The business community has postponed the countrywide strike after successful talks with the government over certain budgetary measures introduced through the Finance Act 2025.
President FPCC Atif Ikram Sheikh addressing a press conference with the business community said that business community wanted the issues to be resolved through negotiations and the government had assured to review Article 37A of the Finance Act.
Atif Ikram said a four-member committee will be formed on this issue and Prime Minister Shehbaz Sharif will give final approval to these proposals.
A day earlier, the federal government invited representatives of all trade bodies for negotiations after Karachi's business community and transporters announced a countrywide wheel-jam strike scheduled for July 19.
On the occasion, Rawalpindi and Gujranwala Chambers of Commerce have announced the postponement of strike.
President Quetta Chamber of Commerce said all issues will be resolved in a month and there is no need for strike after government assurance.
Saqib Fayyaz Magon said representatives of Rawalpindi, Islamabad, Gujranwala and Quetta Chambers, representatives of Karachi, Lahore and Faisalabad Chambers of Commerce were also present in the meeting and business community across the country has decided not to go on strike. He said the rift between the government and the business community has ended.
Karachi Chamber of Commerce and Industry (KCCI) had called the strike in protest against five key measures incorporated into the federal budget for the current fiscal year, along with 32 anomalies in the Finance Act.
KCCI opposes Sections 37A and 37B of the Finance Act, which, it claims, grant the Federal Board of Revenue (FBR) arbitrary arrest powers. It also objects to Section 21(S), which imposes harsh penalties on cash transactions of Rs200,000 or more; mandatory digital invoicing under SRO 709; and the imposition of E-Bilty under Section 40.
According to the Ministry of Finance, a joint meeting was held on Tuesday between government officials and business community representatives. The meeting was chaired by Finance Minister Muhammad Aurangzeb and attended by members of chambers of commerce, trade organisations, and senior government officials.
It included a detailed review of the traders’ concerns, particularly regarding Section 37A and other contentious provisions of the Finance Act 2025.
During the session, a committee was formed under Prime Minister’s Special Assistant Haroon Akhtar Khan to address the business community’s reservations. It was also decided that the strike would be postponed until the committee completes its work.