Documentation, taxes and exports: ICAP shares multiple proposals with Aurangzeb

ISLAMABAD: The Institute of Chartered Accountants of Pakistan (ICAP) on Monday presented a range of proposals and recommendations relating to documentation, group taxation structures, export-oriented services, and harmonization of tax treatment across all sectors.

During a meeting with the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division on Monday, discussions also focused on measures aimed at improving competitiveness, facilitating investment, strengthening ease of doing business, and supporting effective revenue mobilization alongside the broadening of the tax base. Welcoming the delegation, the Finance Minister emphasized the importance of continued engagement with professional bodies and industry stakeholders to ensure that economic and taxation policies remain responsive, practical, and aligned with the country’s broader reform objectives.

The Finance Minister shared the government’s ongoing efforts to transform the tax administration system through reforms centered around people, processes, and technology.

He underscored the importance of institutional modernization, process simplification, and enhanced automation to improve transparency, reduce unnecessary human intervention, and facilitate taxpayers.

In this context, he highlighted the operationalization of the Tax Policy Office under the Finance Division as an important institutional reform aimed at strengthening policy formulation and improving coordination between tax policy and administration.

The meeting also covered the growing role of technology and digital systems in strengthening compliance, enforcement, and revenue administration. The Finance Minister noted that AI-led production monitoring and technology-driven oversight mechanisms introduced across various sectors are helping improve documentation, strengthen compliance, and reduce leakages within the system.

The Finance Minister acknowledged the proposals and recommendations shared by the delegation and noted that these would be carefully reviewed as part of the ongoing budget formulation process. He reiterated the Government’s commitment to building a transparent, technology-driven, and facilitative tax system that supports economic growth, encourages documentation, and strengthens governance and institutional effectiveness.

The delegation was led by Samiullah Siddiqui, President ICAP, and included Jehanzaib Amin, Vice President ICAP; Ahmed Raza Mir, Vice President ICAP; and Zeeshan Ijaz, Council Member ICAP and Chairman of the Economic Advisory Committee.

Copyright Business Recorder, 2026