Institute of Chartered Accountants of Pakistan holds post budget seminar

Lahore, June 18, 2015 (PPI-OT): The Northern Regional Committee (NRC) of the Institute of Chartered Accountants of Pakistan (ICAP) organized a Post Budget Seminar recently at Royal Palm with the primary objective was to discuss and deliberate on the possible consequences of the Federal Budget 2015-16 on the economy of Pakistan.

Chief Guest was Waqar Masood Khan. He appreciated holding of such events by ICAP. He also narrated efforts of Ministry of Finance in preparation of budget and improvements made over the years. Shahid Hussain Asad Member Inland Revenue FBR and Safdar Hussain Chief Commissioner LTU Lahore were guests of honour.

The seminar was commenced with the opening remarks by Asad Feroze, FCA, Secretary NRC in which brief introduction about the seminar was given to the audience. Thereafter he invited Rashid Ibrahim, council member ICAP for delivering his thoughts and suggestions about the effects of the changes introduced in direct taxes. He gave a detailed presentation highlighting the key features of the changes in Finance Bill 2015 while giving his critique in respect of each significant feature.

Mohammad Awais, FCA gave a presentation on Indirect taxes and a detailed overview in respect of the budget 2015-16 as proposed by the government. Certain proposals were appreciated and a few changes were also proposed in the budget 2015-16.

Dr. Ali Cheema, prominent economist, Sector Research Advisor IDEAS and faculty member of LUMS also gave a presentation on the Pakistan’s Growth Conundrum and challenges for the budgetary strategy. He highlighted key economic challenges and how to tackle them. His presentation was appreciated by the audience.

A panel discussion followed to highlight various aspects of the budget and the proposed way forward. Among the panellists were Shahid Hussain Asad Member Inland Revenue FBR, Naeem Akhtar Sheikh, FCA, Chairman, ICAP Taxation Committee, Mustafa Ashraf and speakers. Some of the common queries and complaints regarding taxation matters were explained. The panel discussion was highly interactive with a lot of pressing matters directed by the moderator Asad Feroze towards the panellists.

Shahid Hussain Asad, Member Inland Revenue Policy also explained various policy related matters and appreciated input from speakers. The discussions led to intense debates amongst the panellists which followed by a Q and A Session from the audience.

For more information, contact:
Muhammad Rafiq
Media Coordinator
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton
Karachi-75600, Pakistan
Tel: +92-21-111-000-422
Fax: +92-21-99251626
Cell: +92-300-2128185