultative process with the business community. Copyright Business Recorder, 2025
Business Recorder
13-06-2025
- Business
- Business Recorder
Finance Bill: FPCCI demands withdrawal of anti-business measures
KARACHI: On behalf of the entire business, industry and trade community of Pakistan Atif Ikram Sheikh, President FPCCI, has demanded that the government should withdraw harsh and anti-business taxation measures from the Finance Bill before it is passed through the parliament. What the country needs are a pro-business, investment-friendly and growth-oriented fiscal policy framework as the economy has stabilized and poised for growth, he added. Atif Ikram Sheikh maintained that the tax collection target can only be achieved if industrialists and exporters are taken onboard through a comprehensive consultative process. However, he lamented, budget misses the measures needed to enable the business community to materialize the vision of PM to achieve export-led growth. He maintained that sweeping discretionary authorities given to the taxmen would be detrimental to business and investor confidence in the country – and, will give rise to harassment, corruption and maladministration. FPCCI Chief elaborated that it is an established fact and practice globally that the more a tax collector is allowed to intervene or interact with the taxpayer, the more it is likely to undermine the principles of fairness, transparency and impartiality due to increased role of human-to-human interaction and human judgement becomes a nuisance. Therefore, we do not need to reinvent the wheel in this matter, he added. Atif Ikram Sheikh appreciated the reduction in super tax; downward rationalization of tax slabs for salaried individuals; simplification of income tax return form for salaried class and SMEs – as it was one of FPCCI's longstanding demands – and the much needed increase in the defence spending to ensure geo-economics, trade routes, supply lines and geostrategic security and integrity of the country. Saquib Fayyaz Magoon, SVP FPCCI, demanded that fixed tax regime (FTR) should be restored for exporters in its original form and shape for a long-term duration to bring clarity, certainty and consistency in the taxation policies. We can only attract FDI and domestic investment, if we remain competitive as a country, he added. Saquib Fayyaz Magoon highlighted that instead of broadening Export Facilitation Scheme (EFS) through including local manufacturers in its scope – in line with the aggregated feedback of the all sectors and industries through the apex trade bodies' platform of FPCCI – the government has imposed 18% sales tax on raw materials; which will result in increased cost of production; supply line disruptions and lack of competitiveness in the regional and international markets for Pakistani products. SVP FPCCI also expressed his resentment that FPCCI's recommendation to bring special incentives packages for the IT & ITeS; Mines & Minerals and Fishing industries in the Federal Budget 2025 – 26 has been ignored. These are high-growth areas and can grow exponentially, he added. Copyright Business Recorder, 2025
Express Tribune
12-06-2025
- Business
- Express Tribune
Govt urged to take back harsh tax steps
Listen to article The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on the government to withdraw what it says are harsh and anti-business taxation proposals from the Finance Bill 2025 before they are passed by parliament. Speaking on behalf of the business, industrial and trade community, FPCCI President Atif Ikram Sheikh emphasised that the country needed a pro-business, investment-friendly and growth-oriented fiscal policy framework as the economy had stabilised and was poised for growth. He was of the view that the tax collection target could only be achieved if industrialists and exporters were taken on board through a comprehensive consultation process. However, the budget missed the measures required to enable the business community to fulfil the prime minister's vision of an export-led growth, according to a press statement issued on Thursday. He cautioned that sweeping discretionary powers given to taxmen would be detrimental to the business and investor confidence and would lead to harassment, corruption and maladministration. "It is a globally established fact that more a tax collector is allowed to intervene or interact directly with the taxpayer, the more it is likely to undermine the principles of fairness, transparency and impartiality primarily due to the increased role of human judgement," he remarked. He, however, appreciated the reduction in super tax, rationalisation of tax slabs for salaried individuals and simplification of the income tax return form for salaried persons and small and medium enterprises (SMEs), which had been among longstanding demands of the business community. He also welcomed the increase in defence spending to ensure the geo-economic, trade route, supply line and geostrategic security. In his remarks, FPCCI Senior Vice President Saquib Fayyaz Magoon sought the restoration of fixed tax regime for exporters in its original form for the long term to bring clarity, certainty and consistency in taxation policies. "We can only attract foreign direct investment and domestic investment if we remain competitive," he said. Magoon highlighted that instead of expanding the Export Facilitation Scheme (EFS) by including local manufacturers, as recommended by all sectors and industries, the government imposed 18% sales tax on raw material, which would raise production costs, disrupt supply chains and hurt the competitiveness of Pakistani products in global markets.
