Page 6 - AccountantApr-June2015-17-9-2015

Signature Qualification CA that Empowers to Lead PAKISTAN Editor’s Letter udgets are part of management control designed to promote the efficient use of resources and providing support for other critical functions. The B extent to which any budget is successful is very much dependent on its acceptance and the attitudes of workers towards it. This issue focuses on the behavioural aspects of budgeting and how an understanding of its importance can contribute to a successful budgeting process. It describes the nature of budgeting and analyses the budgeting process in organisations. The Institute is an independent representative professional body which regulates the profession and fulfilling the public interest throughout the five decades. The Institute’s leadership, Council and expert committee members were sought for comment on major issues such as the country’s budget. The Institute’s budget proposals were widely reported, with the media noting our call for the government to provide more support to the community and to reinforce country’s standing as an international centre of finance and commerce. The Institute of Chartered Accountants of Pakistan Committee on Taxation has been constantly making efforts to identify areas where reforms are needed for broadening of the tax base, improving revenue collections, ensuring voluntary tax compliance and building tax payers’ confidence, leading towards tax compliant culture. Like every year, the Committee proposed and finalised the Budget proposals for the government in April and held a press conference to publicize our recommendations. This year, the proposals contain for the first time a series of suggestions for administrative reforms for effective implementation of the fiscal laws, increasing tax payers’ compliance, improving quality of Human Resource of the FBR and the governance structure of the Policy Board. On budget day, a press release was issued and the media interviewed Institute representatives. A budget commentary was also being formulated by the Institute and a seminar on Post Budget was also held for the Industry professionals. Throughout our journey, growth and progress has maintained a pace, and we are confident that it will continue unabated in times to come. I hope we all continue to benchmark our efforts in the interests of the national development and integrity and create better opportunities for accountancy professionals in this vibrant phase of globalisation. M. Sharif Tabani, FCA 4 The Pakistan Accountant April - June 2015