Senior business leaders heap praise on Field Marshal for resolving issues facing community

LAHORE: Senior business leaders, including Zain Iftikhar Chaudhry, Vice President and Regional Chairman of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI); SM Tanveer, Patron-in-Chief of the United Business Group (UBG); Zaki Aijaz, Vice President FPCCI; and Mian Abu Zar Shad, President of the Lahore Chamber of Commerce & Industry (LCCI), expressed profound gratitude towards Chief of Army Staff (COAS) Field Marshal Syed Asim Munir during a press conference in Lahore.

The leaders commended Field Marshal Munir for his decisive intervention in resolving critical, long-standing issues plaguing the business community, describing his actions as a tremendous service to the sector. They lauded his vision of transforming Pakistan into an Asian Tiger, emphatically stating that the entire business community stands united with him in realizing this national ambition. They acknowledged that his efforts have fostered a new era of optimism and progress for the private sector.

A major point of relief highlighted was the recent amendment to Section 37A of the Sales Tax Act 1990. The leaders expressed serious concern over the previous version, which authorized Grade-16 officers to arrest businessmen, deeming it unacceptable and detrimental to business confidence, warning that such intimidation drives investment and enterprise away.

They congratulated the nationwide business community on the successful amendments, calling it a significant step towards restoring trust and rebuilding the economy. The FPCCI leadership stressed their commitment to contributing to the national exchequer and opposition to tax evasion, but affirmed their unity in protecting the business community’s rights when threatened.

However, concerns were raised regarding the power sector. The leadership highlighted FPCCI’s sustained efforts over the past 18 months concerning Independent Power Producers (IPPs), noting that despite these endeavours, the intended relief has yet to benefit businesses or the general public. They urgently called for reducing the cost of doing business, specifically demanding an immediate reduction in electricity tariffs to 9 cents and bringing interest rates down to single digits to maintain Pakistan’s global competitiveness. Failure to act, they warned, risks export orders shifting to other countries, especially given Pakistan’s current 50% tariff advantage on Indian goods which uniquely positions it to boost exports.

The leaders also strongly criticized Sui Northern Gas Pipelines Limited (SNGPL) for imposing retroactive levies on gas bills covering the past five years, labelling the move unjust and demanding its immediate reversal.

Meanwhile in a separate press conference Lahore Chamber of Commerce & Industry President Mian Abuzar Shad has expressed his optimism that the pro-business amendments, incorporated in the Finance Act 2025 on the LCCI’s demand, would serve as a cornerstone for a new era of economic revival, pave the way for sustained progress, enhance investor confidence and shared prosperity for both the business community and the national economy.

He was addressing a Press Conference, along with Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry and former LCCI President Muhammad Ali Mian, at the Lahore Chamber of Commerce and Industry.

The LCCI President said that the Federal Board of Revenue has decided to implement a transparent and structured procedure before initiating inquiries under sub-sections 8 and 9 of Section 37A of the Sales Tax Act 1990. For this purpose, Sales Tax General Order No 02 of 2025 has been issued.

Mian Abuzar Shad extended heartfelt thanks to Prime Minister Shehbaz Sharif, Deputy Prime Minister & Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Interior Minister Mohsin Naqvi, Ali Pervaiz Malik, Haroon Akhtar, Bilal Azhar Kayani, Governor Punjab Sardar Saleem Haider and FBR Chairman Rashid Langrial.

He paid rich tribute to Pakistan’s Chief of Army Staff, Field Marshal General Asim Munir, Chairman Joint Chiefs of Staff Committee General Sahir Shamshad, SIFC’s General Sarfraz and General Asad Cheema, for listening attentively to the Chamber’s concerns and ensuring their implementation. They have proven that while Pakistan’s defense remains impregnable, our military leadership is equally committed to strengthening the nation’s economic frontiers.

The LCCI President said that Pakistan’s recent tariff advantages over India were a result of Field Marshal Asim Munir’s luncheon with former US President Donald Trump.

Mian Abuzar Shad also lauded the efforts KCCI President Javed Balwani, former LCCI Presidents Mian Anjum Nisar and Muhammad Ali Mian, former Senior Vice President Ali Hussam Asghar, former Vice President Faheem Rehman Saigol, Kh Shahzaib Akram, Gohar Ejaz and SM Tanveer.

He revealed that multiple Zoom meetings were held with government representatives, alongside seven personal visits to Islamabad. Our consistent stance was that no inquiry or legal action should be initiated without prior consultation with business community representatives, to prevent fear and to build trust.

The LCCI President explained that under the original budget provision of Section 37A, FBR officers had unlimited powers to arrest, creating serious concerns within the business community. Now, no arrest will be made unless approved by a three-member committee nominated by the FBR Chairman and relevant chambers will be taken into confidence — ensuring transparency.

He further added that concerns over the immediate rollout of e-invoicing had been addressed: it will be implemented in phases, beginning with multinational companies and will be operated solely via FBR’s PRAL system, with nationwide awareness sessions beforehand.

Regarding the controversial Clause 21(S) that disallowed 50% of expenses on cash payments exceeding PKR 200,000, Mian Abuzar Shad confirmed that FBR has now clarified: if payment is deposited directly into a seller’s bank account, it will be deemed as made via the banking channel, effectively removing the limit.

Copyright Business Recorder, 2025