Tag Archives: Islamabad Chamber of Commerce and Industry

Islamabad Chamber of Commerce and Industry lauds withdrawal of Gas Infrastructure Development Surcharge

Islamabad, June 20, 2014 (PPI-OT)Islamabad Chamber of Commerce and Industry has lauded the government’s decision to withdraw the Gas Infrastructure Development Cess (GIDC) on commercial and cement sectors and bring it down from Rs.300/MMBTU to Rs.100 on power, Rs.150 on general industry and Rs.200 on captive power plants.

Shaban Khalid, President, Islamabad Chamber of Commerce and Industry said that all Chambers Presidents during Post-Budget Conference hosted by ICCI recently had called upon the government to withdraw GIDC as it would have highly adverse effects on industrial growth.

He said it was encouraging that government has accorded due attention to their demand to ease the problems of industry.

He said all Presidents of Chambers of Commerce and Industry from across the country were also unanimous during said Conference that best course of action for the government to improve the tax revenue is to expand the tax net, reduce tax rates and evolve a fair and progressive tax regime. He said the decision to rationalize the GIDC would prove to be a right step in that direction.

Appreciating the withdrawal of additional tax on cement, Shaban Khalid said government should also seriously consider withdrawal of Sec-40B of Sales Tax Act which authorizes the FBR officers to monitor production, sales of taxable goods and the stocks position at business premises without obtaining any warrants from Magistrate.

He expressed concerns that Sec-40-B will lead to misuse of powers and create undue harassment in the business community. He stressed that instead of giving undue powers to its officers, FBR should adopt normal mechanism if it realizes that proper tax is not being paid by any registered person.

ICCI President said that business community is not against tax payment, but it wants a transparent and equitable tax system.

He said government should take measures to improve direct taxation because more than 60 percent tax revenue is collected through indirect taxes including sales tax, FED and customs duties etc., which is regressive in nature and puts more burden on the common man as well as hurts the business activities.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950
Email: kchicci@gmail.com
Website: www.icci.com.pk

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Federal Budget 2014-15 has given a sense of confidence to the business: Shaban Khalid

Islamabad, June 04, 2014 (PPI-OT): The Federal Budget 2014-15 has given a sense of confidence to the business community as they feel it will create enabling conditions for better growth of business activities.

The government has announced many good incentives in the budget including reduction in markup on export finance and long-term financing for exporters, reduction in corporate tax rate on new investment in manufacturing, construction and housing projects, incentive packages for textile and agriculture sectors that could help in growth of businesses and fast economic revival. Allocation of sufficient budget to cope with energy crisis is very encouraging as energy was the core reason for the slow growth economy.

Shaban Khalid, President, Islamabad Chamber of Commerce and Industry addressing a post-budget press conference said that government has taken some constructive and concrete measures to lessen the problems of private sector, which is a source of satisfaction. However, he said enhancing sales tax on steel sector needs revision as it could hurt the growth of steel industry.

He said improving forex reserves, maintaining inflation to single digit are positive achievements of the government. Increasing PSDP to Rs.525 billion will help in addressing issues of dilapidated infrastructure. He said construction of Lahore-Karachi motorway and improving Pakistan Railways are expected to bring down cost of doing business, facilitate easy movement of goods and provide low cost transportation facilities.

Shaban Khalid said establishment of EXIM bank will go a long way in improving country’s exports as it will take care of the financing needs of exporters. He said incremental incentives to exporters will also help in improving exports. He said agriculture sector needs more incentives as it absorbs 43 percent of labor force and its growth will contribute in stemming the migration of labor from rural to urban areas.

He said measures announced for expanding tax net are laudable as our country badly needs to improve base of tax net for reducing fiscal deficit and enhancing spending on social sector. Government intentions to increase direct tax and decreasing indirect tax are expected to promote progressive tax system in the country. Giving raise to public sector employees will provide relief. He was optimistic that the overall impact of the budget will be positive on the growth of economy and help in achieving progressive growth target of the economy.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950
Email: kchicci@gmail.com
Website: www.icci.com.pk

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Islamabad Chamber of Commerce and Industry for zero-rated concession to local LED industry for promoting energy saving

Islamabad, May 22, 2014 (PPI-OT): Islamabad Chamber of Commerce and Industry has called upon the government to exempt local manufacturers of LED lighting solutions from duties and GST in the forthcoming budget, which will bring down prices of LED products, increase their usage, reduce electricity bills of consumers and save sufficient energy.

