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Business Recorder
28-06-2025
- Business
- Business Recorder
LCCI rejects 37AA, describes it as ‘black law'
LAHORE: The Lahore Chamber of Commerce and Industry, trade and industrial associations, at a press conference at LCCI, have rejected 37AA and called it a 'black law' that would severely damage the business climate in Pakistan. LCCI President Mian Abuzar Shad, Vice President Shahid Nazir Chaudhry, former Presidents Mian Anjum Nisar, Muhammad Ali Mian, representatives of various trade and industrial associations spoke on the occasion. LCCI President Mian Abuzar Shad said that Clause 37AA empowers tax authorities to arrest any taxpayer merely on suspicion of tax fraud, even without concrete evidence. This clause is nothing less than a sword hanging over the heads of the entire business community. He said that prior to this clause the definition of tax fraud had already been broadened extensively, encompassing a wide range of actions, from minor accounting mistakes to misinterpretation of law. The new clause now grants excessive and unchecked powers to FBR officers, enabling harassment and potential abuse. The LCCI President said that business community has unanimously rejected this clause and are calling for its complete withdrawal. Such sweeping powers not only violate basic principles of justice but also infringe upon the constitutional rights of taxpayers. It will scare off investors and damage the trust that businesses have in the system. Mian Abuzar Shad said that reputations of the businesses are at stake and arresting company officers, especially on mere suspicion, would bring serious disrepute and operational disruptions to large enterprises. He said that following country-wide backlash, the government made a minor amendment to Section 37AA saying that arrest can only occur if there is a tax loss exceeding Rs50 million and upon the approval of a three-member committee. However, LCCI firmly rejected this amendment as well. 'Even with the amendment, the law remains draconian. The fact that arrest powers can be exercised without concrete evidence or judicial oversight is unacceptable,' Mian Abuzar Shad added. LCCI Vice President Shahid Nazir Chaudhry said we have always advocated for business-friendly policies. But laws like Section 37AA will only create new challenges for an already struggling economy. Entrepreneurs will be discouraged and investment will decline further. Former Presidents Mian Anjum Nisar and Muhammad Ali Mian urged the government to immediately withdraw Clause 37AA saying that unless business leaders are given breathing space, Pakistan will not be able to achieve the ambitious economic goals outlined in the budget. They said that the government has set a GDP growth target of 4.2% and an export target of $35.3 billion but laws like these will make such goals impossible to achieve,' they warned. All the representatives of trade and industrial associations unanimously and forcefully reject Section 37AA. The participants of the Press Conference said that we are not criminals. We are the backbone of the economy. This clause must be rolled back immediately so that we can focus on reviving Pakistan's economy instead of defending ourselves against unjust and arbitrary harassment.' They said that the LCCI's powerful stand reflects growing unrest in Pakistan's business circles over heavy-handed and impractical taxation policies. If the government truly wants economic revival, it must abandon such oppressive clauses and create a trust-based tax environment. Copyright Business Recorder, 2025
Business Recorder
24-06-2025
- Business
- Business Recorder
Turkish CG visits LCCI to explore ways aimed at boosting trade
LAHORE: The Consul General of Turkiye, Durmus Bastug visited the Lahore Chamber of Commerce and Industry on Monday to explore ways to expand trade and investment cooperation between the two brotherly countries. The key areas, which came under discussion for enhancing collaboration, were trade, investment, technology, tourism and agriculture, along with the regular exchange of business delegations. LCCI Vice President Shahid Nazir Chaudhry, Executive Committee Members Khurram Lodhi, Irfan Ahmad Qureshi, Amina Randhawa, Karamat Ali Awan, Rana Muhmmad Nisar, Shouban Akhter and Asif Khan also spoke on the occasion. Durmus Bastug said that many of Turkiye's leading companies are already operating in Pakistan which reflects the confidence of Turkish investors in Pakistan's market. He stressed the importance of strengthening business-to-business relations and shared Turkiye's interest in initiating more joint ventures with Pakistani counterparts. He said that Pakistan and Turkiye shared a bond rooted in brotherhood and mutual respect and assured that all possible efforts are underway to elevate the level of bilateral trade and cooperation. LCCI Vice President Shahid Nazir Chaudhry said that Pakistan holds its relationship with Turkiye in the highest regard. He said that the bond between the two countries is not just diplomatic but deeply historical and cultural, with both nations standing side by side during moments of celebration as well as times of adversity. He also recognized the crucial role played by both countries as members of the Organization of Islamic Cooperation in fostering unity, peace and progress within the Muslim world. While acknowledging the strong relationship, he pointed out that the