KARACHI: A new global research – “Public Trust in Tax”, across 14 developing economies, including Pakistan, has been conducted by accountancy bodies - ACCA and the International Federation of Accountants (IFAC).

It found that trust in tax systems is lower when taxpayers perceive higher levels of corruption and diversion of public funds.

The Head of ACCA Pakistan, Assad Hameed Khan says: “Broadening the tax-base is key to achieving Pakistan’s inclusive and sustainable economic development. Our economy needs better documentation, increased regulatory-capacity and use of technology (data analytics).

The accountancy-profession can contribute much more to these focus areas and the nation must bridge the gap between demand and supply of professionals.”

The Chief Executive of ACCA, Helen Brand, stated that: ‘Fighting corruption is such a central priority for the global accountancy profession. It ensures: trust, tax-morale and sustainable development. An IMF study concluded that economic growth goes hand in hand with a consistent stream of tax revenues.’

Copyright Business Recorder, 2022