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April 27: The implementation of the Corporate Social Responsibility (CSR) provisioned in the Industrial Enterprises Act has faced a dilemma. Though the government is preparing necessary regulations for the implementation of the provision, complications have been seen in materializing it.
The Act which was approved by the parliament a few months ago has made it compulsory by law. According to this, if any company does not follow the Act, the company will be fined 0.75 percent of their annual transaction amount.
Purushottam Nepal, Spokesperson of the Ministry of Industry (MoI) informed that CSR will be made compulsory from the current fiscal year itself. “The regulation will not be the condition for the compulsory implementation of CSR,” he said. “Currently, there is no option other than bringing the proof of certain amount that has been spent in CSR within the allocated time.”
The Act mentions that one percent of annual profit need to be separated by medium level, large and industries transacting more than Rs 150 million annually.
As per this, the companies should spend the allocated amount in specified areas by preparing annual plans and programmes. However, in the condition when the regulation has not been prepared, entrepreneurs are in dilemma in issues such as to how to determine whether or not CSR liabilities have been full-filled, and which areas will be considered as CSR liabilities expenditure areas.
Every company needs to submit their total transaction amount and progress report of plans and programmes carried out under CSR within the three months of the end of FY. The preliminary draft of the regulations has been already prepared by MoI and is now under discussion.
The ministry had earlier proposed to raise the amount in a fund and to spend in education of the poor children who are deprived of education. But the entrepreneurs have suspected the government of raising it in the fund as a form of taxation.
At a time when there are many funds with government remaining unspent, CSR amount should not be operated as a fund, said CNI President Hari Bhakta Sharma.
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