ICMA Pakistan National Budget Conferenceon 2019-20

F.P. Report

ISLAMABAD: The Institute of Cost and Management Accountants of Pakistan organized a National Post Budget Conferenceon Friday June 14, 2019 at Serena Hotel, Islamabad. Chairman FBR – Syed Shabbar Zaidi graced the occasion as Chief Guest for the evening.

Chairman FBR said that in this budget, FBR has made structural changes which will bring positive impact on the economy and tax collection. Headded that the five sectors that are enjoying the zero rated facility have the capacity to compete without getting this relaxation.

He also stated that the requirement of national identity card will soon be mandatory for issuing invoices and that although FBR is facing pressure at the moment, it is deferred for a certain time, however, eventually we have to start from somewhere and it will not be further delayed so he would remain an advocate of this requirement and will soon implement.

He said that Overall revenue collection from salaried class is very nominal and we have just revised the tax rates just to make them filer. In the end, Chairman FBR appreciated the efforts of ICMA Pakistan for organizing post budget conference. He also emphasized on the importance of enhancing economic activity in the country in order to reduce import bill and increase export to achieve sustainable growth and productivity.

Speaking on the occasion, President, ICMA Pakistan, Zia ul Mustafa appreciated that in order to improve the documentation, Government has enhanced the role of Professional Accountants. He also appreciated Government measures of eliminating the subsidy culture and moving towards self sustainable model of doing business. He said that in addition to enhancing the tax collection, Government should also encourage new investments to increase the economic activity in the country and that there is still a need to simplify tax procedures.

Dr. Vaqar Ahmed (Speaker on Economy), Shehzad Ahmed Malik (Speaker on Direct Taxes) Syed Taqueer Bukhari, President Islamabad/Rawalpindi Tax Bar Association (Speaker on Indirect Taxes shared their presentations with the audience. Ather Saleem, Chairman CPD, Malik Shahid, President RCCI Mr. Rafat Farid, Senior

Vice President ICCI, Sohail Altaf, Group Leader RCCI, Dr. Vaqar Ahmed, Join Executive Director SDPI, Air Marshal Shahid Latif, (Retd) Security & Defence Analyst, Jafar Husain, President ICAP, Sajjeed Aslam, Head ACCA Pakistan, Shehzad Ahmed Malik, Honorary Secretary, ICMA Pakistan and Ghulam Mustafa Qazi, CEO Tariq Qazi Management Consultant also expressed their thoughts during Panel Discussions on Federal Budget 2019-20 in ICMA Pakistan National Post Budget Conference.