Make tax laws efficient, effective: Vyas

Ahmedabad, Nov 22 (UNI) Gujarat Health Minister Jaynarayan Vyas today underlined the need for efficient, effective, equal and easy to understand taxation laws.

Inaugurating the 31st all-India Accounting Conference and seminar on accounting and research, Mr Vyas said the tax structure must be transparent, the balance sheet should reveal the economic conditions of a company. Investor has the right to know about the correct economic status of the company.

He said in the present scenario, banks of the developing nations ought to take lessons from Indian banking institutes. Tax should be collected just like the honey-bees suck nectar out of the flower.

The two-day conference and seminar are organised jointly by Gujarat University and Indian Accounting Association at university campus here.

Mr Vyas said in the era of globalisation, no country could operate in isolation, entire universe was interconnected.

''We need to adopt modern technologies. More regulations are not the answer to the frauds. Our accountant must become tech-savvy,'' he noted.

Vice Chancellor of Gujarat University Dr Parimal Trivedi highlighted the innovative efforts of the university to remain in step with the rapidly changing educational milieu in the world.

UNI HT SSS GL UCS1644