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Karachi Chamber rejects FPCCI proposal on SRO 507

KARACHI (August 23 2003) : The Karachi Chamber of Commerce and Industry (KCCI) has repudiated the consent of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to accept only three items that will not be sold to the unregistered persons under the SRO 507.

In a press statement here on Thursday, the KCCI President, Mian Nasser Hyatt Maggo, reiterated the KCCI's demand that the SRO 507 be rescinded and there should be no restriction on number of items for sale to the unregistered persons.

Criticising the role of the FPCCI, he said that the FPCCI had done nothing in this regard.

Maggo said at one point, it pleaded for 16 items, then came down to five items and now finally to three.

Commenting on the decision of the anomaly committee while reviewing the SRO 507, he recalled that just after the announcement of the Federal budget, the FPCCI had been praising various budget proposals, but the KCCI was in the forefront to identify the problems emanating from various budgetary provisions, especially the SRO 507 and Section 73 of the Sales Tax Act, 1990.

Maggo further recalled that the KCCI had taken a firm stand that the SRO 507 was tantamount to a death warrant to the industry and, therefore, it should be rescinded.

He claimed that the suspension of SRO 507 and Section 73 was done on the explicit, exclusive, and sustained representation of the KCCI.

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