Present budget will overcome economic challenges: Zubair

KARACHI: Governor Sindh Mohammad Zubair in a group photo with the participants of the Post-Budget Seminar of ICMA and IBP.

ICMA Pakistan's Post-Budget Seminar 2018-19

KARACHI: The Institute of Cost and Management Accountants of Pakistan in collaboration with The Institute of Bankers Pakistan organized Post-Budget Seminar at local Hotel Karachi here Monday, says a Press release.

Governor Sindh Muhammad Zubair who was the chief guest on the occasion, said in his presidential address, "Our federal budget for the fiscal year 2018-19 has been prepared while keeping in view the future economic challenges and it is acceptable to the next elected government, as the allocation for billions of rupees development works has been made so that the new government could launch new projects." He said a strong economic system will be a gift of the present government to the next elected government.

Speaking on the occasion, Zia ul Mustafa Awan, President, ICMA Pakistan said that the primary objective of the formation of Institute in 1951 was to provide sustained institutionalized assistance for the development of industries in Pakistan, especially keeping a steady flow of qualified 'industrial accountants' to professionally support country's just initiated industrial drive.

ICMA Pakistan is actively involved in providing technical support to the Ministry of Finance, Ministry of Commerce, Planning Commission, Securities and Exchange Commission of Pakistan, State Bank of Pakistan, Federal Board of Revenue, Accountant General of Pakistan Revenues, Auditor General of Pakistan, Competition Commission of Pakistan, other ministries, regulators and policy making organizations. He said that ICMA Pakistan has been making regular and effective contributions in decision making and capacity building of Financial and Industrial sector.

Husain Lawai, Chief Executive, Institute of Bankers Pakistan said that the Banking Sector plays an important and crucial role in the economic development of any country. So is the case with Pakistan, which is also entering transformation phase because of technological disruptions and ever-changing customer needs. Our banks, are successfully adopting these challenges. He was pleased to note that current year's budget has something for the banking sector as well. He suggested that No frequent changes be effected in the budgetary measures during the fiscal year as far as possible. Frequent Changes during the fiscal year seriously impact the credibility of the budget document. Moreover, the Government should honor its commitment to recover the tax for one year, means one year and not to continue such tax for next four to five years.

The last speaker Justice Athar Saeed said, Tax Amnesty Scheme Scheme (2018 -2019) will give high time to Tax evaders who will not  get the benefit from it because FBR is collected l the data of money launders and off shore Companies holders.

Other dignitaries participated in in this Post-Budget Conference and Seminar are Dr. Amjad Waheed, CEO, NAFA, Zafar Aziz Osmani, CEO, Excelerate Pvt. Ltd, M. Ashraf Bawany, Former President ICMA Pakistan and Director Pakistan Stock Exchange, Co., Farooq Sheikh, Advisor to the CE, IBP, Shehzad Ahmad Malik, Honorary Secretary, ICMA Pakistan, Noman Hameed Bombay Wala, Chairman KBC, ICMAP, Justice Athar Saeed.