Convince your clients to pay their taxes and create a more tax-compliant environment, Finance Minister Yanamala Ramakrishnudu told Chartered Accountants.
Speaking at the inaugural of two-day ‘Dhyuti’, the State-level Chartered Accountants’ Conference-2016 here on Friday, he told CAs from across the State that greater tax revenues would help the government reduce its dependence on debt for funding welfare schemes. The auditors have an important role to play in national development, he added.
The unaccounted for wealth and incomes in the country would approximately be half of the Gross Domestic Product, the Minister for Finance and Planning, Commercial Taxes and Legislative Affairs said, calling for greater efforts by everyone to increase tax compliance. In the recent times there has been an increase in the inequality in society and the divide between the haves and have-nots can be reduced by ensuring greater tax compliance. The auditors should sincerely advise their clients to pay their taxes. Like every other professional, the CAs too have a code of ethics and they should follow it sincerely, Mr Ramakrishnudu said. The governments have been focusing on tax reforms to not only increase revenue but also reduce the burden of tax on common man, he added. MLC and president of GITAM University MVVS Murthy, ICAI president M Devaraja Reddy, chairman of SIRC of ICAI E Phalguna Kumar, chairman of Viskahapatnam branch K Ramachandra Rao and chairmen of AP branches apart from practising CAs and students were present.
