Find Accountancy, Audit and Tax expertise in Rwanda
- Overview
- Profession
- Tax
Overview
Accountancy is an emerging sector in the Rwandan economy. Although the number of qualified accountants in the country is still low, it increased from about 14 in 2004 to around 45 in 2008. The Institute of Certified Public Accountants of Rwanda (ICPAR) was established in 2009. The National Bank of Rwanda (BNR) regulates financial reporting of banks and non-bank financial institutions and the Companies Act 2009 sets out the framework for auditing in the country. Rwanda is systematically aligning its accounting and auditing profession with international best practice standards. Compliance with International Financial Reporting Standards (IFRS) is in its initial stages though steadily growing. Banks, financial institutions and, since 2010, accounting firms are required to comply with IFRS. The recently established IPCAR is responsible for standard setting for accounting and auditing. According to the World Economic Forum’s Global Competitiveness Report (2012-13), Rwanda achieves a score of 4.6 out of 7 for strength of auditing and reporting standards, in line with the world mean. The World Bank Ease of Doing Business Index (2011) places Rwanda 165 out of 183 countries worldwide with regards to resolving insolvency, one place above neighbour Democratic Republic of Congo.
Profession
The Institute of Certified Public Accountants of Rwanda (ICPAR) is the independent professional accountancy body that oversees the industry. Although degrees and diplomas for the accounting profession are taught at local universities, certified accountancy qualifications can only be done abroad. Courses run by the UK-based Association of Chartered Certified Accountants (ACCA) are a popular choice.
Tax
Corporate income tax stands at 30% and personal income tax is determined by a progressive rate with a maximum of 30%. The World Economic Forum’s Ease of Doing Business Index ranked Rwanda an impressive 19th out of 183 countries for paying taxes. With regards to total tax rate, the World Economic Forum’s Global Competitiveness Report (2012-2013) gives Rwanda a score of 31.3, ranking 39th out of 141 countries worldwide, above neighbours Tanzania and Burundi.
| Accountancy, Audit and Tax organisations in Rwanda | |
|---|---|
| Association of Chartered Certified Accountants (ACCA) |
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| Institute of Certified Public Accountants of Rwanda (ICPAR) |
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| National Bank of Rwanda (BNR) |
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| Office of the Auditor General for States Finances |
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