GUJRAT: Three federal ministers, including key economic team members of Prime Minister Shehbaz Sharif on Thursday visited the Sialkot Chamber of Commerce and Industry (SCCI) to interact with leading exporters of the region.

Federal Minister for Finance Muhammad Aurangzaib, Minister for Commerce Jam Kamal Khan and Minister for Defence Khawaja Muhammad Asif were received at the SCCI by its President Ikramul Haq and other officials.

Speaking on the occasion, Aurangzaib said reforms through the restructuring of the Federal Board of Revenue were being introduced to widen the tax net as currently the salaried-class was paying more taxes.

He said the data of National Database Registration Authority and FBR was being connected to monitor the lifestyle of every citizen to bring more transparency to the taxation system. He said the tax policy would be reviewed as FBR would only be responsible for revenue collection and it would not have any influence on making policies. He admitted that hurdles in opening the LCs had become a challenge for the businessmen and the government was making every effort to resolve these issues.

Expo centre announced for Sialkot

In an engaging session, SCCI president Ikramul Haq expressed gratitude to the government for its decision to reduce the policy rate which would pave the way for economic revival.

He lauded Khawaja Muhammad Asif for his role in facilitating dialogue by bringing federal ministers to Sialkot, underscoring the government’s commitment to addressing challenges faced by the SME sector.

Highlighting critical concerns, Mr Haq urged the government to allocate a permanent membership of Sialkot Chamber on the Export Development Fund (EDF) Board, establish a Ministry of Foreign Affairs (MOFA) desk at the Business Facilitation Center (BFC) of Sialkot as per the prime minister’s directive dated Jan 16, 2024, and eliminate the Infrastructure Development Cess levied in Khyber Pakhtunkhwa, Sindh, and Balochistan.

He emphasized the necessity of reinstating Regionally Competitive Energy Tariffs and advocated for the reintroduction of the Fixed Tax Regime (FTR). He articulated that an abrupt shift to NTR would impose an unsustainable tax burden on SMEs, thereby stifling their growth. The president proposed devising tax rates aligned with national targets while safeguarding industries from inequitable practices by the FBR.

Khawaja Muhammad Asif acknowledged the positive trajectory of the economy and reiterated the government’s resolve to support the business community. He the issues raised during the session would be addressed.

The defense minister said he had been working tirelessly to facilitate various initiatives for infrastructure and economic development of Sialkot. He announced that Air Sial would soon be allowed to initiate its operations to the United Arab Emirates.

Jam Kamal Khan, the Federal Minister for Commerce, revealed that a summary recommending a permanent seat for SCCI on the EDF Board had been submitted to the PM for approval. He affirmed the government’s readiness to consider Sialkot’s proposals earnestly.

The minister announced the establishment of an expo center in Sialkot and directed preparation of a comprehensive feasibility report, including the identification of suitable land in collaboration with the TDAP Office in Sialkot.

He also extended an invitation to SCCI to form a delegation for further deliberations in Islamabad.

Muhammad Aurangzeb gave a patient hearing to the representations made by the SCCI President on the issue of Final Tax Regime and shared that all the proposals would be considered at length and decision would be taken in the best interest of the SMEs. He asked the chamber to start preparation of budget proposals for next financial year.

He said that the Finance Ministry, instead of meeting business representatives in Islamabad, would be visiting all trade bodies across Pakistan to gather sector-specific budget proposals.

Mr Haq urged the government to reconsider its decision of withdrawal of FTR.

Published in Dawn, December 20th, 2024