Skip to main content

Skill Gap in Accounting - Nepalese Context

Its not only Nepal but big countries like USA are also facing the Skill Gap in Accounting. No matter how big and sophisticated your profession is, there is always an opportunity to evolve to the dynamic market environment. My last article was about how we can fill those gap in Nepal by introducing curriculum in universities considering what market needs.

You can go through article, provided on the link below, to understand what kind of skills gap USA  has and what authors articulate potential solution. One thing to highlight, though, is he also agrees on the fact that we need an integrated approach between curricula, competencies, and training that aligns with the way business is actually conducted for sustainable value creation.

More on the link below: 

https://www.cpajournal.com/2017/10/06/accounting-profession-committed-closing-skills-gap/
(Article By: Jeff Thomson, CMA, CAE is president and CEO of the Institute of Management Accountants, Montvale, N.J.)

Comments

Most Viewed

Tax Collection Agency codes for IRD Offices all over Nepal

Inland Revenue Department Nepal has published the agency codes that shall be used for the collection of direct and indirect taxes for the general public's information. Each code consists of 9 numbers. There are in total 59 agency codes currently in use. From these codes, we can classify that there are four types of IRD offices currently in operation. 1) Inland Revenue Office 2) Tax Payer Service Office 3) Large Tax Payer Service Office, and 4) Medium Tax Payer Service Office When shall you use these codes? It shall be used while choosing the agency where the tax should be deposited while completing the form for depositing the taxes. Agency Code list below: S.N. Agency Code Name Address 1 305011620 Inland Revenue Office Lahan 2 305030201 Tax Payer Service office Phidim 3 305030301 Tax Payer Service office Illam 4 305030401 Tax Payer Service office Khandbari 5 305030601 ...

Download Income Tax Act 2058 updated through Finance Ordinance 2078

There are numerous reforms made by the Finance Ordinance 2078 in the Income Tax Act 2058. The biggest winner seems to be Small businesses having turnover up to NRs. 1 crore as they are now covered under the presumptive tax/turnover basis taxation. Unlike earlier, the condition of not having registered in VAT has also been removed. It has somewhat the lessened tax burden but doesn't mean one should refrain from keeping from books of accounts. Earlier such presumptive tax was available only for a resident person having income from business up to NRs. 20 lakh and profit of NRs. 2 lakh. Now, it has been increased to NRs. 30 lakh and taxable income of NRs. 3 lakh.  Similarly, turnover tax has been increased from earlier NRs. 50 Lakh to NRs. 1 crore in case of a business. Now, the new slab applicable is as follows: Turnover above NRs. 30 lakh up to NRs. 50 Lakh conducting Gas & Cigratte business with 3% commission or value addition: 0.25% of turnover other business:  0.3% of tur...

Types of Industries in Nepal

Industrial Enterprise Act that came into effect from 2076 B.S has classified industries into 5 different types. 1) Micro Enterprise: For any industry to be termed micro-enterprise, it must fulfill the following conditions: Fixed Capital worth up to Rs. 2 million (20 lakhs) excluding land and building Entrepreneur himself/herself is involved in the operation & management of the enterprise, A maximum staff member of nine including entrepreneur himself/herself. Annual turnover less than Rs. 10 million (1 crore) Uses 20 Kilowatt or less powerful motors, in case, the enterprise uses plant, machinery or equipment  2) Cottage Industry: For any industry to be termed as Cottage Industry, it must fulfill the following conditions: Based on Traditional Skill and technology Are labor-intensive and require specialized skill or local raw materials and based on local technology, art, and culture. Uses 50 Kilowatt or less powerful motors, in case, the enterprise uses plant, ...