The Institute of Chartered Accountants of Pakistan (ICAP) demanded on Tuesday that all income tax exemptions be repealed and that the tax base be broadened.
ICAP President Ashfaq Yousuf Tola said at the Model Federal Budget 2022-23 launch ceremony that the initiative of preparing proposals for federal and provincial budgets and presenting them to the Ministry of Finance was a professional exercise, adding that these proposals also aimed at understanding the expectations of different segments of the economy from the next fiscal’s policy.
Tola emphasised that while the country had made a solid economic recovery from the COVID-19-induced downturn, it was still confronting bigger issues that were causing significant external sector pressures. He claimed that the trade and current account deficits had already exceeded their yearly objectives.
He stated that in order to offset these issues, the government should focus on interest rate restrictions and reaching revenue collection objectives.
According to the ICAP President, several of the policy initiatives outlined in this statement are projected to benefit the economy by increasing GDP and reducing the budget deficit.
Economic Advisory Committee Chairman Zeeshan Ijaz stated on the occasion that ICAP has given many ideas outlining important areas of concentration, including investment in technology both in infrastructure and in terms of value addition.
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