I. Background

(1) This refers to the related Important TLQC 3505 of 7.5.26 in trail, blue, italic and double Line about Budget Proposal 2026-27 & Pathway to Economic Sovereignty & IMF Exit (2) More refer to other relevant QCs List as given Para III for ready reference.

II. Update Commentary

If you are an ICAP member and have seen the captioned matter email from ICAP, you may ignore this email.

2. Further to KQU 3907 of 13.5.26, being an important matter, we would inform you about ICAP Budget Proposals for FY 2026-27 (Attachment 3516.1) consist of 189 pages.

3. The ICAP has continued its initiative of preparing and presenting budget proposals for the Federal and Provincial Budgets for the year 2026–27. These proposals have been formally submitted to the FBR, Ministry of Finance, and other relevant authorities.

4. ICAP’s Fiscal Laws Committee, under the Chairmanship of Mr Zeeshan Ijaz, remains entrusted with this important responsibility and has consistently contributed towards meaningful reforms in Pakistan’s fiscal landscape. ICAP proposals aim to address key national challenges such as improving the tax-to-GDP ratio, enhancing resource mobilization, streamlining tax policy and structural frameworks, removing legal anomalies, and mitigating the practical hardships faced by taxpayers.

5. ICAP deeply appreciate the valuable input of its members and extend its sincere thanks to the Fiscal Laws Committee. Special appreciation is due to the following Task Force Conveners and Co-Conveners for their timely and dedicated efforts in finalizing these proposals.

6. ICAP is pleased to inform that the Committee has already commenced meetings with senior government officials, including representatives from the FBR, to discuss and advocate for the ICAP recommendations.

III. List of other relevant QCs

(a) TLQC3514 of 11.5.26 about PM directs FBR to Double Collection via Enforcement and KC Recommendations

(b) TLQC3495 of 30.4.26 about Budget FY 2026–27: Key tax proposals presented to Govt by OICCI

(c) TLQC3469 of 13.4.26 about Budget FY 2026–27: Govt Online meeting with FPCCI, KCCI, LCCI, etc stability measures 

(d) TLQC3455 of 26.3.26 about ICMAP Budget Proposal FY 2026–27

(e) TLQC3412 of 9.1.26 about Budget FA 2026-27 Proposal FBR & SRB via KTBA & KC Recommendation

(f) TLQC3411 of 9.1.26 about Budget Proposals FY 2026-27 to SRB 2026-27 by 6.2.26 

(g) CDQC297 of 23.12.25 about Customs Budget Proposals by 10.2.26 & KC Recommendation

(h) TLQC3011 of 21.1.25 about Budget Proposals 2025-26 for IT, ST, FED & ICT 

IV. Further Details & Services

Should you require any clarification or explanations in respect of the above or otherwise, or require Income Tax, Federal & Provincial Sales Tax or Withholding Tax Advisory, Statement or Return Filing or Review services, or related accounting matters like the above, please feel free to email Mr Amsal at amsal@786tax.com with CC to info.kasbati@professional-excellence.com. Your Good self may continue to get other services from your current Tax & Legal Advisors.

Best regards for Here & Hereafter
Asif S Kasbati (FCA, FCMA & LLB)

Managing Partner 

Kasbati & Co (900+ Tax, Levies, Companies, Banking, Finance, Economy, Inflation, etc

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