KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh has appreciated the Prime Minister Shehbaz Sharif for fulfilling his commitments by refraining Customs officials from conducting raids during wee hours in absence of the owner and most importantly, removing all glitches in filing sales tax returns which emerged due to issuance of controversial SRO350.
President KCCI said that the Prime Minister Shehbaz Sharif, during a meeting held recently at CM House on his daylong visit to Karachi, exhibited total determination to resolve the issues being faced by business community of Karachi and creating an enabling business environment so that the economy and the exports could improve. The business community was ready to fully cooperate with the government for achieving the common goal of economic prosperity all over the country, he added.
He said that it was really encouraging to see that the FBR has issued a notification to all Chief Collector Customs wherein it has been categorically ordered to carry out raids on warehouses/ godowns during day time and such raids shall be avoided during the night time except in the cases, where the owner or his representative is available.
The notification further advised Chief Collectors that in case, the owner or his representative was not available at such premises, the same shall be sealed and the Customs staff may be deployed to avoid any removal of the goods from such warehouse/ godown which was really encouraging.
“We are also happy to see that the Customs authorities have been directed to give an opportunity to provide documents justifying the legal import/ possession of the goods whereas it is a must to make inventory of detained goods in the presence of the owner or his representative and independent witnesses which was being demanded by KCCI since long”, he said, adding that after issuance of this notification Customs Authorities will be bound to return ceased goods as per the inventory made at the time of detention and on production of legal documents justifying import or legal possession of goods, the concerned Collector shall ensure that the full quantity of the detained goods was handed over to the owner or his representative which would give a huge sigh of relief to businessmen who faced severe losses during such raids.
While extending full support and cooperation to the government, President KCCI hoped that the other issues raised by Karachi Chamber during its meeting with Prime Minister will also be taken into consideration and amicably resolved in the larger interest of the country.
Separetly, President of the Korangi Association of Trade and Industry (KATI), Johar Ali Qandhari, expressed profound concern over the State Bank’s decision to persist with the interest rate at 22 percent for the seventh consecutive term, cautioning that such a move could spell disaster for the industry.
Qandhari asserted that the high interest rate poses a formidable barrier to achieving economic objectives, exacerbating challenges faced by businesses.
Despite promising economic indicators and a consistent decline in inflation, industrialists were left disheartened as their expectations of a reduction in the interest rate were dashed by the State Bank’s decision.
President KATI attributed the country’s high inflation and declining growth rate to the persistently high interest rate, lamenting the adverse impact on industrial growth and capital shortages.
Highlighting Pakistan’s status with the highest interest rate in the region, Qandhari emphasized the detrimental effects on inflation and unemployment. He underscored the longstanding demand from the business community for a reduction in interest rates to alleviate industry hardships and foster investment opportunities.
Copyright Business Recorder, 2024