PFC for taking swift advantage of low US tariff

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Sun, 10 Aug 2025, 6:43 PM

LAHORE, Aug 10 (APP): Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq said on Sunday that Pakistan must take swift advantage of the US low tariff by boosting its exports on top priority.

Chairing the PFC meeting here Sunday, he said Pakistan’s exports to the US bear lower tariffs than countries like Vietnam and Bangladesh. And the development could open up space for manufacturers, particularly in textiles and clothing. Pakistan must benefit from this opening in the American market and attract FDI in export-oriented industries.

The global supply chain shift – accelerated by President Trump’s tariffs – is already underway. He said Pak exports to United States must take advantage of lower tariffs compared to competitors creating a significant competitive edge. This development offers a promising opportunity for local manufacturers, especially in the high-potential sectors of textiles and clothing, which form the backbone of Pakistan’s export portfolio.

With reduced tariff barriers, he said, Pakistani goods can enter the US market at more competitive prices, improving profit margins and encouraging higher volumes. The textile and apparel industry, already renowned for its quality and craftsmanship, can leverage this advantage to secure larger market share, attract new buyers, and expand long-term trade partnerships.

He said, the favorable tariff environment could encourage fresh investment in manufacturing, technology upgrades, and compliance with global standards, further boosting competitiveness. If effectively utilized, this tariff advantage could transform Pakistan’s position in the US market, fostering sustainable export-led economic growth, he concluded.

Call for gradual reduction in policy rate

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Asif Jalal

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Sun, 10 Aug 2025, 6:38 PM

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LAHORE, Aug 10 (APP): Federal Tax Ombudsman (FTO) Coordinator Saif-ur-Rehman has urged the State Bank of Pakistan (SBP) to gradually reduce the policy rate to a single digit.

In a statement issued here Sunday, he highlighted that reducing the policy rate would provide small and medium enterprises (SMEs), access to loans at lower costs which would boost economic activity, create employment opportunities, and enhance exports.

He stressed that the current high-interest rate is non-lucrative to investment and places an excessive financial burden on industries already struggling with inflation and economic challenges.

He urged policymakers to adopt business-friendly monetary policies to support local industries and promote economic stability. He also pointed out that regional competitors offer lower borrowing rates, making Pakistani industries less competitive in the global market.

Saif Ur Rehman suggested that lowering the policy rate would restore investor confidence and attract foreign direct investment (FDI). He reiterated that a stable and growth-oriented economic policy is crucial for Pakistan’s economic revival and long-term sustainability.

He argued that high borrowing costs under the current monetary policy have stifled business expansion, hampered job creation, and limited access to affordable financing for industries, particularly SMEs. He emphasized that lowering the policy rate would reduce loan costs, enabling businesses to invest in modernization, scale up operations, and enhance competitiveness amid persistent economic challenges.

Softened tax policy a big relief to business community

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Asif Jalal

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Sun, 10 Aug 2025, 6:30 PM

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LAHORE, Aug 10 (APP): The business community is relieved over the government’s decision to soften its tax policy by reversal of several budgetary measures.

Convener of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Regional Committee on Food, Shahid Imran stated this in a meeting with a delegation of food exporters here Sunday.

He said that powers granted to FBR under section 37A of the sales tax act have been strictly limited and these powers will now be exercised only in serious cases of sales tax fraud of fake or flying invoices. Income tax commissioner and two nominees of recognised trade bodies will approve conduct of investigation.

He was of the view that a stable and business-friendly tax regime is essential for sustaining economic growth, attracting investment and ensuring the smooth availability of essential food items at reasonable prices.

Shahid Imran urged the authorities to continue consultations with the private sector to develop long-term fiscal policies that balance revenue generation with economic stability. The FPCCI top leadership led by its President Atif Ikram Sheikh will remain committed to supporting initiatives that foster sustainable growth in Pakistan’s food and allied industries, he vowed.

ITP facilitation vans to deliver licensing & traffic services across Islamabad from Aug 11–16

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Asif Jalal

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Sun, 10 Aug 2025, 6:28 PM

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ISLAMABAD, Aug 10 (APP): Islamabad Traffic Police (ITP) will deploy its Facilitation Vans at multiple locations across the federal capital from August 11 to 16, operating daily between 8:30 a.m. and 3:30 p.m. (Saturday until 2:30 p.m.), to provide citizens with convenient access to driving license services, challan payments, and traffic-related assistance right in their localities.

An ITP spokesperson told APP that two vans, GAC-709 and GAC-656, will serve residents in different areas throughout the week, ensuring they can obtain learner’s permits, renew or replace driving licenses, seek traffic guidance, and access other ITP services without visiting the main offices.

According to the schedule, Van GAC-709 will be at Media Town Head Office on Monday, F-10 Markaz on Tuesday, I-8 Markaz on Wednesday, E-11 Markaz on Friday, and DHA Phase-II on Saturday. Van GAC-656 will be stationed at Bani Gala Edopia School on Monday, Naval Complex E-8 on Tuesday, Bhara Kahu Wednesday Bazaar on Wednesday, NUST University G-13 on Friday, and G-9 Markaz on Saturday. The service will not operate on Thursday, August 14, in observance of Independence Day.

He said the initiative reflects ITP’s commitment to taking services to citizens’ doorsteps and promoting road safety awareness. Citizens can contact Abdul Qadeer at 0300-2322883 (GAC-709) or Yasir Idrees at 0332-7100620 (GAC-656) for further details, or call helpline 1915 / 051-9260072 for assistance.