4th National Convention of Accounting Professionals focuses on tax, PFM modernisation

KATHMANDU: The fourth National Convention of Accounting Professionals, under the theme "Transforming Economies Through Modernising Tax and Public Financial Management (PFM)", began in Kathmandu on Tuesday.

Deputy Prime Minister and Minister for Finance, Bishnu Prasad Paudel, inaugurated the programme. He expressed confidence that the convention would yield valuable insights by analysing the experiences of Nepali accounting professionals.

Minister Paudel highlighted the government's dedication to modernising the tax system, reforming tax policies, broadening the tax base, and curbing tax evasion. He also emphasised the importance of modernising and reforming public financial management, describing accounting professionals as vital contributors to this effort. "The nation has high expectations of this institution and its affiliates for good governance, transparency, and the optimal use of resources," he stated. Minister Paudel also encouraged students in the field to continue their studies with confidence, citing Nepal's potential and opportunities.

Shivaraj Adhikari, Vice-Chairman of the National Planning Commission (NPC), addressed the gathering, noting that the modernisation of the tax system and PFM are essential tools for transforming the economy. He stressed the need for improving tax policies and government spending, urging collaboration between the government and accounting professionals. Adhikari explained the NPC's proposal of a "planning bank" to ensure transparency in budget allocation by prohibiting budgets for projects costing less than Rs 30 million.

CA Prabin Kumar Jha, President of the Institute of Chartered Accountants of Nepal (ICAN), outlined the objectives of the convention, which include strengthening PFM and enhancing the tax system. He expressed confidence that the Ministry of Finance would consider the convention's recommendations while preparing the budget for 2025/26. Jha also stressed the necessity of adopting modern technology, data analysis, and international standards in tax administration.

Senior Vice President of the Auditors' Association of Nepal (AUDAN), Badri Prasad Bhattarai, remarked that a transparent and accountable tax system is crucial for economic discipline. Similarly, Arun Raut, President of the Association of Chartered Accountants of Nepal (ACAN), underlined the importance of digitalising Nepal's tax system and making tax payment processes more accessible.

Bamdev Sharma Adhikari, Deputy Auditor General at the Office of the Auditor General, emphasised the need for a sustainable tax policy to ensure economic prosperity. He also noted that although reforms have been implemented, further digitalisation is required to improve transparency and effectiveness.

Charanjot Singh Nanda, President of the Institute of Chartered Accountants of India (ICAI), delivered a presentation on the role of emerging technologies in improving PFM transparency. Ashfaq Yousuf Tola, President of the South Asian Federation of Accountants (SAFA), presented the keynote address on 'Innovative PFM and Tax Policies for Economic Prosperity'.

In his concluding remarks, ICAN Vice President Nil Bahadur Saru Magar highlighted the role of chartered accountants in advancing tax system digitalisation. The organisers noted that the two-day convention includes seven sessions on diverse topics, with over 1,000 accounting professionals in attendance.

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