KARACHI: President of the All Pakistan Sarafa Gems and Jewellers Association, Muhammad Qasim Shakarpuri on Monday strongly criticised the recent government tax policies, calling them a direct “attack” on the business community.
Reacting to the fresh taxations, Shakarpuri condemned the inclusion of jewellers under the DNFBP (Designated Non-Financial Business and Profession) category in the new Income Tax Ordinance.
According to him, the ordinance imposes banking transaction regulations and customer verification burdens that threaten to cripple the already strained jewellery sector.
He rejected the government’s claim that jewellers often sell gold without proper verification or recordkeeping, stating that high transaction losses of 20–25 percent discourage informal buyers from dealing in jewellery.
Highlighting the dire state of the market, Shakarpuri added that businesses are already struggling under severe financial pressure. He expressed concern that the Federal Board of Revenue (FBR) has ignored their repeated appeals and failed to consult industry stakeholders before implementing such sweeping reforms.
He also criticised the push for Point of Sale (POS) devices without adequate dialogue or market preparedness. “The government’s claim of financial transparency is being pursued at the cost of business survival,” said Shakarpuri. “If our livelihoods are compromised, we will have no option but to reconsider our role in the current economic framework.”
Copyright Business Recorder, 2025
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