Accounting for CPEC projects
Accounting for CPEC projects is no different from accounting for any other enterprise in Pakistan. As accounting for other sectors/ businesses is mandatory so is accounting and record-keeping for CPEC projects.
Accounting and Bookkeeping for CPEC Projects
CPEC is a big game changer for Pakistan and will help reduce unemployment bringing prosperity and opportunities for various sectors, they added.
However, the key is that the Government will have to bring more transparency in CPEC related projects and issues. More information and openness policy will have to be adopted for financial experts, the speakers opined.
CPEC is a China-Pakistan joint collection projects relating to infrastructure development, funded and financed by China. There will companies in CPEC, businesses, establishments, groups of companies, shops in CPEC.
Accounting for CPEC Projects is Mandatory
China Pakistan Economic Corridor is attracting other nations to invest in Pakistan-China as this is one of its kind joint venture.
Of course there are tax exemptions / concessions enjoyed by CPEC projects as part of plan and agreement signed between both the countries.
The Necessity | Accounting for CPEC Projects
Despite all the tax concessions and exemptions extended by Government of Pakistan the CPEC projects still have to comply with local laws and accounting standards while recording there accounting transactions.
Since the CPEC is exempt from tax, in fact enjoying tax reductions as well on the same time they are also required to file withholding statements on monthly basis. The need of deducting taxes will arise while making payments to local companies in Pakistan.
There are reasons on why accounting for CPEC project is vital.
- Having a Competent System
- Your Financial Statements
- Understand & Control your Expenses
- Budgeting and Planning
- Manage Receivables and Avoid Bad Debts
- Management Dashboards
- Rely on Updated Financial Records
- Manage your Receivables Effectively
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