In an effort to address Pakistan’s economic difficulties, ACCA (the Association of Chartered Certified Accountants) has released their budget proposals for the fiscal year 2023–24. In order to promote sustainable economic growth, the recommendations concentrate on issues such as population increase, climate change, agricultural disincentives, and food security concerns.
In order to ensure stability and consistency in economic policy, the ACCA emphasises the necessity of a long-term commitment by the government, political parties, and business associations through a “charter of the economy.”
The budgetary initiatives include a multifaceted strategy to enhance the balance of payments, cut inflation, decrease imports, raise exports, and stimulate local consumption. The ACCA emphasises the significance of utilising local talent and resources while embracing a new economic paradigm.
The sustainable decrease of non-essential imports, the promotion of eco-friendly energy sources, and the expansion of the taxpayer base through improved tax documentation using technology are among the key proposals.
By transferring the burden to those with higher incomes and subsidising living expenses for middle- and lower-income segments, the ACCA also suggests fair taxation measures. It is advised to implement structural changes, lower tax rates, and minimal tax rates for major agricultural proprietors.
Additionally, ACCA promotes supporting regional business, amending pricey energy sector agreements, and funding green energy initiatives. The group emphasises the IT/ITeS sector’s growth potential in Pakistan and argues for supportive legislation, tax breaks, and investments in high-skill training.
The budget recommendations from ACCA seek to provide a foundation for long-term economic growth, tackle issues related to unemployment, and establish Pakistan as a regional superpower.