Business Recorder
28-04-2025
- Business
- Business Recorder
FPCCI pledges unwavering support to nation, armed forces
LAHORE: The Acting President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Saquib Fayyaz Magoon, along with former Federal Minister for Commerce and FPCCI group leader Dr Gohar Ejaz, FPCCI Regional Chairman and Vice President Zain Iftikhar Chaudhry, and Patron-in-Chief of the United Business Group (UBG) S M Tanveer, while addressing a press conference at the FPCCI Regional here, affirmed that the business community stands resolutely alongside the government and Armed Forces of Pakistan. They pledged their readiness to sacrifice their businesses, lives, and wealth for the nation. They declared that the entire nation and business community are united under one resounding slogan: 'Long Live Pakistan, Long Live Pakistan.' The 240 million people of Pakistan stand together under one flag, their hearts beating in unison with the spirit of the country. The FPCCI leadership reiterated their ongoing efforts across multiple fronts to bolster the national economy, setting an ambitious target of elevating Pakistan's exports to 100 billion dollars. Meanwhile, Lahore Chamber of Commerce and Industry has expressed grave concern over the ongoing road closures in Sindh, which have brought national trade, supply chains and economic activities to a standstill. 'The blockade, initiated by protestors since April 17, has caused an unprecedented crisis, leaving over 100,000 trucks, carrying essential goods, stranded for nearly two weeks, resulting in massive financial losses and crippling the logistical framework of the nation', said LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry in a statement. The LCCI office-bearers said that the severe consequences of this ongoing situation should be eye opener for the decision makers. The protestors' actions have not only delayed the movement of vital trade goods but have also led to significant collateral damage. Thousands of sacrificial animals, intended for Eid ul Azha, have died due to the lack of transportation and inability to reach the markets. This, in turn, has led to immense suffering for livestock traders, farmers and the entire agricultural sector, with no immediate resolution in sight. They said that the closure has led to the destruction of perishable goods, such as fruits, vegetables, dairy products and pharmaceuticals, causing millions of rupees worth of losses for producers, exporters and consumers alike. With the halted trade routes, the critical flow of raw materials for industries, especially in Punjab, has been severely disrupted, putting the entire manufacturing sector on the verge of collapse. Textile, food processing, chemical and pharmaceutical industries are among the worst affected, with production lines at a standstill due to shortages of essential inputs. The LCCI office-bearers estimated that the ongoing disruption is causing a daily economic loss of approximately Rs. 500 billion to Pakistan's economy. The transportation sector alone is suffering losses exceeding Rs. 100 billion daily, a figure that is growing with each passing day of blockades. For industries reliant on just-in-time inventory and supply chains, the situation has become dire, threatening the stability of thousands of businesses, particularly small and medium enterprises (SMEs), which form the backbone of Pakistan's economy. Mian Abuzar Shad, Engineer Khalid Usman and Shahid Nazir Chaudhry said that the trade disruption has led to delays in the delivery of exports, which are facing cancellations and contract defaults from international buyers. This puts Pakistan's reputation as a reliable trade partner at serious risk and threatens the livelihoods of millions of workers employed in export industries. They also raised concerns about the broader social and humanitarian impact of the road closures. Local communities in Sindh, Punjab and other affected regions are facing critical shortages of essential goods, including food, medicine and daily necessities. In the absence of sufficient supplies, local markets are experiencing severe price hikes, further burdening the lower-income population, especially in rural areas. Copyright Business Recorder, 2025
