Islamabad: The Association of Chartered Certified Accountants (ACCA) has asked the government to lower its levied taxes in the upcoming budget for the (fiscal year) FY2019-20, a news source reported.
In a statement, the association asked the authorities concerned to ‘rationalise’ the size of the government and build political consensus on a ‘charter of economy’.
The association recommended the adoption of both medium and long term measures focused on inclusive economic growth. It recommended the government to devise an economic development model, instead of just managing cash flows and foreign exchange reserves.
The ACCA stated that the upcoming budget should prioritise low tax rates. The new policy should be geared towards increasing the size of the documented economy from USD 315 billion to over USD 1 trillion, as well as increasing the tax-to-GDP ratio based on the current formal economy.
It stressed the need to support micro and small-sized industries in underdeveloped regions in a bid to promote industrial growth.
The body further asked the government to incentivise domestic investors for import substitution, encourage export of services and human resources, focus on public-private partnerships to introduce outcome-driven citizen service models for the education and health sectors, and devise a national human resource development strategy in line with domestic and global demands.
