The Karachi Branch Council of Institute of Cost and Management Accountants of Pakistan (ICMAP) organised a Pre-Budget Seminar at a local hotel here on Saturday. Speakers from various associations of trade bodies and business sectors including Aptma, SITE, Phma, and KCCI presented their proposals.
Usman Khalid Mirza, Member Direct Taxes, Federal Board of Revenue was the chef guest. In his address, he said that the FBR is endeavouring to bring the national taxation system on modern lines. President of ICMAP, Sher Afgan Malik emphasised the role of institute's members for the betterment of the economic situation of the country.
He said ICMAP plays a major role in organising Pre-Budget seminar of which the main purpose is to provide opportunity to business and industry sectors to discus their problems and difficulties to Revenue Division officials so that their voice is heard in formulating policies for next budget.
He explained that major problems facing the business are law and order situation, inflation, high costs of industrial inputs and low productivity of labour. He urged that federal policy makers must address these issues and provide relief. He further said imports must be controlled and exports expanded and government must play an active role by framing proper policy.
He stressed that agro-based industries including textile industry must be helped expand exports while import substitution should be encouraged so that trade deficit can be checked. He suggested that to curtail inflation, supplies of goods should be expanded otherwise, price increase cannot be checked and inflation would neutralise all the gains of GDP growth. Asrar Raouf, the Director General of Regional Tax Office (RTO) Karachi presented a brief profile of FBR.