Audan seeks clarification from FM
KATHMANDU:
Auditor’s Association of Nepal (Audan) sought clarification of ‘accomplice’ in the Financial Bill 2011-12.
The Finance Ministry in its Financial Bill has said that it will fine 50 per cent to the accomplice, who helps in issuing fake bills, evade tax and create false firm hurting government coffer.
Chartered Accounts involved in producing or approving fake bill deliberately have to face 50 per cent fine, according to the new Financial Bill. The Finance Ministry has already asked Institute of Chartered Accountants of Nepal (ICAN) — regulatory body of Chartered Accountants (CAs) — to take action against auditors, if found guilty.
The association requested the government to give the details of ‘accomplice’ and approve it from the Legislature Parliament, they said. The government has added the provision in Financial Bill to control all kinds of revenue leakages and take actions against revenue leakages. The government has suspected the activities of auditors in the fake VAT bill scam. The Ministry has also brought some auditors under scanner and it is investigating more cases whether others are also involved in the scam or not.
However, the auditors tried to come clean saying Nepal’s existing law does not direct auditors to differentiate real and fake VAT bills. “Since the law does not clearly directs us to differentiate the bills, the association has asked the government to stop blaming them.
In an interesting demand, it has also asked the government to appoint economic experts in the ministry in a consultation with the association. Similarly, it has demanded the government to take its recommendation, in case of policy decision regarding auditors.
Source: THT
Auditor’s Association of Nepal (Audan) sought clarification of ‘accomplice’ in the Financial Bill 2011-12.
The Finance Ministry in its Financial Bill has said that it will fine 50 per cent to the accomplice, who helps in issuing fake bills, evade tax and create false firm hurting government coffer.
Chartered Accounts involved in producing or approving fake bill deliberately have to face 50 per cent fine, according to the new Financial Bill. The Finance Ministry has already asked Institute of Chartered Accountants of Nepal (ICAN) — regulatory body of Chartered Accountants (CAs) — to take action against auditors, if found guilty.
The association requested the government to give the details of ‘accomplice’ and approve it from the Legislature Parliament, they said. The government has added the provision in Financial Bill to control all kinds of revenue leakages and take actions against revenue leakages. The government has suspected the activities of auditors in the fake VAT bill scam. The Ministry has also brought some auditors under scanner and it is investigating more cases whether others are also involved in the scam or not.
However, the auditors tried to come clean saying Nepal’s existing law does not direct auditors to differentiate real and fake VAT bills. “Since the law does not clearly directs us to differentiate the bills, the association has asked the government to stop blaming them.
In an interesting demand, it has also asked the government to appoint economic experts in the ministry in a consultation with the association. Similarly, it has demanded the government to take its recommendation, in case of policy decision regarding auditors.
Source: THT
