Page 2 - ICAP Newsletter July 2019

Newsletter The Institute of Chartered Accountants of Pakistan The panel discussion was moderated by JenanZeb Amin, chairman NRC. The panellists included Syed Asad Ali Shah, past president ICAP, Wamiq Zuberi, CEO Business Recorder Group, Siraj Kasam Teli and Zubair Motiwala, past presidents Karachi Chamber of Commerce & Industry. The panel discussed the impact the current economic situation will have on the poverty and employment situation of the country, along with the other economic implications currently in play. Jafar Husain, president ICAP, in his address, thanked the distinguished guests and the participants and Ashfaq Yousuf Tola, in his opening remarks, welcomed applauded the innovative idea taken by Ashfaq Tola the participants, distinguished guests, speakers, for holding nation-wide mega event. He stated that moderators and the panellists, and expressed his this conference is a platform to discuss the important gratitude for being given the opportunity to host the features of the budget while providing significant event. feedback to the government. Asif Haroon, partner A. F. Ferguson & Co., made Shabbar Zaidi provided detailed insight of the Federal his presentation on ‘Direct Tax’ proposals made in Budget proposals. He said all stakeholders were the Finance Bill 2019. This was followed by a panel taken on board while finalising the Federal Budget. discussion, moderated by Mohammad Zulfikar He informed the audience that measures have been Akhtar, partner A. F. Ferguson & Co. and Continuing taken at grassroot level to eliminate ambiguities in the Professional development (CPD) convener SRC. The existing tax laws. He said that FBR is targeting sectors panellists from Karachi included: Saqib Masood, where there has been avoidance and evasion of taxes. partner and national head of Tax KPMG Taseer Hadi & He informed that measures like reducing 1600 tariff Co., Haidar Ali Patel, partner EY Ford Rhodes, Imran lines to zero rated being taken to encourage locally Afzal, partner Grant Thornton Anjum Rahman from produced goods, facilitating Ease of Doing Business. Lahore and Habib Fakhruddin, senior partner Amir He informed that FBR is open to receiving feedback Alam Khan & Co. joined from Islamabad. This was on technical and legal anomalies in the Bill. For this followed by a brief Q&A session. purpose, he said an ‘Anomaly Committee, is being constituted to review the feedback. Later, the said Asim Zulfiqar Ali, partner A. F. Ferguson & Co. was Committee was formed on June 18, 2019 under the the speaker on ‘Indirect Tax’ proposals from Lahore in chairmanship of Ashfaq Tola and Hamid Ateeq Sarwar, the second session. Rana Muhammad Usman Khan, member IR (policy) as co-chairman. partner Deloitte Yousuf Adil, moderated the panel discussion and Q&A session. The panellists included Dr. Abdul Hafeez Shaikh, in his address, thanked the Rafqat Hussain, partner Rafqat Hussain & Co., Naeem ICAP Council for providing him the opportunity for Akhtar Sheikh, partner UHY Hassan Naeem & Co., being with ICAP fraternity, which he always admired. from Lahore, and Mohammad Raza, partner A. F. He shared his views on the budgetary measures Ferguson & Co., from Karachi. taken under the given circumstances. He said that the government has tried to put together a budget In the third session, at Islamabad, Sakib Sherani, which reflects the demand of the times, and provides a senior economist and former economic advisor a framework for stabilising the economy, moving to to ministry of Finance, presented his views on the have platform for growth. impact of the ‘Budget on Businesses’ and his outlook on macroeconomic growth. He spoke about the Mementos were presented to chief guest, guest of challenges faced by the Pakistan economy, brushing honour, speakers and panellists. The conference upon the fact that the tax challenges burden the ended with a vote of thanks delivered by the chairman formal sector, along with the regional disparities. Committee on Fiscal Laws. 2 July 2019