ISLAMABAD, JUL 11 /DNA/ – 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He also disclosed that over 21 multinational firms have already withdrawn from Pakistan, citing an increasingly “unfriendly and erratic policy environment.”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.
