LAHORE: ACCA Pakistan has urged the government to improve the operation of the tax system in line with goals of simplicity, certainty and stability in the upcoming annual budget. A document published by ACCA Pakistan, ahead of the budget, includes input its taxation subcommittee members comprising Omer Zaheer Meer, Chairman ACCA Pakistan Taxation Subcommittee, Abdul Wahab, Bilal Zafar, Junaid Abbas, Mirza Fasihuddin Baig, Munir Malik and Yawar Muhammad. ACCA has stressed that the taxation system is in need of a serious overhaul. “At present, the confidence of the taxpayers and general public is much lower than desired. The result is a mushrooming black economy, under-declaration and tax evasion leading to losses of billions for the exchequer. Several issues contribute to this mistrust and suggestions addressing this important problem are outlined in the budget proposal document submitted.” ACCA Pakistan has further said that important tax policy considerations include broadening of the tax base, adding that the existing small taxpayer base can only bear the constantly increasing burden of taxation to a limited extent with serious ramifications for business competitiveness. “In addition to this reduction in tax rates to single digits, increased impetus on direct taxation, utilisation of NADRA database, utilisation of withholding tax data and formalised asset ‘valuations was suggested in the proposal. Published in Daily Times, April 24th 2018.