President FPCCI Atif Ikram Sheikh has urged the business community across the country to maintain unity and refrain from protests at this critical juncture. He emphasized dialogue as the sole effective approach to resolve the controversial clauses of the recently introduced Finance Act, highlighting the government’s commitment to address stakeholders’ concerns shortly.
In a video statement, Atif Ikram Sheikh indicated that during a recent meeting held at the Federation’s premises with State Minister for Finance Bilal Azhar Kayani and his team, stakeholders expressed significant reservations over certain clauses of the Finance Act. Specific sections in the Sales Tax Act, including Section 30A, 8B, and 40B, as well as Section 21S of the Income Tax Ordinance, were highlighted as areas of serious concern by the business community.
The State Minister for Finance assured the FPCCI delegation that the government would comprehensively review these contested provisions and seek to resolve all grievances raised by the business community. He requested time until Tuesday to examine the matter thoroughly and present satisfactory solutions.
Sheikh described ongoing negotiations with the government’s financial team as constructive and moving in a positive direction. Expressing optimism, he anticipated that the government would successfully address the issues raised through amicable discussions. He reiterated that dialogue remains the only practical way to resolve business-related conflicts effectively.
The FPCCI President further stressed the importance of maintaining a stable business atmosphere, noting the gradual improvement in the country’s economic situation and the resulting restoration of business confidence. Underscoring the need to end the prevailing climate of uncertainty and fear, he appealed strongly to all business sectors to unequivocally avoid protests, warning against actions that might negatively impact the economic recovery process.
However, Sheikh also made it clear that the Federation of Pakistan Chambers of Commerce and Industry is closely monitoring developments. If the government fails to address the concerns of the business community within one week, the federation, after consultation with stakeholders, will announce future strategies and next steps.
