Finance Minister Muhammad Aurangzeb on Monday invited representatives of all chambers of commerce and trade associations to a meeting today (Tuesday) to address their concerns regarding the Federal Board of Revenue (FBR)’s new enforcement powers and taxes on cash transactions of Rs. 200,000 or higher.
The minister issued the invitation during a visit to the Overseas Investors Chamber of Commerce and Industry (OICCI) in Karachi. Earlier, the Karachi Chamber of Commerce and Industry (KCCI), as well as the Goods Carrier Association, had announced they would stage a nationwide strike on July 19 (Saturday) to protest the new measures introduced through the Finance Act 2025.
In a statement, KCCI President Javed Bilwani had warned the strike would continue until the contentious measures are withdrawn. He explained that the trade body was seeking the reversal of five key points—the FBR’s powers for arbitrary arrest; penalties on cash transactions of Rs. 200,000 or above; mandatory digital invoicing under SRO 709; and the imposition of e-Bilty under Section 40(c).
During his meeting, Aurangzeb assured the OICCI he would listen to all concerns and share his position. “All chambers should come after reading the current law. We have put many safeguards in the law against sales tax fraud and other issues,” he maintained, dismissing criticism of the new policies as “propaganda.” He clarified that the FBR’s new powers sought to counter large-scale sales tax fraud, adding these applied only to tax evasion of over Rs. 50 million, not ordinary business.
“The new legal tools have been implemented solely to prevent fraudulent activity related to sales tax,” he said. “An important meeting with presidents of chambers will be held tomorrow (Tuesday). The government will explain the scope and intent of the FBR’s actions to business leaders,” he added.
During the session, Aurangzeb also shared “encouraging signs” of improving macroeconomic indicators and rising business confidence, noting this was reflected in the latest OICCI Business Confidence Survey.
“We are witnessing early signs of macroeconomic recovery, but to break free from recurring cycles of instability, Pakistan must take bold and sometimes difficult decisions,” he said. “The government is fully committed to supporting the business community by ensuring a transparent, predictable, and investment-friendly environment,” he added.
The minister urged investors to look into key high-potential sectors, including Mining and Minerals, Agriculture, I.T., Infrastructure, among others.
OICCI President Yousaf Hussain acknowledged the government’s progress in stabilizing the economy and underscored the importance of strengthening institutions. “We welcome the improving macroeconomic indicators and renewed signs of stability. To convert this into sustained growth, we must strengthen our institutions, invest in professional capacity, and ensure consistent policymaking,” he said. He said the induction of qualified technocrats and timely execution, particularly through a comprehensive national economic recovery plan, are essential to moving forward.