Shaban Khalid, President, Islamabad Chamber of Commerce and Industry (ICCI) said that Pakistan faces severe energy crisis and one of the best options to cope with energy shortage is to promote energy efficient LED lighting solutions. He said government should give zero rated concession to local manufacturers of LED based lighting products because these products are 60 percent energy efficient as compared to traditional energy solutions and have 5 times more life span.

He said the less efficient energy saving bulbs/lights are enjoying the benefit of zero tax and zero duty on import whereas the more efficient and advanced LED products are still being deprived of such concessions.

He said LED lighting products are also eco-friendly as they are mercury and lead free and cause less solid waste. He said the Engineering Development Board and the Alternative Energy Development Board have already recommended LED based lighting products being highly energy efficient and government should exempt raw material of such products from 17 percent GST and 5-35 percent custom duty.

Shaban Khalid said giving exemption to local LED manufacturers from GST and duties in coming budget will produce multiple benefits as it will facilitate local industry to flourish, reduce energy crisis, offer more than 60 percent savings in electricity cost, create employment, save lot of foreign exchange and generate more economic activities and can also enhance export after meeting domestic needs.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950
Email: kchicci@gmail.com
Website: www.icci.com.pk

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Pre-budget seminar held at Islamabad Chamber of Commerce and Industry

Islamabad, May 21, 2014 (PPI-OT): Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with ACCA Pakistan organised a pre-budget discussion in Chamber House to advocate for healthy fiscal measures in the country.

The event commenced with welcome remarks from Mr Malik Mirza, CFO, U Microfinance Bank and Chairman, Members Network Panel, ACCA Pakistan, who set the tone for a fair taxation system in the country. He highlighted the essentials required for growth namely transparency, certainty and sharing of the tax burden. ACCA Budget proposals were shared by Munir Malik, Member Fair Taxation Subcommittee, Members Network Panel, ACCA Pakistan and financial controller, Premier Oil.

Abdullah Yusuf, chairman, IPPAC commented on the overall economic and fiscal policy measures that should be adopted for the betterment of the country. He termed fiscal and trade deficits as two major issues of the economy and stressed for resource mobilization through automating and systematizing tax system. He said removing all exemptions, formulating equitable and across the board tax policies, reducing tax rates and expanding tax base should be the way forward approach of policymakers to improve the tax revenue.

Mian Ayyaz Afzal, Managing Director, Islamabad Stock Exchange said our financial literacy rate is just 0.3% and an amount of Rs.10-billion is lying unclaimed that should be spent on the education of investors, which will help in boosting capital market and improving tax revenue. Government should take policy measures to facilitate enlisting of SMEs on stock exchanges in order to promote investment and expand tax base.

Shaban Khalid, President ICCI presented recommendations on increasing tax net and highlighted confidence building measures. He said government should take business community on board in budget making process and facilitate those in documentation who voluntarily want to come into the tax net. Tax laws and procedures should be simplified as complicated taxation system is a discouraging factor for taxpayers.

Ms Ayla Majid, director business advisory services, Khalid Majid Rehman Chartered Accountants and an active ACCA Member gave the commentary on the business perspective the budget should take. The seminar concluded with a vote of thanks from Noor Aftab, head of ACCA Pakistan and was attended by economists, employers and members from the business and financial fraternity.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950
Email: kchicci@gmail.com
Website: www.icci.com.pk

The post Pre-budget seminar held at Islamabad Chamber of Commerce and Industry appeared first on Business News Pakistan.

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Pakistan should cooperate with Malaysia for promoting halal food exports: Syed Hasan Raza

Islamabad, April 29, 2014 (PPI-OT): Pakistan has good potential to play a major role in halal food industry and it should enhance cooperation with Malaysia for promoting exports of halal products, especially halal meat as Malaysia as achieved good results in this field. This was said by H.E. Syed Hasan Raza, Pakistan High Commissioner to Malaysia while exchanging views with business community at Islamabad Chamber of Commerce and Industry.

He said halal meat is one of the fastest growing markets in the world and Pakistan should cooperate with Malaysia for improving certifications and quality standards of halal products in order to fully tap the halal meat market.

