FAISALABAD: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has achieved its target to get five major export sectors zero-rated in this federal budget and now our focus is on the clearance of all pending refund cases positively up to August 30 as promised by the Finance Minister Ishaq Dar, said Syed Muhammad Asim Shah Vice President FPCCI (Punjab).
He was addressing a reception hosted in his honor by Imran Mehmood Former Senior Vice President All Pakistan Bed sheets and Upholstery Manufacturers Association (APBUMA).
He said that last year the FPCCI remained involved in the complicated issue of withholding tax, however, this year the FPCCI in close collaboration with Faisalabad Chamber of Commerce and Industry (FCCI) made in time and well organized lobby and successfully convinced the government to declare the five major export sectors as zero-rated. He hoped that this decision will have salutary impact on our national exports.
Similarly, the energy crisis has also been reined-in. “Electricity to major industries was ensured round the clock except during the Holy month of Ramazan”, he said and added that the gas issue has also been resolved with the import of LNG. He said that this June was the hottest month in the history of this world and with uninterrupted supply of gas we could discourage use of timber which will play its role in reducing the global temperature. He said that generally the issues become problematic when FPCCI and other trade bodies are not taken into confidence while making fundamental economic and business related decisions.
Quoting the example of real estate sector, he said that earlier a large number of people were investing in Dubai but when the situation was made conducive in Pakistan, they started investing within the country. But when the government clamped unrealistic restrictions, they again switched over to the other countries. However, FPCCI has taken up this issue at the highest level and now the evaluation of property will be conducted by the private parties instead of by the government officials.
Commenting on the low cotton production in the country, Syed Muhammad Asim told that 56 percent of cotton is grown in and around Multan area. “Unluckily, sugar mills have been set up in this historic cotton belt and the government also provided subsidy of Rs. 18 billion to this sector which resulted in low yield of cotton”, he said and added that thus we have to make imports from India to meet our immediate needs. He demanded that government should withdraw regulatory duty on the import of cotton and yarn to save the value-added textile sector.
Syed Zia Alamdar Hussain Senior Vice President FCCI congratulated Syed Muhammad Asim on his election as Vice President FPCCI and told that this apex trade body has played a very productive role and hence most of the issues relating to the federal government has already been resolve. He said that currently the business community is facing provincial level issues and Punjan chapter of FPCCI should fully concentrate on these issues. Among these the major issues are increase in property tax and notices issued by PRA. He was highly critical of the re-imposition of property tax on five marla plots and told that Excise Department had agreed to increase property tax by 25 percent but the actual increase is 529 percent.
Earlier, Former Senior Vice Chairman (APBUMA) Imran Mehmood said that it is privilege for this organization that its chairman has been elected as VC, FPCCI with a majority vote. He wanted to host this reception immediately after the election but it was delayed due to multiple reasons. He hoped that Syed Asim will now make his best efforts to serve the entire business community.
The function was also addressed by Rehan Naseem Bhrara Chairman Faisalabad Garments City, Habib Ahmed Gujjar Chairman All Pakistan Textile Processing Mills Association, Waheed Khaliq Ramay President Power Loom Owners Association, Arif Ehsan Malik and Azhar Majeed Sheikh. Later, Captain (Retired) Muhammad Farooq Chairman APBUMA (North Zone) offered vote of thanks.
