Prominent business leaders today jointly urged the government to extend the deadline for filing tax returns by at least one month, citing the current economic situation and the need to provide relief to the commercial sector. The appeal was made by Senior Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Saqib Fayyaz Magoon, and President of the Lahore Chamber of Commerce and Industry (LCCI), Faheem ur Rehman Saigol, to allow traders to submit their returns without undue pressure.
During a meeting at the Lahore Chamber, the two leaders stressed that facilitating entrepreneurs is essential to ensure the continuity of business activities. LCCI President Faheem ur Rehman Saigol, in his welcome address, elaborated on economic matters and the crucial role of the business community in national development.
Mr. Magoon identified the rising cost of doing business and escalating energy tariffs as the primary obstacles to export growth. ‘Unless energy prices are rationalized, Pakistan cannot achieve sustainable export growth,’ he remarked. He emphasized that improving the ease of doing business, along with investor confidence and policy continuity, is vital for long-term economic stability.
The FPCCI Senior Vice President also called for a governmental review of existing Free Trade Agreements (FTAs) to ensure they align with Pakistan’s industrial and trade interests. He firmly stated that without the inclusion of traders in policymaking, economic strategies will fail to produce sustainable results.
In his address, Mr. Saigol described the private sector as the “backbone of the national economy” and insisted that government should include its representatives in policy formulation to ensure decisions reflect ground realities. He highlighted that the LCCI actively submits actionable proposals to the government concerning taxation, energy, imports, and exports.
The meeting also served to reinforce ties between the two major trade bodies. Both leaders agreed to further strengthen collaboration between the FPCCI and LCCI to better protect and promote the interests of the business community. Mr. Magoon praised Mr. Saigol as a “popular and sincere leader,” while the LCCI President lauded Mr. Magoon”s initiatives for economic improvement.
Concluding the session, Mr. Saigol asserted that the economy cannot stabilize until a conducive business environment and adequate facilities are provided to entrepreneurs. The meeting was also attended by other senior officials from LCCI and FPCCI, including LCCI Senior Vice President Tanveer Ahmed Sheikh and Vice President Khurram Lodhi, among other notable figures from the business community.