ICAI will soon prepare a road map for economic reforms, including simplification of tax structure, for the new Government that is expected to be in place next month.
"As a first ever-step by chartered accountants we want to put a economic road map for the new government," central council member of Institute of Chartered Accountants of India Anuj Goyal told reporters here.Suggesting simpler tax laws, Goyal said the present regime is complicated and includes huge compliance costs for the people."Presently, compliance costs for paying taxes is a lot and we want only limited number of taxes in the country and that people who can bear the burden of the taxes should only be taxed," he said. "We want more revenue to come in but with less taxes on the end user. Simplifying the taxation regime will reduce the leakages, compliance costs as well as collection costs," he added. looking to play a greater role in the nation building process, chartered accountants will suggest a road map that will help the new government - to be elected in May following the general elections .