by: Zehra Zahid:
Faraz-ur-Rehman A business-friendly tax system is essential to boost tax revenue, Ahsan Bakhtawari. The government formulated economic recovery policies in consultation with stakeholders, Khalid Iqbal Malik Karachi: In a high-profile meeting at the Islamabad Chamber of Commerce and Industry (ICCI), key figures from the business community converged to address pressing economic concerns and strategize for a robust recovery.
President of Korangi Association of Trade and Industry, Faraz-ur-Rehman, stressed the urgency of enhancing exports, citing a 5% decline from July to September compared to the previous year. He urged the government to prioritize resolving export sector challenges, advocating for streamlined access to loans for exporters.
Rehman pointed to the hindrance posed by the current 22% interest rate, contributing to a substantial 290% decrease in private sector loans from July to October. Ahsan Zafar Bakhtawari, President of ICCI, emphasized the need for a business-friendly tax system to boost tax revenue. He critiqued the current tax system, asserting that reforms are essential to encourage taxpayers and ensure the promised addition of 1.5 million new taxpayers by June 2024.
Bakhtawari argued that simplifying the tax system and reducing high tax rates would be more effective than simply appointing additional tax officers. Khalid Iqbal Malik, the group leader of ICCI, underscored the pivotal role of the business community in driving the economy.
He called for comprehensive consultations with all major chambers of commerce and associations to formulate effective short-term and long-term economic recovery policies. Former President of ICCI and UBG Secretary General, Zafar Bakhtawari, credited that UBG is looking forward to victory in the Federation of Pakistan Chambers of Commerce and Industry elections with the support of the Korangi Association of Trade and Industry.
He expressed optimism about the UBG’s nominated candidate, Atif Ikram Sheikh, becoming a transformative leader for the business community if elected as federation president. Atif Ikram Sheikh, the UBG’s presidential candidate in FPCCI, pledged to collaborate with the government to address business community challenges and implement welfare projects upon winning the federation election.
The gathering included prominent business personalities such as Ahsan Zafar Bakhtawari, Khalid Iqbal Malik, Zafar Bakhtawari, Atif Ikram Sheikh, and Rizwana Asif, President of Islamabad Women’s Chamber of Commerce and Industry.
President KATI and PBG Founder President Faraz-ur-Rehman addressing the dinner hosted by the Islamabad Chamber of Commerce and Industry. Also present were President Ahsan Zafar Bakhtawari, Group Leader Khalid Iqbal, UBG Secretary General Zafar Bakhtawari, Federation’s presidential candidate Atif Ikram Sheikh, and Islamabad Women’s Chamber President Rizwana Asif.
