The taxation system of any country is a catalyst for ascertaining the stage and speed of economic growth. This was stated by the President of the Institute of Chartered Accountants of Pakistan (ICAP), Syed Shabbar Zaidi, while addressing the Asia Tax Conference 2006 at a local hotel on Monday.
The conference was organised by the Karachi Income Tax Bar Association under the theme, "Tax System - A catalyst for economic development", said an official statement.
Commenting on the government's role in the promotion of business in the current scenario, Zaidi said that in the new world, government's role in the business had to reduce over the time and that should be limited and focused on the provision of basic infrastructure facilities and social services.
"In this scenario, the objective of sustained economic growth, poverty alleviation and increase in employment level could only be attained if there is a reasonable tax to gross domestic product (GDP) ratio with equitable composition of total tax collection as to direct and indirect taxes," he said. The funds for social causes should be made available through an effective taxation system, he added.-PR
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