ICMA Pakistan launched its budget proposals

Lahore: The Institute of Cost and Management Accountants of Pakistan () launched its budget proposals 2015-16 booklet at a Pre-Budget Seminar held at Faisalabad. Kashif Mateen Ansari, President ICMA Pakistan, highlighted the salient features of the booklet.

On the request of exporters, it is urged in the booklet that the refund payment order which is issued after a hectic due diligence process shall be declared as ‘negotiable instrument’ by the government so that it may be discounted and negotiated in the bank. It is further requested that relevant data available on FBR’s website should be timely updated so that the banks can immediately check and verify the outstanding refunds of exporters for release of working capital.

The President of the Institute stated that the book further contains pragmatic proposals for expanding the tax base and increasing tax revenues; facilitating taxpayers and simplifying tax structure; measures relating to income tax, sales tax, federal excise and custom duty; and proposals to redress grievances of exporters in getting their sales tax refunds under special regime for five export-oriented industries. He added that the booklet also highlights the professional role of management accountants in the economic development of the country.

Mian Muhammad Adrees, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI);  Saeed Ahmad, Deputy Governor SBP;  Muhammad Ashraf Khan, Member (Inland Revenue) FBR; Mr. Muhammad Iqbal Ghori, Vice President ICMA Pakistan; Engineer Rizwan Ashraf, President Faisalabad Chamber of Commerce and Industry; Mr. Sohail Pasha, Chairman Pakistan Textile Exporters’ Association (PTEA); Dr. Ishrat Hussain, Former Governor SBP and Director, IBA Karachi (connected through video-link); Mian Zahid Anwar, Chairman, Pakistan Agriculture & Dairy Farmers Association; Dr. Ikramul Haq, renowned tax expert; Mr. Mohammad Farid Alam, CEO, AKD Securities as  well as CEOs and owners of Faisalabad-based companies and industrialists and business community were also present on the occasion.