The Cabinet approves MoU between ICAI and QFCA. Consequently, It will now have a positive impact on the economies of both countries. Therefore, to start availing the benefits, the business in India should hire experts for Bookkeeping and Accounting Services. In this article, we will read about the news of Cabinet clears India-Qatar deal on the Accounting Profession in detail.
What is ICAI?
The Chartered Accountants Act, 1949 constituted the Institute of Chartered Accountants of India (ICAI) as a legislative body to govern the practice of Chartered Accountancy in India.
The ICAI is the world’s second-largest professional accounting and finance body. Additionally, It assists businesses in meeting bookkeeping and accounting service specifications.
What is QFCA?
The Qatar Financial Centre Authority (QFCA), is a separate legal body developed under Law No. (7) of 2005 in Dubai.
Cabinet approves MoU (Memorandum of Understanding)
ICAI has a large membership base in the Middle East. It has approximately 6000+ members, and the Qatar (Doha) Chapter is one of the most active. Further, Members of the Institute of Chartered Accountants of India (ICAI) hold key roles in various private and government companies.
Therefore, India is eager to foster collaborations that benefit its services sector and cross-border professional mobility. Moreover, The signing of this agreement would help ICAI members in the Middle East gain greater recognition while also benefiting both countries economies.
Benefits and Impact of this decision
This decision will have several positive impacts. Some of the most significant are as follows.
- The signing of this MoU will give the ICAI Members in the Middle East a boost in better recognition.
- It will help Indian companies interested in doing business in Qatar.
- It will help in promoting the development of economies in both Qatar and India.
- The Ministry of Corporate Affairs, the Institute of Chartered Accountants of India, and the Qatar Financial Centre Authority will all benefit from this agreement.
- New Opportunities in the sector of corporate governance, technical analysis and guidance, quality assurance, forensic accounting, problems for small and medium-sized enterprises (MSMEs), and Islamic finance will also arise.
Cabinet to clears India-Qatar deal on the Accounting Profession
- The MoU aims to provide professional services in the State of Qatar in the areas of assurance and auditing, consultancy, taxation, bookkeeping and accounting services. Furthermore, The MoU will seek to increase opportunities for members of ICAI to provide professional services.
- ICAI and QFCA plan to collaborate and explore opportunities for Indian companies in Qatar by hosting roundtables, trade shows, job fairs, and other activities.
- QFCA and ICAI intend to work together to prepare and grow local Qatar professionals, entrepreneurs, and students through multiple training programs.
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