ICAI to prepare road map for economic reforms, taxation

NEW DELHI: Apex body of chartered accountants ICAI will soon prepare a road map for economic reforms, including simplification of tax structure, for the new government that is expected to be in place next month.

"As a first ever-step by chartered accountants we want to put a economic road map for the new government," central council member of Institute of Chartered Accountants of India Anuj Goyal told reporters here.

Suggesting simpler tax laws, Goyal said the present regime is complicated and includes huge compliance costs for the people.

"Presently, compliance costs for paying taxes is a lot and we want only limited number of taxes in the country and that people who can bear the burden of the taxes should only be taxed," he said.

"We want more revenue to come in but with less taxes on the end user. Simplifying the taxation regime will reduce the leakages, compliance costs as well as collection costs," he added.

Looking to play a greater role in the nation building process, chartered accountants will suggest a road map that will help the new government to be elected in May following the general elections - frame policies for economic growth.

"We want to approach the policies concerning the economy through a clean slate method. We want to look at things afresh and not just bring in amendments to the existing laws as that does not serve the purpose," Goyal said.

The committee for capacity building of CA firms and medium practitioners as well as committee on management accounting of ICAI will prepare a draft concept paper for discussion, he said.

The draft paper will be deliberated upon by the ICAI council, which will then come out with a road map.

"As soon as the new government comes to power the document will be presented to them giving them insight on what the new economic policies should be," Goyal said.

He also said that government schemes such as the employment guarantee programme NREGA should be audited "to account for every penny that flows into such schemes".

Besides, he said, entities with over Rs 1 lakh crore deposits should be audited.

The institute will hold a national summit here tomorrow on 'India Economy: Way Forward for the Members & Students of ICAI' here tomorrow. Yoga guru Ramdev and BJP member Piyush Goyal, among others, are expected to participate in the event.