Jewellers Observe Nationwide Strike Against FBR Tax Demands

Pakistani jewellers on Tuesday observed a nationwide strike against what they described as harassment and excessive tax demands by the Federal Board of Revenue (FBR), shutting shops in major cities, including Karachi.

Traders gathered in Karachi to protest against the tax authority, with industry leader Qasim Shikarpuri claiming that discussions with officials in Islamabad had failed to resolve their concerns.

“We pay taxes and will continue to pay taxes, but we will not pay bribes,” Shikarpuri told protesters, alleging that FBR officials were demanding millions of rupees from jewellers. He claimed authorities in Peshawar had sought Rs. 250 million from members of the trade and criticized what he described as a 600 percent increase in tax demands.

According to the jewellery industry, it currently contributes around Rs. 22 billion in taxes annually and has offered to increase that amount to Rs. 44 billion, but traders say they oppose what they consider unjust demands.

The protesting jewellers warned that they could intensify their movement and announce a complete nationwide shutdown within the next two days if their grievances remain unaddressed.

Meanwhile, international gold prices moved higher, with spot gold rising nearly 1 percent to $3,406 per ounce, supported by easing expectations of further interest rate hikes in the United States following an interim peace agreement between the US and Iran.