The Institute of Chartered Accountants of Pakistan has recommended the government to form a policy board which is to be entrusted to review the fiscal policies in the context of its impact on the economy.
“The prime objective of the policy board would be to debate and formulate national tax policy in consultation with the stakeholders. The board may comprise in broad spectrum, the eminent economists and other stakeholders like the FPCCI, Tax Bar Associations, trade bodies, ICAP and other professional bodies” disclosed the ICAP president and Chairman of the Taxation Committee Naeem Akhtar Sheikh.
He was addressing a press conference on Monday at a local hotel. He said the institute had always advocated for documentation of the economic activities and long term tax planning.
He assured full support of the institute to the national cause of revamping and overhauling the taxation system. He urged the media to create awareness on socio-economic and national issues and said that media could play an important role in bringing the country out of the crises. He emphasized introducing structural reforms to get out of the economic vicious cycle.
He reiterated that it was imperative for country to broaden the tax base. He explained that it was not sustainable for a country to collect more than three-quarters of revenue from indirect taxes. Ways should be found to increase the direct taxes. He said the ICAP had been giving various suggestions and recommendations to broaden the tax base for the last many years.
