From The President

Dear BCAS Family,

It is that time again when we all tune in to a single track. Yes, it’s the budget time. When you get this message, the Finance Minister (FM) after enduring grueling hours with her team would have presented the last full budget of the government – repeatedly walking a tightrope to balance a budget between the several populist demands and the financial prudence. While the nation is full of expectations, ideas and suggestions, it is the community of tax practitioners that in particular is keeping its fingers crossed as to see what the budget will offer. While the FM echoes the sentiments of Robert Frost that she has ‘promises to keep and miles to go’, the daunted community of tax payers and the tax practitioners will be happy with even the small steps on the reforms and concessions.

I would like to echo a wish list that has surfaced in conversations with many of you on multiple occasions.

First, we need to have the income tax slabs, deductions and relief benchmarked to the inflation index. Inflation is not a produce of the populace but the fallout of the policies of the government. To punish the honest tax payers with tax on an income that has truncated due to rise in the inflation, is like beating a dumb man for his inability to lend his voice. They both are helpless victims of the circumstance.