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Four-kanal land alloted for SCCI tower in city SARGODHA: The district administration has allotted four kanals of land for establishment of Sargodha Chamber of Commerce and Industry (SCCI) tower, and work on the project will start soon. The land would be provided to the SCCI after payment in ten installments while offices and other projects would also be initiated here. Deputy Commissioner Liaqat Ali Chatha told this scribe that the SCCI was making efforts for facilitating business community and their concerns would be addressed on priority basis. He said that Rs17.5 million were being spent for carpeting Lahore Road to Model Town where the SCCI tower would be constructed. A soo and Shehbaz Sharif Park was also being constructed adjacent to the allocated land, he added.
RccI holds reception in honor of envoys, hcs & commercial counselors
Wednesday March 14, 2018
Chambers
IccI calls for constitution of body to resolve rent disputes of traders
RAWALPINDI
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he Rawalpindi Chamber of Commerce and Industry (RCCI) President Zahid Latif Khan hosted a dinner in honour of the ambassadors, high commissioners and commercial counselors here at a local hotel, Islamabad. More than 60 ambassadors of various countries including Germany, Afghanistan, Iran, Belarus, Poland, Argentine, Brazil, Spain, Somalia, and high commissioner of Srilanka, Bangladesh, deputy head of foreign missions and commercial counselors attended the dinner. Senior vice president Muhammad Nasir Mirza, Vice President Khalid Farooq Qazi, group leaders, Sohail Altaf, SM Naseem, former presidents, members of the executive
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committee and a large number of traders were also present in the event. Addressing the ceremony, RCCI President Zahid Latif Khan in his welcome address thanked the dignities and traders for overwhelming gathering. In a brief speech he highlighted the key initiatives taken by RCCI to promote trade in the region and improving the networking among the traders’ community. An update on RCCI’s past, current and upcoming events was also given to the participants. He also highlighted Chamber’s performance and efforts to enhance Pakistan’s exports and strengthen the national economy, including arranging business conferences in UK, Qatar. While referring to the empowerment of women, RCCI chief said that we recently successfully organized All Pakistan Women Chamber Presidents Conference where more than 17 Presidents of Women Chambers from all over Pakistan attended the two days summit.
ISLAMABAD
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delegation of Islamabad Chamber of Commerce and Industry led by President Sheikh Amir Waheed visited G-10/4, Islamabad to congratulate the newly elected President Zafar Gujar, General Secretary Usman Khan and other ofQice bearers of Traders Welfare Association, G-10/4, Islamabad. Speaking on the occasion, Sheikh Amir Waheed said that government should constitute a reconciliation committee under the control of ICCI to resolve rent disputes of traders. He said the rising incidents of forced evictions of traders from shops have created concerns in the trading community and called upon the government to arrange early promulgation of new rent control act in Islamabad to curb such unfortunate incidents. He said the absence of rent control law in Islamabad was the major cause of rising rent disputes and forced evictions of traders and emphasized that government should pay urgent attention to this serious issue. He said
that an amended bill of a balanced rent restriction law for Islamabad was lying pending in the National Assembly since long and urged that government should arrange its early passage into law from the parliament to resolve this serious issue once for all. He said incidents of forced evictions from shops were badly affecting the business activities and the only solution of curbing such incidents was to promulgate the new rent law as soon as possible. Muhammad Naveed, Senior
Vice President, Nisar Mirza Vice President ICCI, Zubair Ahmed Malik Chairman Founder Group, Khalid Chaudhry former SVP, ICCI said that in consultation with all stakeholders, an amended bill of rent control act for Islamabad was prepared that was presented long time ago in the National Assembly. However, no action has been taken so far to pass the said bill into law and delay in its enactment was creating frustrations in the trading community. They stressed that government
oIccI opposes tax amnesty for offshore assets KARACHI
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he Overseas Investors’ Chamber of Commerce and Industry (OICCI) has expressed concern over a proposed tax amnesty scheme to bring back offshore investments, terming it as an injustice with compliant taxpayers. The OICCI, representing major foreign companies in Pakistan recently shared its concerns, through a letter, with Special Assistant to Prime Minister on Revenue Haroon Akhtar, sources in the Federal Board of Revenue (FBR) said. FBR sources who have seen the letter said OICCI’s members are perturbed over the proposed amnesty scheme to legitimise unofQicially acquired offshore assets of Pakistani citizens at a nominal single digit tax
rate. “Nearly all the amnesty schemes launched in the past 10 years have failed to yield the desired outcomes,” an ofQicial cited the letter as saying. The proposed amnesty scheme will be the fourth to be launched by the present government. Under the scheme, Pakistan’s expatriates or locals who have assets in foreign country would be able to declare their holdings against two percent tax payment if they agree to bring them back or four percent in case they opt for keeping them abroad. Last week, Rana Muhammad Afzal, minister of state for Qinance and revenue said the proposed tax amnesty scheme would be rolling out on March 15 to encourage repatriation of billions of dollars of funds stashed abroad. Afzal, addressing an event, said the government wanted to increase foreign exchange re-
serves and to meet debt obligations. “The government is focusing to increase foreign exchange reserves as an amount of $3 billion is scheduled to pay (till June-end) to IMF (International Monetary Fund),” he added. Foreign investors said they are tax compliant and have been the largest taxpayers in the country, fulQilling all legitimate tax liabilities of their business activities. “Such proposed amnesty scheme will not bode well for the compliant taxpayers,” the ofQicials quoted the letter as saying. “Tax amnesty schemes send extremely wrong signals to compliant taxpayers in the corporate, trade and service and salary sectors.” OICCI comprises representatives of 192 foreign investors who account for 30 percent of the total collected taxes, roughly onesixth of GDP, invest $1.5 billion per annum and provide jobs to around one million people in Pakistan.
should get the bill passed from parliament without wasting further time to resolve this major once for all. Zafar Gujar President, Usman Khan General Secretary, TWA G10/4, Islamabad and Ch. Irfan Group Leader thanked ICCI delegation for congratulating them. They said the absence of rent law was the most serious of the traders of Islamabad and government should arrange passage of new rent law on top priority basis to provide a sense of security to the traders.
kccI to formally announce launch of ‘my karachi Expo’ arachi Chamber of Commerce and Industry (KCCI) will formally announce the launch of a three-day international trade exhibition titled ‘My Karachi: Oasis of Harmony’.The expo will start on April 20 at Karachi Expo Centre. The KCCI hosts this international trade event every year since 2004 to promote soft image of Pakistan in the world, especially in the West, said a KCCI press release. Chairman, Businessmen Group and former president of Karachi Chamber of Commerce and Industry, Siraj Kassam Teli will highlight the main features of the expo at a press conference at the chamber.BMG Leaders, KCCI office-bearers, Managing Committee members will also be present on the occasion. –CB Report
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