KARACHI, June 17: The southern regional committee of Institute of Chartered Accountants of Pakistan (ICAP) conducted a seminar on “The federal budget 2003-04” to discuss the salient features of the new budget.

A press release issued by ICAP (southern region) stated that Pervez Muslim, convener of CPE committee, welcomed the participants, whereas Khaliq-ur-Rahman, president of ICAP, highlighted the purpose of the post-budget seminar.

Syed Masoud Ali Naqvi, senior partner, Taseer Hadi Khalid & Co, chartered accountants, spoke about the macro-economic aspects of the budget. Ebrahim Yaqoob Sidat, FCA country managing partner and CEO of Ford Rhodes Sidat Hyder & Co, discussed the amendments proposed to be brought about in Tax Ordinance 2001.

S.M. Shabbar Zaidi, FCA, partner A.F.Ferguson & Co, chartered accountants, spoke about the changes proposed to be brought about in indirect taxes, like the sales tax, central excise duty, etc.

Shahid Jamal, regional commissioner of Income Tax, Corporate Region, Karachi, summed up the session and enlightened the participants with the views on amendments included in the Finance Bill 2003. Farrukh V. Junaidy, chairman of southern regional committee, thanked the participants who were representing various companies and organizations.