KARACHI: Jewellers across Pakistan observed a nationwide strike on Wednesday, shutting down businesses in major cities, including Karachi. The protests were against what traders described as excessive taxation, harassment, and corruption within the Federal Board of Revenue (FBR).According to The Express Tribune, large numbers of jewellery traders gathered in Karachi to voice their concerns, as prominent trade leader Qasim Shikarpuri accused tax authorities of imposing unfair demands on the industry.Addressing protesters, he said discussions with government officials in Islamabad have failed to resolve the issue. He alleged that while jewellers were willing to pay legal taxes, they were being pressured to pay hefty bribes by FBR officials. Shikarpuri claimed that tax authorities had transformed into an “extortion network”, alleging that jewellers in Peshawar alone were being asked to pay hundreds of millions of Pakistani rupees.He strongly criticised what he termed discriminatory tax regulations and rejected recent tax measures, including a reported 600 per cent increase in tax demands linked to the sector.Jewellery industry representatives stated that the sector already contributes around PKR 22 billion annually in taxes and had offered to double that amount to PKR 44 billion. However, they insisted on not accepting the allegedly unjustified financial burdens. Protest leaders stated that if negotiations fail, a broader nationwide shutdown could be announced within days.As per The Express Tribune, commodity experts observed that gold had rebounded after recent declines and was approaching key resistance levels. Analysts suggest that a sustained move above current price thresholds could trigger further gains in the precious metal, while failure to break higher could lead to another period of downward pressure.
