MULTAN, May 7th: Since Pakistan is an agricultural country , the government should impose a complete ban on the import of vegetables and fruits from India and other countries to facilitate and encourage the local growers to invest and promote agriculture sector,said Khawaja Jalaluddin Roomi Former President of Multan Chamber of Commerce & Industry while delivering his speech as chief guest at a post budget-2018-18 Seminar jointly organised by Institute of Chartered Accounts of Pakistan and Multan Chamber of Commerce & Industry(MCCI).He said that what a pity that we are importing vegetable, Garlic, Ginger, pulses, gram,and fruits worth $ 4 to 5 billion which caused increasing the current account deficit.He said the government needs to increase the cropped area to avoid any crisis-like situation as agricultural trade has gained importance in these times offering new opportunities and challenges. Roomi said Pakistan is an agriculture country with vast plains and manpower resources. The agriculture can become an important source of the foreign exchange for Pakistan necessary to finance imports and development besides it will ensure domestic food security.Jalaluddin Roomi said that we must maintain balance in exports and imports to avide trade deficit and we should explore new markets to increase our exports.He said that Government has taken a positive step by reducing the tax on services .However,one percent reduction in Corporate tax is not fair.Roomi said that Government has reactivated the Alternate Dispute Resolution Committee (ADRC) and provide the taxpayers an easy and efficient mechanism for resolution of tax related disputes, outside the court of law and liquidate huge amounts of tax arrears.He argued that a huge amount of tax arrears is lying pending for liquidation and payment to both the stakeholders, taxpayers and FBR, due to inordinate delays in completion of litigation process.Jalaluddin Roomi said the members of ICAP have contributed playing key role for reforming and building of institutions with number of senior members still serving the boards of leading public and private sector companies. Professional accountants have a critical role in accelerating the progress of our country towards economic stability.An accountant who works for private organizations also delivers a lot in the economy with their sound knowledge, professional skills and ethical responsibilities,he added. Roomi was of the view that If an accountant performs his duties with honesty, he serves the nation in various ways because he is generating taxes for the country, rightful documentation of the economy and provides an outlook of sector and company’s performance level that helps the government. The opther speakers inmcluding Javed Anjuman Chairman of CPD committee of ICAP said that Institute of Chartered Accountant of Pakistan (ICAP) was established on 01 July 1961 with the prime objective of regulating the profession of accounting in Pakistan. It was due to the vision and the foresight of our predecessors that today we are the premier regulatory body for the development and regulation of the Profession in the Country.ICAP has indeed come a long way from small band of members to currently more than 7000 members. Today our professionals are recognized and respected globally for their technical expertise and adherence to ethics and integrity. Muhammad Owais,CA, Riaz A Rehman President of Institute of Chartered Accountants of Pakistan, Jafar Hussain, Khawaja Salahuddin, Muhammad Yiounas Ghazi, Muhammad Waqas Khalid, Talat Javed, Khurram Javed Butt, Sultan Shahid, Ijaz Tariq,Mirza Ali Ahmed, Auranzeb Alamgir,Asad Afroze,Dr.Khalil Ahmed also spoke on direct & indirect taxation,Double taxation, Tax-laws etc.They said that the repute and the standing that ICAP commands today is due to the determination, courage and loyalty shown by the members and the leadership. The Institute was envisioned and established to regulate the accountancy profession in general, particularly the auditing profession and is responsible for imparting Chartered Accountancy qualification in the country.
