Islamabad (Commerce Desk) A subcommittee of the Senate Standing Committee on Finance and Revenue has recommended initially extending the current business hours by 30 minutes, while the Power Division opposed extending business hours, saying that an additional 600 megawatts of electricity would be required and, if furnace oil plants are operated, fuel costs per unit would increase by Rs5.
At a meeting chaired by Senator Talha Mahmood, the business community maintained that income tax and sales tax would increase only when business activities continue. Power Division officials said the country has only one day’s LNG stock available, while importing spot cargoes would make electricity more expensive.
The meeting recommended extending business hours by 30 minutes to gradually restore them to normal. The relocation of industries from Pakistan, FBR governance, dual citizenship of officials, industrial policy, and measures to facilitate the business community were also discussed.
FBR officials said various confidence-building measures, including joint committees with the business community, have been taken. On the Prime Minister’s instructions, the FBR chairman will establish a camp office in Karachi during the first week of every month, while there is also a plan to establish a two-day camp office in Lahore.
They said the subcommittee has also recommended renegotiating the IMF condition to phase out export processing zones and special economic zones by 2035, and stressed taking Pakistan’s industrial and investment interests into consideration.