'Constitutional formalities must be fulfilled while preparing budget'

Constitutional formalities must be fulfilled while preparing Annual Budget in accordance with the wishes of the Founder of Pakistan, Qauid-e-Azam Muhammad Ali Jinnah. These views were expressed by prominent economist Khwaja Amjad Saeed while addressing a post-budget seminar arranged by the Institute of Cost and Management Accountants, Faisalabad Branch, here on Tuesday.
He said that budget was not only a national document of the economy but also a major indicator of the country's economic performance. He said that the constitution is protecting the fundamental rights of Pakistanis, but not even a single budget had been presented so far in accordance with constitutional formalities. However, he welcomed the efforts of the government regarding 'Devolution of Power' and said that these efforts were having positive impact on the national economy.
Muhammad Iqbal Ghouri, Chairman, Institute of Cost & Management Accountants (Faisalabad Branch Council) stressed the need for documentation of economy for prepare national budget to meet actual requirements. However, he added that the vital role of management accountants in this context could not be ruled out.
He proposed that, like Chartered Accountants, Management Accountants should be engaged in the task of preparing budget, as this would certainly show better results. Chartered Accountants Hamid Masood and Naeem Haider also addressed the seminar and presented outlook on current income tax law amendments.