current volume of bilateral trade remains modest. He shared that Pakistan's exports to Turkiye during FY 2023–24 amounted to $337 million, while imports stood at $491 million, making the total trade volume around $828 million. He stressed the need for greater efforts to unlock the untapped trade potential and fully utilize the Trade in Goods Agreement, which came into effect in May 2023. He expressed optimism that with mutual collaboration, the trade volume could be increased to at least $5 billion in the coming years. He also identified significant potential for growth in areas such as textiles, construction, food processing, pharmaceuticals, energy, tourism, sports goods and especially the information technology sector. LCCI vice president underlined the role of business institutions in strengthening bilateral ties and assured that the Lahore Chamber is ready to take the lead in promoting joint ventures, hosting trade delegations, participating in international trade exhibitions and organizing Pakistan–Turkiye business forums. He added that the Turkish Consulate General in Lahore can serve as a vital link between Turkish investors and the Pakistani business community, particularly in a vibrant city like Lahore, which serves as the cultural, industrial and economic hub of Punjab. Copyright Business Recorder, 2025
Express Tribune
23-06-2025
- Business
- Express Tribune
Turkiye looks for jointventures in IT, tourism
Turkiye Consul General Durmus Bastug on Monday visited the Lahore Chamber of Commerce and Industry (LCCI) to explore ways to expand trade and investment cooperation with Pakistan. Key areas that came up for discussion were technology, tourism and agriculture along with regular exchange of business delegations. The ambassador said that many leading companies of Turkiye were already operating in Pakistan, which reflected the confidence of Turkish investors in the South Asian country's market. He stressed the importance of strengthening business-to-business ties and shared Ankara's interest in initiating more joint ventures with Pakistani firms. Speaking on the occasion, LCCI Vice President Shahid Nazir Chaudhry highlighted Turkiye's consistent support for Pakistan on key international matters. While acknowledging the strong relationship, he pointed out that the current volume of bilateral trade was modest. Pakistan's exports to Turkiye during fiscal year 2023-24 amounted to $337 million while imports stood at $491 million, bringing the total trade volume to around $828 million. He stressed the need for greater efforts to unlock the untapped trade potential and fully utilise the Trade in Goods Agreement, which came into effect in May 2023. He expressed optimism that with mutual collaboration, the trade volume could be increased to at least $5 billion in the coming years.
Business Recorder
03-06-2025
- Business
- Business Recorder
LCCI underscores need for a balanced, strategy-driven budget
LAHORE: A balanced and strategy-driven federal budget is essential for Pakistan's economic future, as it can define the country's direction and stabilize a struggling business climate. This was upshot of the speeches delivered by the LCCI Acting President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, former LCCI President Muhammad Ali Mian, former Senior Vice President Ali Hussam Asghar and experts from different sectors while speaking at the awareness session on the upcoming Federal Budget 2025-26, organized by the Lahore Chamber of Commerce and Industry. Executive Committee Members Asif Malik, Firdous Nisar, Sheikh Muhammad Fayyaz, Abdul Majeed, Karamat Ali Awan, Syed Hassan Raza, Syed Salman Ali. Ehtsham ul Haq, Rana Muhammad Nisar, Shouban Akhter, former EC members Naeem Hanif, Malik Muhammad Usman, Yousaf Shah and Chaudhry Muhammad Arshad were also present. Speaking at the session, Acting President Engr. Khalid Usman said that the key pillars of the budget should include expansion of the tax net, relief for existing taxpayers, protection of domestic industry, elimination of duties on imported raw materials, growth of GDP and exports meaningful economic reforms. He said that tariffs must be used as a policy tool to protect domestic industries and reduce Pakistan's reliance on imports. He advocated for zero-rating customs duties and sales tax on raw materials to ensure cost-effective industrial production. He also called for targeted incentives and protections for SMEs and the auto sector which are critical for employment and economic resilience. While talking about the government's reported plan to offer electricity at five cents per unit for crypto mining, he questioned why such a competitive rate is not being extended to local industries, which are far more impactful in terms of job creation and economic contribution. He said that LCCI was the first chamber to submit budget proposals to the government. These included recommendations for reducing the cost of doing business, improving the ease of doing business, enabling SME growth using digital technology to minimize human interaction in tax administration. The LCCI also emphasized simplifying regulatory frameworks and promoting deregulation to encourage industrial expansion. Vice President Shahid Nazir Chaudhry said that high operational costs and unpredictable tax policies have discouraged both local and foreign investors. He urged the government to craft a budget that offers long-term predictability, particularly in