Fair taxation and strong fiscal policies backed by long-term stability are the need of the hour for a sustainable economic growth of the country.
This was the outcome of a pre-budget seminar ‘Strategy for Growth’ jointly organised by the Association of Chartered Certified Accountants (ACCA) Pakistan in collaboration with the Lahore Chamber of Commerce and Industry.
The event provided a platform for policy makers and key stake holders to get together and engage in an insightful dialogue on the merits of an effective taxation system.
LCCI Vice President Kashif Anwar, Chief Commissioner LTU Mustafa Ashraf, ACCA Head Haroon A Jan and Irfan Ilyas, FCCA, were prominent among the speakers. Kashif Anwar, Vice President, LCCI. spoke about the importance of fair taxation but stressed upon the facilitation of tax payers on part of the government which would solve the problem of broadening the tax base resulting in increased tax revenues.
The LTU Chief Commissioner Mustafa Ashraf threw light on the urgency of designing and implementing an efficient tax system which would bring about a positive impact on the state of the economy. He also engaged the audience and answered their queries on a broad range of relevant issues related to tax policy design in Pakistan.
Irfan Ilyas, FCCA, presented the ‘ACCA’s pre-budget proposal’. The key recommendations of the presentation included educating the tax payer on the benefits of paying taxes, drafting a policy that is non-discriminatory and lastly it was suggested that the tax legislation should be reviewed periodically so that it is updated resulting in the execution of an effective taxation strategy.
He said that the ACCA Pakistan has always been a supporter of fair taxation; it can play a crucial role in dealing with the core issues of our country and can thus instigate the necessary economic growth. ACCA Pakistan has been submitting a budget proposal to the Federal Board of Revenue (FBR) every year.
