1. Below are the accounting bodies of various country’s world over on date, In spite of this, they have separate bodies/legislation for regulation of Tax Professionals. Reason being, situation similar to that of latest Supreme Court verdict in the case of Bar Council of India Vs A.K.Balaji about Practice of Law by only Advocates/Attorneys arisen (See Exhibit-1). More over each professional body mentioned below possess members in the range of 1,00,000 to 5,00,000. In fact, in all below mentioned country’s, population is less & existing members are sufficient to meet the requirement of their economy. Indian position is different. India is highly populated, existing 65,570 practicing Chartered Accountants spread throughout India does not meet the requirement of our country (See Exhibit-2). Therefore, India needs Tax Practitioners Bill to generate Tax Professionals to support voluntary compliance for widening genuine tax base of assesses.
AICPA (USA), ACCA (UK), CICA(Canada), CGA (Canada), CICMA(Nigeria), CIMA(UK),CIPFA (UK), CPA (Australia), GCPAS (Germany), ICIA(Canada), HKICP (Hong Kong), ICAA (Australia), ICAEW (UK), ICAI (Ireland), ICAI (Financials-India), ICAI (Cost & Management-India) ICAS (UK), ICMAP (Pakistan), IFA (UK), MIA(Malaysia), NZICA (New Zealand), PICPA (Philippines), SAICA (South Africa), MIA(Malta)
2. Our esteemed Central Govt. should come out with subordinate legislation; introduce Tax Practitioners Bill covering all Tax Law Professionals in India also. Such Tax Practitioners Bill should be introduced with preamble stating that “Majority of person practicing tax law in India are Non-Advocates, in order to protect them & also in the interest of Govt. revenue, this Tax Practitioners Bill has been introduced”. Then such Tax Practitioners Law can not be struck down in view of SC verdict in the case of Bar Council of India Vs A.K.Balaji. Treasury Department Circular No.230 for regulations governing practice before the Internal Revenue Service in USA (See Exhibit-3) & Tax Agent Service Act of Australia (See Exhibit-4) are very good examples for kind consideration of Deptt. of Revenue, Ministry of Finance, Govt. of India to have similar Tax Practitioners Law in India also, to widen genuine tax base of assesses.
3. Among Legal Practitioners, Cost & Management Accountants, Company Secretaries, Chartered Accountants and Income-Tax Practitioners, who wants to practice tax law in India, should mandatory seek registration under Tax Practitioners Law, whatever their parent body say is immaterial & Tax Practitioners Law should recognizes the qualifications acquired by all five class of Tax Professionals mentioned above. Population wise India is a large country, Govt. can not relay on one professional body for seeking voluntary compliance under Indian taxation laws. Tax Practitioners Bill is well suited to India, required for India & need of the hour. Why can’t India have professional body to generate Tax Professionals to support voluntary compliance for very purpose of collection of revenue under all Indian taxation laws. I hope Deptt. of Revenue, Ministry of Finance, Govt. of India will consider this suggestion of mine working in the interest of all Tax Professionals and Govt. revenue since 2001.