taxation. He stressed the importance of stakeholder consultation, especially with the business community, before implementing any new tax regime. He said that unless energy costs and policy instability are addressed, Pakistan's manufacturing sector will remain uncompetitive in regional and global markets. He further added that restoring business confidence requires continuity in policy and a fair taxation system that supports genuine businesses instead of penalizing them. Former LCCI President Muhammad Ali Mian talked about tariff rationalization and gave various suggestions. He called for a pro-growth and industry-friendly federal budget that supports macroeconomic stability, promotes investment strengthens the country's industrial backbone. Former LCCI President Ali Hussam Asghar said that Pakistan's export potential remains largely untapped due to inconsistent policy frameworks and lack of facilitation for exporters. He said that enhancing exports is the only sustainable way to address Pakistan's trade deficit and foreign exchange challenges. Reviewing the current fiscal performance, participants said that according to FY 2024–25 budget documents, the FBR was initially tasked with collecting PKR 12,970 billion, later revised down to PKR 12,334 billion. The targets included PKR 5,454 billion from income tax, PKR 4,919 billion from sales tax, PKR 1,591 billion from customs duties PKR 948 billion from federal excise duty. However, in the first eleven months (July 2024 to May 2025), FBR collected only PKR 10.23 trillion, falling short by over PKR 1 trillion. The LCCI also called for an increase in the withholding agent turnover threshold from PKR 100 million to PKR 250 million to reduce the compliance burden on smaller businesses. It stressed the importance of timely issuance of tax refunds to exporters to ease cash flow constraints and encourage reinvestment into business operations. Economic policies, the Chamber said, should be designed with at least a 10-year continuity framework to ensure predictability and stability. The LCCI further demanded the abolition of the 1.8% non-refundable. Copyright Business Recorder, 2025
Express Tribune
16-03-2025
- Business
- Express Tribune
Government to introduce bankruptcy law
Listen to article Special Assistant to the Prime Minister for Industries and Production, Haroon Akhtar Khan, has said the government is introducing a bankruptcy law to facilitate businesses, adding that reviving sick industrial units is a top priority. Speaking at a meeting at the Lahore Chamber of Commerce and Industry (LCCI), Khan stated that take action against the business community without consulting the Chambers of Commerce, as restoring business confidence is crucial for economic growth. He stressed that the business community must be given the freedom to contribute to national development through industrialisation and investment. LCCI President Mian Abuzar Shad, Vice President Shahid Nazir Chaudhry, former President Muhammad Ali Mian, and former Senior Vice President Ali Hassam Asghar also addressed the gathering, with executive committee members present. He pointed out excessive bureaucratic hurdles, noting that 29 departments are involved in regulatory processes, making it difficult for industries to operate efficiently. He highlighted that both Prime Minister Shehbaz Sharif and Deputy Prime Minister Muhammad Ishaq Dar had previously served as LCCI Presidents, strengthening the government's ties with the business community. Recalling past economic successes, Khan said that during Nawaz Sharif's tenure as prime minister in 1993, Indian Prime Minister Manmohan Singh had praised Pakistan's economic reforms. He stressed the need for similar policies and stressed policy continuity, citing China's sustained development through consistent economic strategies. He noted that the markup rate had declined from 22% to 12% and that the stock market was reaching new highs. However, he stressed the need for greater focus on GDP growth and industrialisation. While acknowledging Pakistan's continued engagement with the IMF, he praised the prime minister's success in reducing power rates and expressed optimism that the markup rate would decrease further. He further stated that investors seek safe havens and that PM Sharif is keen to encourage local investors while attracting foreign investments. He proposed an incentive scheme for overseas Pakistanis to repatriate their declared assets worth approximately $30 billion. The LCCI president described recent meetings with the PM as highly productive. He raised concerns about rising business costs due to increasing gas, electricity, and petrol prices. He stressed the need to bring the policy rate into the single-digit range and pointed out that industrial estate land prices, reaching Rs500 million per acre, were hindering expansion. He proposed complete vehicle assembly in Pakistan and local raw material industry development with minimal duties. He called for establishing Export Promotion Sectoral Councils, new Special Economic Zones (SEZs), and a 20-year Industrial Master Plan. LCCI Vice President Shahid Nazir Chaudhry urged the regularisation of industrial clusters and infrastructure development in Quaid-e-Azam Business Park. Former President Muhammad Ali Mian emphasised incorporating LCCI budget proposals into the federal budget, while former Senior Vice President Ali Hassam Asghar highlighted the rice sector's export potential.
