Sialkot Chamber slams federal budget, announces protest against ‘anti-business’ policies

In a scathing critique of the federal budget, President of the Sialkot Chamber of Commerce and Industry, Ikram-ul-Haq, has denounced the policies introduced by the Finance Minister and the FBR, describing them as a direct attack on Pakistan’s exporters and the wider business community, reported 24NewsHD TV channel Tuesday.

Speaking to the media at the Sialkot Chamber, Ikram-ul-Haq announced a protest demonstration at Allama Iqbal Chowk on Friday from 3 PM to 6 PM, calling the current economic policies “economic suicide” and a betrayal of national exporters.

He said that the Sialkot Chamber rejects the budget outright and warned that tax returns would not be filed on the announced date if the government continues with its current stance.

According to Ikram, the chamber had repeatedly sought meetings with the Finance Minister and the Prime Minister to convey its concerns, but these requests were ignored. "We’re still trying to correct the mistakes in this cruel budget," he stated, adding that exporters across the country are disillusioned.

The chamber president accused the government of harassing legitimate businesses with FBR raids, threats, and excessive taxation, while guaranteeing profits to banks and ignoring the private sector’s collapse.

“The budget has brought five times more burden on businesses. This is not reform, it is sabotage,” he said. He added that the FBR's taxation tactics have revived bribery markets and suffocated Pakistan’s once-promising export sector.

The restoration of the Final Tax Regime (FTR) was stated as the core demand of the business community. Ikram said the business community was ready to negotiate on 2% fixed tax and 1% advance tax refund, but would not tolerate the current chaos. “We are being punished for being taxpayers. We’ve always paid more taxes for Pakistan, and now we are treated like thieves,” he lamented.

The new FS model, he warned, was poisonous for over 26,000 small exporters, especially in Sialkot where exporters operate on smaller, time-sensitive shipments. Exporters’ import limits have been frozen, orders are being delayed, and customs officers have been instructed to withhold new imports unless performance quotas are met, a move he described as “crippling.”

He further slammed the government for breaking promises, including the unfulfilled commitment of 9-cent electricity for industries, and condemned new taxes on solar power, saying, “They encouraged solarisation during the load-shedding era, and now they’re punishing us for it.”

Calling the budget “unrealistic, anti-export, and based on flawed assumptions”, he said the entire business community — from Karachi to Lahore to Faisalabad — is rising in protest. "This is not about Sialkot anymore. The whole country’s economy is at stake."

Ikram-ul-Haq accused the government of destroying the investment climate, pushing both local and foreign investors away, and imposing restrictions that serve as obstacles rather than reforms. “This is not reform; it’s a deliberate attempt to destroy Pakistan’s exports and economy,” he said.

The chamber president also called out Prime Minister Shehbaz Sharif, saying that all ministries and even Khawaja Asif had warned of the consequences, but the finance team went ahead “by showing a green garden to the Prime Minister” and ignoring all feedback.

Ending his address with a dire warning, he said, “Export orders are drying up. The economy is suffocating. If you continue this path, businessmen will hand over their keys to the Prime Minister’s House. The world is watching. Don’t make Pakistan ungovernable for the sake of stubborn policies.”