KCCI, PBC Dubai forge trade partnership

In a significant move to strengthen economic ties between Pakistan and the United Arab Emirates, the Karachi Chamber of Commerce and Industry (KCCI) and the Pakistan Business Council (PBC) Dubai signed a landmark Memorandum of Understanding (MoU) on Monday aimed to foster robust bilateral cooperation in trade, investment, and economic collaboration by establishing strategic linkages between the business communities of Karachi and Dubai. The MoU was formally signed by KCCI President Muhammad Jawed Bilwani and PBC Dubai Chairman Shabbir Merchant during a high-level meeting held at the KCCI premises. Bilwani emphasised the importance of strengthening bilateral economic relations and highlighted the key features of the MoU. "This partnership marks a strategic effort to deepen trade and investment cooperation through practical initiatives such as exchange of trade delegations, joint participation in international exhibitions and trade fairs, and the co-organisation of business seminars, workshops, and networking forums," he said. He said both organisations have agreed to share timely and relevant information pertaining to trade policies, regulatory frameworks, and business practices in their respective regions. Moreover, the agreement outlines mutual support for facilitation of business visa processes, logistical assistance for visiting trade delegations, and promotion of B2B interactions through digital platforms. Merchant said this MoU will not only serve as a bridge between Karachi and Dubai but also create a platform for sustainable economic growth. "It will facilitate meaningful business linkages, remove hurdles, and offer ease of doing business for entrepreneurs and investors on both sides," he said. Meanwhile, KCCI President Muhammad Jawed Bilwani has expressed serious concern over the erroneous classification of taxpayers as "non-active" by the Inland Revenue Service (IRS), despite the Federal Board of Revenue (FBR) having officially extended the sales tax return filing deadlines for February and March 2025. "It is deeply troubling that numerous taxpayers are being unfairly labelled as inactive solely due to delays in filing returns for two consecutive periods, even though official extensions were granted," said KCCI President Muhammad Jawed Bilwani. "This is causing unnecessary difficulties for honest taxpayers who are already trying to comply with the ever-changing regulatory environment." He said the sales tax return filing system is under immense strain, largely due to a series of recent and abrupt changes. "The FBR's decision to extend the deadlines clearly reflects that the system is struggling to cope. Yet, instead of facilitating the taxpayers, they are being penalised, which is counterproductive," he said.

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