Daily Times

The Institute of Cost and Management Accountants (ICMA) of Pakistan has submitted the Pre- Budget proposals to the Federal Board of Revenue (FBR), Ministry of Finance, and other Government organizations for consideration in the forthcoming Federal Budget 2022-23.

In the Budget Proposals ICMA has proposed two days of work from home and markets closure at 6 PM to minimize heavy oil imports. The Institute has also proposed immediate privatization to generate 6 to 10 billion dollars to strengthen foreign exchange reserves. Institute is of the view that tax laws should be simplified so that businessmen and people from other walks of life are encouraged to pay their applicable taxes. The Institute has also recommended the withdrawal of all subsidies for strengthening the economy.

The Budget Proposals 2022-23 are aimed to cover Tax-related proposals including Income tax, sales tax, customs duty, and federal excise. The primary intention of these proposals is to create an attractive environment for the taxpayer by removing anomalies in the relevant laws and to create more opportunities for the private sector and businesses to promote industrial productivity, investment, and economic growth in the country.

Special incentives, exemptions, and reliefs to SMEs and small businesses may be provided to survive and sustain themselves in the long run. It is also recommended in the proposals that in order to support ease of doing business, harmonization should be achieved between various tax and corporate laws. It is further in addition, ICMA also recommends that the Government must consider mandatory cost audits for the public utilities and major segments of consumer companies to protect consumer interest and to minimize the cost of doing business in Pakistan. This will also enable the government to control and monitor unnecessary and unusual price hike. ICMA Pakistan also proposes to make business registration mandatory for all the businesses in the country to move towards a documented economy.