Gov?t urged to link tax returns to audited statements [New Vision (Uganda)]
(New Vision (Uganda) Via Acquire Media NewsEdge) By Oyet OkweraThe Institute of Certified Public Accountants of Uganda (ICPAU) has called upon the Government to link companies' tax returns to audited financial statements.
The body believes that linking tax revenues to audited financial statements will raise more revenue and encourage companies to comply with accepted practices of accounting.
According to Derick Nkajja, the chief executive officer at ICPAU, linking company tax returns to audited financial statements will help reduce unprofessional accountants who dent the image of accountants in the country.
Statistics available at ICPAU indicate that there are over 1,930 registered accountants in the country.
Financial reporting refers to company initiatives to declare assets and make public full audited annual financial statements usually twice in a year through the media.
Small and Medium Enterprises (SMEs) have also been urged to embrace financial reporting and professionalise their companies in terms of book keeping.
Most SMEs in the country hire unprofessional accountants who misrepresent the firms in terms of growth. Nkajja was speaking in his office during an interview with New Vision about the third edition of Financial Reporting awards (FiRe).
The awards, sponsored by New Vision will be held on November.
Nkajja said the objectives of FiRe awards is to encourage effective communication of financial and business information as well as showcasing best practices.
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