Business Community Urged to Show Unity and Avoid Protests, Says Atif Ikram Sheikh
ICCI leadership demands immediate rollback of oppressive tax provisions
Minister of State for Finance to Hold Monthly Meetings at FPCCI on Business Community Issues
Islamabad ( Web News )
In a statement regarding the Finance Act, President of FPCCI, Atif Ikram Sheikh, said that they do not wish to create any difficulties in the current situation. He urged the business community across the country to demonstrate unity and immediately refrain from any form of protest. The Minister of State for Finance will hold monthly meetings at FPCCI to address the issues of the business community, follow up on previous meetings, and will be accompanied by officers from various relevant institutions.
In a video statement, he said that during the meeting held at the Federation with the Minister of State for Finance, stakeholders expressed strong reservations about the controversial clauses. The business community has concerns regarding Sections 30A, 8B, and 40B of the Sales Tax Act, and Section 21S of the Income Tax Ordinance. Minister of State for Finance, Bilal Azhar Kayani, and his team have assured that the business community’s concerns will be addressed. He mentioned that the Minister of State has requested time until Tuesday to consider the controversial clauses and address the business community’s concerns.He expressed hope that the government would amicably resolve the issue, stating that every problem is resolved through negotiations, and the path of dialogue should be adopted.
Atif Ikram Sheikh stated that the country’s economy is improving, and the business community’s confidence has been restored. He emphasized that the atmosphere of fear among people should end, and they do not want to create any difficulties in the current circumstances. He reiterated his call for the business community nationwide to show unity and immediately avoid any form of protest.
The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) is playing its role in the matter. If the government does not resolve the issues within a week, the Federation will announce its future course of action after consultation.
ICCI leadership demands immediate rollback of oppressive tax provisions
The Islamabad Chamber of Commerce and Industry (ICCI) has raised strong objections to the enhanced authority granted to Federal Board of Revenue (FBR) officials under the new budget, warning that the move undertaken without engaging the business sector could severely undermine economic stability, investor trust, and job creation.
Nasir Mansoor Qureshi, President ICCI, flanked by Senior Vice President Abdul Rehman Siddiqui and Vice President Nasir Mehmood Chaudhry, criticized the new fiscal framework as “unreasonably punitive and regressive,” asserting that it would “suffocate economic activity, disrupt commercial operations, and send shockwaves throughout the industrial and SME landscape.”
He pointed to troubling clauses such as the imposition of a Rs. 200,000 ceiling on cash dealings, the discretionary arrest authority under Section 37A of the Sales Tax Act, and compulsory implementation of digital invoicing systems. These actions reflect a disconnect from ground realities and could push many enterprises out of the formal economy, he noted.
He also disclosed that over 21 multinational firms have already withdrawn from Pakistan, citing an increasingly “unfriendly and erratic policy environment.” He further lambasted the allocation of over Rs. 1 trillion to Independent Power Producers (IPPs), despite negligible returns in energy supply, terming it a “distortion of national priorities” that penalizes industry.
“Granting arbitrary arrest powers to tax officers is more than just heavy-handed, it’s an affront to the very entrepreneurs driving national progress,” President Qureshi remarked. “The business community deserves collaboration, not intimidation.”
Senior Vice President Abdul Rehman Siddiqui warned, “This approach has pushed the private sector to a breaking point. The government appears more focused on enforcement than engagement. Such one-sided measures will only deepen economic turbulence.”
Vice President Nasir Mehmood Chaudhry echoed these concerns, saying, “The current strategy chokes private initiative, curbs innovation, and fosters a culture of fear. Entrepreneurs need breathing space, not bureaucratic nooses.”
In a unified stance, the ICCI leadership demanded an immediate rollback of the coercive provisions and urged the government to open a consultative process with private sector stakeholders to formulate policies that promote sustainable growth and industrial resilience.
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