The federal budget for fiscal year 2004-05 has been described as investors-friendly and growth-oriented.
This was stated by the speakers at a post-budget seminar, organised by the Institute of Cost and Management Accountants of Pakistan (ICMAP) here on Saturday.
They also called for reducing the debt-servicing burden and address the structural imbalances in the country's fiscal scenario.
The speakers pointed out that the government has shown its resolve to say goodbye to the IMF and other donor agencies.
Expressing their views on various tax exemptions and concessions proposed in the budget, they stated that these would strengthen the economy by reducing the cost of production thus making products more competitive in export markets.
TAX NET: Member Sales Tax, Central Board of Revenue (CBR), Shahid Ahmed, who was the chief guest, said, "efforts are being made to bring more people into the tax net." He was of the view that it is a matter of common knowledge that a large number of people are earning a lot but not paying any tax.
Shahid Ahmed said: "The government needs more and more resources to develop infrastructure to create jobs and alleviate poverty. He maintained that only an effective tax net could help solve this problem.
Khwaja Tanveer Ahmed, Collector Sales Tax Enforcement CBR, appreciated the steps being taken in the budget for reducing the cost of business in the country.
He also lauded the reforms being initiated in tax collecting institutions, such as the customs and the CBR. Khwaja Tanveer believed that the imposition of a uniform rate of sales tax at 15 percent was also welcome. He said reduction in electricity tariff may not be high enough but it is a good step in the right direction.
Chairman of Site Association of Industry Muhammad Nisar Sheikhani pointed out that the government has focused on cutting the cost of doing business.
He welcomed the measures and incentives offered by the government to promote the small and medium enterprise culture. However, he was not satisfied with the cut in power rates by 56 paisa for the industrial sector.
Earlier, Chairman of Karachi Branch Council of ICMAP Muhammad Ashraf, presented the welcome address. He said the appellate authority should be separated from the CBR. It should better be placed under judiciary, he maintained.
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