The Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with ACCA Pakistan organised a pre-budget discussion in Chamber House to advocate for healthy fiscal measures in the country.
The event commenced with welcome remarks from Malik Mirza, CFO, U Microfinance Bank and chairman, Members Network Panel, ACCA Pakistan, who set the tone for a fair taxation system in the country. He highlighted the essentials required for growth namely transparency, certainty and sharing of the tax burden. ACCA Budget proposals were shared by Munir Malik, member Fair Taxation Subcommittee, Members Network Panel, ACCA Pakistan and financial controller, Premier Oil.
IPPAC Chairman Abdullah Yousuf commented on the overall economic and fiscal policy measures that should be adopted for the betterment of the country. He termed fiscal and trade deficits as two major issues of the economy and stressed for resource mobilization through automating and systematising tax system. He said removing all exemptions, formulating equitable and across the board tax policies, reducing tax rates and expanding tax base should be the way forward approach of policymakers to improve the tax revenue.
Islamabad Stock Exchange Managing Director Mian Ayyaz Afzal said, “Our financial literacy rate is just 0.3% and an amount of Rs 10 billion is lying unclaimed that should be spent on the education of investors, which will help in boosting capital market and improving tax revenue. The government should take policy measures to facilitate enlisting of SMEs on stock exchanges in order to promote investment and expand tax base.”
ICCI President Shaban Khalid presented recommendations on increasing tax net and highlighted confidence building measures. He said government should take business community on board in budget making process and facilitate those in documentation who voluntarily want to come into the tax net. Tax laws and procedures should be simplified as complicated taxation system is a discouraging factor for taxpayers.
Ayla Majid, director business advisory services, Khalid Majid Rehman, chartered accountants and an active ACCA member commented on the business perspective the budget should take.