Accountability and internal control a must for NGOs

Accountability and internal control a must for NGOs: "Date : 2005-08-15
Accountability and internal control a must for NGOs
By Q Perera - Our Business Correspondent

Ernest & Young, Chartered Accountants, part of an International Accounting Firm has developed a 'Tool Kit' to help those organizations that provide humanitarian aid to Tsunami victims, to establish proper systems of accountability and internal control.

Adlair Goldberg, Ernst & Young, Jakarta, the author of the tool kit named as 'EYe Tool Kit' explained the details of the tool kit at a brief seminar arranged in association with the Consortium for Humanitarian Agencies held at Ceylon Continental Hotel, last week.

Ms Lakmali Nanayakkara, Tax Partner, Ernst & Young Colombo explaining the nature of the NGO Tax Law said the law proposes that NGO's pay tax at 30 percent on a taxable income computed at 6 percent of grants and similar receipts and said that exemptions are considered by the Minister of Finance and the Commissioner General of Inland Revenue.
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