Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ACCOUNTING STANDARD :: cpt :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: form 3cd :: VAT RATES :: articles on VAT and GST in India :: VAT Audit :: empanelment
 
 
« News Headlines »
 Directions under section 119 of the Income-tax Act, 1961
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful

ICAI: Open doors, but seek level field in foreign
July, 08th 2010

The Institute of Chartered Accountants of India (ICAI) has urged the government to ensure that Indian accounting firms get a level playing field in foreign countries, as the country is considering unrestricted practising rights to foreign firms.

Responding to a commerce ministry query on its position with regard to the accounting sector under the World Trade Organisation (WTO) regime, the countrys apex audit regulator called for a reciprocal arrangement with other countries to ensure that Indian firms get equal opportunities abroad.

What we seek is equal opportunities for domestic firms in other territories through removal of non-trade barriers, said an ICAI official. The regulator clarified that it is not averse to competition of any kind, he said, requesting anonymity.

The regulators views assumes significance due to the fact that the government is considering to allow unrestricted access to multinational audit firms. Currently, foreign audit firms are allowed to practice only in areas such as management consulting and advisory.

Allowing foreign firms to do audit here will require several changes in the countrys policy framework.

The commerce ministry, ministry of corporate affairs and the Reserve Bank of India are in favour of opening up the sector to foreign participation, a move that is expected to ensure greater accountability of multinational firms operating in India. MNC firms, even though not allowed to conduct statutory audits in India, enter into tie-ups with domestic firms to conduct audit of local firms.

The government is likely to take the regulators views seriously while framing the new policy structure governing the audit profession.

Domestic firms should be given unqualified access in countries that have their firms practising in India, said an official in the ministry of corporate affairs.

While agreements with countries such as New Zealand, Canada and UAE are under consideration, the ministry recently allowed Indian chartered accountants to offer their professional services in Ireland under a reciprocal arrangement.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions