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ICAP PLAYS A PIVOTAL ROLE IN BUDGET MAKING AND ECONOMY; RANA MUHAMMAD AFZAL

ICAP PLAYS A PIVOTAL ROLE IN BUDGET MAKING AND ECONOMY; RANA MUHAMMAD AFZAL
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Lahore ( UNN ): A series of post-budget seminars were held by Northern Regional Committee (NRC) of the Institute of Chartered Accountants of Pakistan (ICAP) in various cities i.e. Lahore, Faisalabad, Islamabad, Multan and Peshawar. These seminars were attended by more than one thousand chartered accountants, financial experts and industry stakeholders.

These events were attended by Rana Muhammad Afzal, Federal Minister for State of Finance as chief guest on two of these events in Lahore & Faisalabad, Riaz Rehman President ICAP Chief Guest at Multan, Tariq Bajwa Chairman FBR Chief Guest at Islamabad, Jafar Husain, Vice President ICAP, Ashfaq Tola, Chairman Fiscal Laws Committee, Asad Feroze Chairman NRC ICAP, Council members ICAP and Northern Regional Committee members. Muhammad Awais, Council Member ICAP & Partner EY and Asim Zulfiqar Ali, Partner A.F. Ferguson & Co Chartered Accountants were the speakers.

Federal Minister for State of Finance, Rana Muhammad Afzal stated that their government had presented its sixth budget. Government had realized that they should gather proposals from all stakeholders, traders, chambers, exporters, ICAP etc. before presenting budget. He said that ICAP FBR Coordination Committee members presented ICAP Budget proposals to FBR Chairman and officials for the first time which resulted in incorporation of many good suggestions of ICAP in the budget. He added role of ICAP was pivotal in budget making and government received very useful recommendations from ICAP.

Tariq Bajwa, Chairman FBR was chief guest in the event at Islamabad. He also lauded ICAP efforts in preparation and presentation of budget proposals. He emphasised active engagement of ICAP with FBR in future as well.

Riaz Rehman President ICAP was the chief guest at Multan. He explained ICAP’s efforts to aid the federal government in various matters. Various committees of ICAP are supporting FBR, SECP, SBP and other key government departments. He added ICAP members are playing a huge role in economic development of Pakistan.

Jafar Husain Vice President ICAP, hailed the federal government budget and hoped that this would help boost industries and economic activities. He said that federal budget was perhaps one of the most important things in a fiscal year.

Chairman Fiscal Laws Committee ICAP Ashfaq Tola said that government had accepted many of their suggestions. This year this budget was very special for ICAP in this perspective. ICAP is one of the biggest stakeholders in budget and meetings with FBR Chairman and officials were very fruitful before the budget was finalised by the Federal Government.

Asad Feroze, Chairman NRC ICAP thanked all guests, dignitaries, speakers, panellists, NRC CPD Committee Chairs of respective cities, Jehan Zeb Amin (Rawalpindi/Islamabad & Secretary NRC ICAP), Farooq Hameed (Lahore), Ahmad Jabbar (Faisalabad), Javed Anjum (Multan) and Zeeshan (Peshawar) for holding events at a very short notice successfully. He added that NRC is striving for continuous skill building of its members. He shared various events of importance organized by NRC ICAP including grand conference on CPEC held in February 2018.Muhammad Awais, Council member ICAP and Partner EY delivered his presentation on direct taxes. He gave a detailed account on changes proposed in the federal budget. Asim Zulfiqar Ali, Partner A.F. Ferguson & Co Chartered Accountants shared his views on indirect taxes. He explained in detail all changes made in indirect taxes.

In Lahore, a comprehensive panel discussion with seasoned professionals was moderated by Asad Feroze, Chairman Northern Regional Committee ICAP. Panelists included Asim Zulfiqar Ali, Muhammad Awais, Sohail Nisar, CFO Millat Tractors and Mansoor Zaighum, Head of Taxation Allied Bank Ltd. The speakers shared their thoughts on conceptual and practical issues faced by the tax payers & corporates.

The participants applauded efforts of NRC ICAP in holding such events and recommended events on such important topics should be held in future as well.


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