LAHORE: The Institute of Chartered Accountants of Pakistan (ICAP) has submitted key recommendations regarding the budget of 2016-17 to the government. The ICAP’s committee on taxation has been constantly making efforts to identify areas where reforms are needed for broadening of tax base.
The prime objective of these proposals is to assist the government in improving revenue collections, ensuring voluntary tax compliance and building tax payers’ confidence leading towards tax compliant culture,’ said chairman ICAP Taxation Committee, Rashid Ibrahim, while talking to media on Wednesday.
He said there is consensus amongst the tax experts that most of the problems are stemming from weakness in the effective implementation of fiscal laws. He said that corporate sector which is the most documented segment of the economy has been neglected, said Rashid.
He said tax audit is yet another weak side of the Federal Board of Revenue (FBR) as well as of provincial authorities. There is urgent need of capacity building of the field formation officers with specialized training to undertake the challenges of tax audit, said Rashid.
He informed that recently a delegation of ICAP met advisor to PM, Haroon Akhtar Khan, Member IR (Operations) FBR Rahmatullah Wazir and other officials to discuss budget proposals and recommendations prepared by ICAP.