He said Pakistani entrepreneurs should focus on developing good brands and improve branding of products, which is very important to penetrate the global market. He said Pak-Malaysia free trade agreement could not achieve desired results and both countries want to re-evaluate it to make it more effective in enhancing bilateral trade.

Syed Hasan Raza said that Pakistan High Commission in Malaysia would establish direct liaison with local Chambers of Commerce to identify all potential areas for further improving two-way trade. He said Pakistani businessmen should organize specialized exhibitions in Malaysia to introduce their products. He said by developing close trade relations with Malaysia, Pakistan could get better access to ASEAN countries, which is a huge market for Pakistani products. He assured to facilitate Pakistani businessmen in exploring Malaysian market.

Speaking at the occasion, Shaban Khalid, President, Islamabad Chamber of Commerce and Industry said that Malaysia has achieved great economic development and it should share its experience with Pakistan along with technology transfer and establishing joint ventures in areas of potential cooperation. He said both countries have good scope to enhance cooperation in agriculture sector for mutual benefit.

He said before finalizing FTAs, Chambers of Commerce should be involved in consultative process and after signing FTAs, massive awareness campaigns in coordination with Chambers be launched to realize full benefits of such agreements.

He said Pakistan High Commission should share market studies reports and timely information with ICCI so that our members could take benefit of promising business opportunities in Malaysia. He assured that ICCI would like to work with Pak High Commission in Malaysia for promoting private sectors connectivity in order to further improve trade relations between the two countries.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950
Email: kchicci@gmail.com
Website: www.icci.com.pk

The post Pakistan should cooperate with Malaysia for promoting halal food exports: Syed Hasan Raza appeared first on Business News Pakistan.

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Islamabad Chamber of Commerce and Industry for efficient logistics system to facilitate business activities

Islamabad, April 08, 2014 (PPI-OT): An efficient logistics system with hassle free supply chains and transport hubs is getting global importance as it plays important role in promoting the economy of a country. However, Pakistan has usually ignored developing an effective logistics system including railways and roads network due to which the country remains unsuccessful in realizing full potential of economic development while the existing state of logistics industry is far below the desired level and government should focus on developing a well-organized logistics network in the country on priority to facilitate the growth of business activities.

Shaban Khalid, President, Islamabad Chamber of Commerce and Industry said this while addressing a delegation of Islamabad Goods Forwarding Agencies and Transport Companies Welfare Association that visited ICCI led by its President Malik Muhammad Shabbir. He said our country is witnessing rapid urbanization and government should adopt a long-term proactive approach to develop logistics network that could meet the future logistics needs of business and industry.

He said the twin cities of Rawalpindi and Islamabad have experienced enough growth of population and expansion of business activities, but the logistics system has not kept pace with this expansion due to which businessmen are facing many problems in supply chain.

He said approximately more than 500 cargo vehicles are entering Islamabad daily to cater to the needs of different industries and commercial activities including fruit and vegetable markets and other business areas, but due to lack of transport hub, are facing difficulties in parking heavy duty cargo vehicles.

He said millions of rupees are earned by charging entry fee on cargo vehicles in Islamabad and stressed that this amount should be spent on improving logistics infrastructure. He assured the delegation members that ICCI will try to take up their issues with relevant authorities for redress.

Speaking at the occasion, Malik Muhammad Shabbir, President, Islamabad Goods Forwarding Agencies and Transport Companies Welfare Association highlighted various issues of the businessmen of this sector.

He said with the passage of time, quantity and capacity of cargo vehicles is increasing, but un-availability of truck stand is a big issue. He said a parking facility should be provided in Islamabad for cargo vehicles and another one be developed in Sangjani to cope with future needs. This will decrease traffic on the roads and also facilitate smooth movement of heavy trucks inside the city.

He said the current entry procedure for cargo vehicles in Islamabad is quite complicated with cumbersome documentary requirements and urged that it should be simplified. He said during any security problems, containers are seized forcefully, but businessmen are not paid market rate due to which they suffer financial loss.

He was of the view that an efficient road cargo system will play significant role in promoting business activities and government should pay urgent attention to improving its infrastructure, which will greatly help in strengthening the local economy.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950
Email: kchicci@gmail.com
Website: www.icci.com.pk