Post-Budget Seminar: #Implications and Way Forward held at #LCCI
LAHORE (MNP) The Lahore Chamber of Commerce & Industry held a #significant seminar titled “Post Budget Session – #Federal Budget 2023-24: Implications and Way Forward.”
The event, chaired by LCCI President Kashif Anwar, aimed to shed light on the various aspects of the recently passed federal budget and its potential implications. Distinguished speakers, including President of the Institute of Chartered Accountants of Pakistan (CFA), Muhammad Ali Latif, and renowned Chartered Accountants Rafaqat Hussain and Faisal Iqbal Khawaja, shared their insights and perspectives on the budget’s amendments, tax implications, and relief measures.
President Kashif Anwar commenced the seminar by highlighting the numerous new amendments introduced in the federal budget. He expressed concerns about the imposition of various new taxes, and he lamented that several reliefs initially announced during the budget speech were later withdrawn. President Anwar emphasized that the primary objective of the seminar was to enlighten attendees about the different aspects of the Federal Budget 2023-24.
Chartered Accountant Rafaqat Hussain delivered a detailed presentation on the budget, focusing on the tax structure. Hussain revealed that income tax accounted for a significant portion, standing at 45% of all taxes. Additionally, he highlighted that customs duty accounted for 13%, federal excise duty constituted 6%, and sales tax made up 36% of the total tax revenue. Hussain also mentioned that unbranded dairy products would be exempt from taxes. Notably, he mentioned that following an agreement with the International Monetary Fund (IMF), all amendments relating to the information technology (IT) sector had been reversed.
In his address, Chartered Accountant Faisal Iqbal Khawaja expressed concerns about the reversal of relief measures in the budget especially the announcement of turnover thrashhold for SMEs increased from from Rs250mn to Rs800mn which was a big relief but has also been reversed, he regretted.
Khawaja emphasized the distinction between properties of capital nature and revenue nature, highlighting that any industry generates revenue while properties fall under the former category. He also noted the challenges faced in bringing non-filers into the tax net due to issues related to tax declarations and procedures.
Muhammad Ali Latif, President of the Institute of Chartered Accountants of Pakistan (CFA), emphasized the purpose of the budget as a tool to measure expenses and revenue against those expenses. Latif highlighted the importance of proper financial management to ensure sustainable economic growth and development.
The seminar provided valuable insights into the implications of the Federal Budget 2023-24. The discussions held by the experts shed light on various concerns raised by the business community. Attendees were able to gain a deeper understanding of the tax structure, relief measures, and challenges faced in implementing the budgetary changes.
Overall, the seminar facilitated a platform for dialogue between industry experts and key stakeholders, fostering a better understanding of the budget’s implications. It is hoped that such discussions will contribute to the formulation of more effective and business-friendly policies in the future, supporting economic growth and stability in Pakistan.
