Business community: FPCCI demands revoking of FIRs filed by FBR

KARACHI: The Federation of Pakistan Chamber of Commerce has demanded that the FIRs filed by the Federal Board of Revenue (FBR) against the business community be revoked.

They suggested that if there are any complaints, the Federation should be contacted.

Noting a significant decrease in inflation, they called for an immediate 5% reduction in interest rates, warning that due to the government’s poor policies, the economy is on “ventilator support” and further incorrect decisions could lead to more damage.

Addressing a press conference at Federation House on Friday, the patron-in-chief of the United Business Group, S.M. Tanveer, said that those who are increasing exports and providing jobs are facing illegal FIRs from the FBR. He urged the FBR to stop harassing industrialists and demanded the immediate withdrawal of these FIRs, emphasizing that they would not allow this to continue. He insisted that if there are any complaints against an industrialist, the FPCCI should be consulted.

Tanveer mentioned that inflation had reached 6.9% in September and is expected to drop to 6.3% in October. He called for a 5% reduction in interest rates and for the monetary policy in December to be brought down to single digits.

Acting President of FPCCI, Saqib Fayaz Maggo, said that contracts with five IPPs have been terminated and urged the government to negotiate and end contracts with other IPPs as well. He emphasized that the government should take measures to increase business activities, expressing concern that the FBR’s actions have caused anxiety among industrialists. Maggo also remarked that while some government measures were better for improving the economy, policies should be developed that promote economic growth and prosperity.