Aurangzeb invites trade bodies ahead of planned protest
KARACHI: Following the announcement of a nationwide shutter-down strike by traders scheduled for July 19 in protest against the FBR’s new laws, Federal Finance Minister Muhammad Aurangzeb has invited all chambers of commerce and trade associations for a meeting today (Tuesday) in Islamabad for discussions on proposed tax reforms, and other fiscal matters.
Speaking to the media after a meeting with the members of Overseas Investors Chamber of Commerce and Industry (OICCI) here, the finance minister said the government is ready to listen to the concerns of the business community and explain the reasons behind recent tax regulations. “Tomorrow, we will meet with the business community. We are here to listen and to resolve issues through dialogue,” he said.
However, he emphasised that all chambers should come prepared after reviewing the existing laws. He also clarified that under the amended FBR laws, arrests over discrepancies exceeding Rs 50 million would require approval from either a tax commissioner or a three-member FBR board- ensuring checks and balances in enforcement. “The purpose of the ordinance is to deal with sales tax fraud,” he clarified.
When questioned multiple times about the rising sugar prices, the finance minister said that such matters fall under the jurisdiction of the Economic Coordination Committee (ECC). “The government is monitoring the prices of essential food items on a monthly basis and fluctuations in commodity prices are a routine occurrence.”
Regarding sugar imports, he clarified that the decision was made by the federal cabinet and that the Ministry of National Food Security has already issued a statement on the matter.
He mentioned that after the deregulation, commodities like rice and maize have not faced pricing issues; accordingly, deregulation of sugar prices may also resolve the current challenges. He said the government provided as much relief it could provide to the salaried class as possible.
Copyright Business Recorder, 2025
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