ICMA Pakistan's pre-budget seminar: Industrialists for pro-poor and investment-friendly budget

Industrialists and trade leaders have urged the government to present a pro-poor, business and investment friendly budget to give impetus to the economic growth. Addressing first-ever national level pre-budget seminar at a local hotel, which was arranged by ICMA Pakistan, they recommended that income tax on agriculture be increased and agriculture income be brought under tax net.
Prominent among those who attended the seminar included Muhammad Ashraf Khan, Member (Inland Revenue), FBR; Saeed Ahmad, Deputy Governor, SBP; Mian Muhammad Adrees, President FPCCI; Dr Ishrat Hussain, Former Governor SBP and Director, IBA Karachi; Dr Ikramul Haq; renowned tax expert; Muhammad Farid Alam, CEO AKD Securities; Engineer Rizwan Ashraf, President Faisalabad Chamber of Commerce and Industry; Sohail Pasha, Chairman Pakistan Textile Exporters' Association (PTEA); Mian Zahid Anwar, Chairman, Pakistan Agriculture & Dairy Farmers Association and Rana Naseer Ahmad, Chairman, Pakistan Sports Goods Manufacturers and Exporters Association (PSGMEA).
FPCCI President Muhammad Adrees was guest of honour at the inaugural session. Mohammad Iqbal Ghori, Vice President ICMA Pakistan presented the welcome address.
Mian Zahid Anwar made a presentation. In his concluding remarks, Muhammad Adrees said that the country was passing through tough and difficult time and hinted that budget may not have big changes or bring big relief. He recommended that income tax on agriculture be increased and agriculture income be brought under tax net. He suggested that a single "Business Registration Authority' be established to maintain complete database of business entities.
There were three technical sessions in which papers were presented by different speakers. The first technical session was presided over by Mohammad Ashraf Khan
Sohail Pasha, Chairman PTEA while addressing the session emphasised the need for redressing refund problem of textile exporters for which he suggested that RPOs be declared a negotiable instrument by government so that it could be discounted and negotiated with banks to ease working capital of exporters. He identified several areas where the government could utilise professional services of management accountants for economic development of the country.
Saeed Ahmed, Deputy Governor SBP presided the second technical session in which presentations were made by Engr. Rizwan Ashraf, President FCCI and Muhammad Farid Alam. The concluding session was presided over by Dr Ishrat Hussain, former Governor SBP. Kashif Mateen Ansari, President ICMA Pakistan, in his presentation briefly outlined the main recommendations of the Institute as published in the booklet for submitting to the government. He observed that dharnas and protests, terrorism, poverty, power, gas and water shortages, inflation and natural disasters have all collectively negatively impacted the national economic growth. He pointed towards energy crisis; budget deficit; negative balance of payment; low level of savings; high government spending; large undocumented sector; ineffective governance; inconsistence government polices and deteriorating law and order situation as main hurdles in the way of sustained economic growth. He further noted that high cost of doing business; corruption; tax evasion and adulteration; low quality of products and services; less economies of scale; lack of systems and procedures; lack of R&D; ineffective utilisation of resources; investment insecurity etc have retarded the growth of the corporate sector in Pakistan. He emphasised that the government should not put additional tax burden on exiting taxpayers, especially corporate sector. He was of the view that the role of professional institutes like ICMAP be enhanced by the government to provide professional backbone for the processes of good governance, audit and review.
Dr Ikramul Haq also made a detailed presentation on taxation in which he underlined the need for restructuring the FBR and plugging the loopholes in tax machinery.