articles | 02 September 2021

Accountants to have bigger say in important investments

Chartered accountants will be given a role in speeding up investment projects deemed “strategic” by the state, according to a bill still in the public consultation stage.

Besides their usual role in attesting the legality of the investments’ implementation, accountants will also have a role in evaluating the plans.

One of the incentives the bill provides to strategic investors is that the plans will be approved and formally given the go-ahead within 45 days.

If, for any reason, the commission entrusted with this task fails to stick to the deadline, the investment proposal is transferred to a chartered accountant or an accounting firm.

The accountants then have eight days to decide on the merits of the investment.

Accountants will also have sole authority to recommend that the government pays the investors a down payment of up to 25% of the agreed subsidy when spending on the investment reaches at least 25% of the total.

Authorities will have 20 days after the accountant or accounting firm certifies the progress of the investment to deliver the down payment, without the involvement of state bureaucracy.

Source: Knews

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