FOR YOU: Deputy Chief Minister B.S. Yediyurappa (right) handing over the souvenir to Chief Financial Officer of Infosys T.V. Mohandas Pai at the inauguration of Karnataka State Chartered Accountants Association's 18th annual conference in Bangalore o n Saturday. President of KSCAA S. Krishnaswamy is seen. — Photo: V. Sreenivasa Murthy

Bangalore: Deputy Chief Minister B.S. Yediyurappa has said the Government is losing up to Rs. 8,000 crores in taxes due to it, and plugging loopholes in the tax collection system is a priority for it. Without surplus revenue the Government cannot widen its welfare programmes.

Speaking to presspersons after inaugurating the 18th annual conference of the Karnataka State Chartered Accountants' Association here on Saturday, Mr. Yediyurappa said chartered accountants know well the working of businesses and should follow the best practices and ethics of the profession. While the Government will try to rationalise the taxation system and simplify procedures, compliance on the part of industry and business is necessary for the financial health of the State.

The Government wants to encourage industry and business and will do everything possible to remove the negative perceptions of potential investors.

A time-bound programme to rectify the shortcomings in Bangalore's infrastructure is already on and will be completed within a few months, the Deputy Chief Minister said.

He promised to consider the allotment of a plot of land for a building for the association.

`No rift in BJP'

He said there is no rift in the Bharatiya Janata Party because some legislators did not find a berth in the Ministry, which was expanded on Friday.

He denied that there is any serious discontentment brewing in the BJP Legislature Party after the Cabinet expansion.

"We made maximum possible efforts to provide representation to all sections and regions from among the BJP legislators. I admit that women have not been included so far in the Ministry, and this anomaly will be corrected in the next phase of expansion of the Ministry," Mr. Yediyurappa said.

Valuable information

Infosys Technologies Chief Financial Officer T.V. Mohandas Pai said in his keynote address that the work carried out by chartered accountants often indicates the financial health of any corporate entity and provides valuable information to the top management. These often serve as advance tips for directors to put in place better fiscal control systems and improve the bottom line.

The economy of the country is going through a golden period of faster growth and the next 30 years will be exciting.

Chartered accountants will be a lot in demand in the coming years, Mr. Pai said.

Association President S. Krishnaswamy, Secretary M.V. Lakshmikanth and conference Chairman K. Raghu addressed the inaugural session.

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