PESHAWAR
\nSarhad Chamber of Commerce and Industry president Fuad Ishaq termed the independent power producers (IPPs) a cancer for the country\u2019 economy, business and industry and demanded all IPPs contracts cancellation.
\nDespite surplus in electricity and gas production, he said equal rates are being charged from Khyber Pakhtunkhwa with major provinces, which is completely unjust with terrorism-affected business community and people of the province.
\nHe said SCCI has already rejected additional taxation measures in budget 2024-25, stating that it has not made it difficult to keep operational industry, business and trade but impossible after slapping further taxes.
\nThe chamber president said the tax system in Pakistan has been implemented on a pattern of Australian tax law, which has failed in income, sales tax and other taxes.
\nHe stressed it is essential that system on pattern of Australian should be replaced on tax model of United Arab Emirates (UAEs).
\nFuad Ishaq was speaking during a \u2018Tajir\u2019 Convention on the theme of \u201cAnti-people Budget and difficulties of traders community\u201d organized jointly by Jamaate Islami Pakistan and Pakistan Business Forum in Peshawar.
\nHafiz Naeem ul Rehman, emir of the Jamaat E Islami was chief guest at the event. Besides, Central president of the Pakistan Business Forum Muhammad Kashif Chaudhry, JI provincial amir Prof Muhammad Ibrahim, members of the SCCI Nadeem Rauf, Saddar Gul, Fazl e Wahid, Secretary Sohail Anjum, a large number of trader\u2019 leaders and representative of business community were attended the convention.
\nTerming the IPPs a major burden of the Pakistan\u2019 economy, Fuad Ishaq said the government had paid Rs2200billion on head of capacity charges to IPPs in last year.
\nIn the fiscal year 2024-25, he said Rs2800billion would be paid to IPPs on head of capacity charges.
\nHe added that contracts with 12 new IPPs were made, which need to be halted. He said SCCI has played a front foot role against IPPs contracts.
\nThe government had made payment of Rs60billon to those plants which didn\u2019t remain operational even a single day, Mr Ishaq revealed.
\nOf the total 4500megawatt electricity production in KP, he informed 2700MW were consumed in summer and 1100MW in winter and additional electricity was exported to the national grid.
\nSimilarly, he said KP is producing 31000 barrel oil\/day which is 42 percent of the total production of the country, but, he regretted no oil refinery was set up in KP.
\nLikewise, he said total KP has total gas production is 550mmcfds against its consumption of 200mmcfds while the province\u2019s LPG production is 850 metric ton\/day.
\nOf the total production of the natural gas, he elaborated 35mmfcds were given to industry, 40mmfcds to CNG sector, while 125mmfcds to commercial and domestic consumers.
\nFurthermore, he explained natural gas Rs2700 per mmbtu are being charged from industry whereas Rs4000 mmbtu are being charged from commercial and domestic consumers.
\nDespite the surplus gas production, he said KP was put into the RLNG basket which was totally unfair and unacceptable.
\nThe total electricity installed capacity in Pakistan is 42000megawatt, but demand is 30000megawatt while power transmission system capacity has been reduced from 24000MW to 18000MW, Ishaq elaborated.
\nThe SCCI chief said Pakhtunkhwa Power Development Organisation (PEDO) had made schemes on the run of rivers but progress on these schemes was at snail pace.
\nFuad Ishaq condemned the imposition of withholding tax at a ratio of 2.5 percent on traders\u2019.
\nHe said SCCI categorically rejected the collection of additional taxes from the business community.
\nThe chamber president stated it is totally unfair to make shopkeepers and traders as withholding agents.
\nHe asked the government to provide facilities and incentives to traders instead of snatching morsel from their mouths.<\/p>\n","protected":false},"excerpt":{"rendered":"
PESHAWAR Sarhad Chamber of Commerce and Industry president Fuad Ishaq termed the independent power producers (IPPs) a cancer for the country\u2019 economy, business and industry and demanded all IPPs contracts cancellation. Despite surplus in electricity and gas production, he said equal rates are being charged from Khyber Pakhtunkhwa with major provinces, which is completely unjust […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-420208","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n