Fourth national conference of accountants begins in capital

By A Staff Reporter,Kathmandu, Apr. 9: The fourth national conference of accounting professionals has begun in Kathmandu since Tuesday with the slogan 'Transform economies through modernisation of tax and public financial management'.

Inaugurating the conference organised by the Institute of Chartered Accountants of Nepal (ICAN), Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel said that the government is working seriously to modernise the tax system, reform tax policies, expand the scope of tax net and discourage tax evasion.

He expressed confidence that the conference will draw appropriate conclusions from the analysis of the experience gained in the history of the accounting profession in Nepal.

Pointing out the need for modernisation and reform of public financial management, DPM Paudel said that accounting professionals will have an important role in this.

 "The nation has great expectations from this organisation and those associated with it for good governance, transparency, and maximum and highest utilisation of resources," he said. "I believe that there will be more effective and organised efforts from those here to fulfill that expectation."

Stating that Nepal has a future and there are many opportunities to work here, he urged students of this sector to pursue their studies with confidence.

On the occasion, Vice-Chairman of National Planning Commission Prof. Dr. Shiva Raj Adhikari said that the conference has raised modernisation of the tax system and public finance management as the main tools for transforming the economy, which is important for the government's planning and economic reform.

Adhikari said that as there is a need for reform in both Nepal's tax system and the government's spending system, the government and accountants should work together on this. 

"The NPC has talked about the Project Bank, and has said that budget allocation should not be made for projects worth less than Rs. 30 million," he said. "All this is to maintain transparency in budget allocation. Accountants hold the same view. This is also the right time for both to work together."

President of ICAN, CA Prabin Kumar Jha said that the conference will play an important role in strengthening the public finance management system and reforming Nepal's tax system. 

He expressed confidence that the Ministry of Finance would incorporate the conclusions of the conference as the government prepares to formulate the budget for the upcoming fiscal year 2024/25. 

Stating that modernisation of tax administration, use of technology, analysis of data, and adherence to international practices are the current needs, he said that accountants still have work to do in this regard.

"We have made a lot of progress in the field of taxation in the past, but there is still work to be done. Even now, accounting and financial reporting systems are not implemented in the business decisions of organisations," he said. "This needs to be improved. Only when decisions are made based on financial data, businesses understand our value."

The conference, which will last until Wednesday, will feature a total of seven sessions on various topics.

According to organiser, more than 1,000 accounting professionals are participating in this conference.