The Accounting and Taxation sector has undergone a radical modification with the introduction of new acts and laws. With the client demand increasing overtime, the accounting and taxation firms are setting major goals to accomplish the client’s requirements with their core strengthens.
In an interview with Insights Success, Mayur B. Nayak , Founder of M. B. Nayak & Co. gave some insightful answers highlighting the influences made by his firm, service offerings, winning honors, tackling challenges, current and future perceptions.
With over three decades of rich experience, Mayur B Nayak, is a prominent personality in the Accounting and Taxation fraternity. His principled work ethical approach and sheer contribution has successfully met the harbor of success.
- Kindly brief us about the company.
Established in August 1987, “M. B. Nayak & Co.” renders a range of services to its clients in three different verticals, each headed by competent professionals:
i. Consulting Practice
Under this vertical the Firm renders consultancy services in the field of International Taxation, Foreign Exchange Management Act (FEMA), Cross Border Structuring/Investments and Transfer Pricing, to Indian Companies, Multi National Enterprises (MNEs) and high net worth individuals.
ii. Audit and Assurance Practice
The firm provides services in respect of Statutory Audit under the Companies Act, Bombay Public Trust Act, etc., Transfer Pricing Audit, and Tax Audit. The firm also undertakes Internal Audit, Due Diligence Audit and implementation and/or documentation of the process and Risk Control Matrix as mandated under the Companies Act, 2013 regarding Internal Financial Control System of a company.
iii. Financial Services and Business Consultancy
The firm is engaged in financial analysis for two leading banks in India for over 20years. Other areas serviced by this vertical include “Project Financing and Venture Capital Funding”. The firm also undertakes consultancy in respect of business restructuring as well as turn around strategies.
2. Please tell us about your Founder/CEO and his/her contribution towards the company and the industry.
Mayur B. Nayak B.com, F.C.A., is the Founder of M. B. Nayak & Co. a firm of Chartered Accountants practicing for the past 30 years. Clearing B.Com.in First Class from Mumbai University, he is a Rank Holder in C.A. Final examination as well.
He held the office of President of the Bombay Chartered Accountants’ Society (BCAS) for the year 2010-11. He was Chairman of the Human Resources Committee for four years. Presently, he is Chairman of the International Taxation Committee. He is trustee of the BCAS Foundation.
He has authored a monograph on “Permanent Establishment” published by the Chamber of Tax Consultants (CTC), Mumbai. He has co-authored a book titled “Mauritius- International Business and Tax Strategies” published in 2002. He has co-authored a publication entitled “Tax and Treaty Guide” published by BCAS. Further, he is a co-author of the publication entitled “Comprehensive Handbook on Non-Resident Taxation & FEMA”.
He contributes to the monthly column “FEMA Update” in the “Income Tax Review” published by CITC.
He has jointly contributed to the branch report on “Source and Residence: New Configuration of their Principles” on behalf of India Branch, discussed at the 2005 Buenos Aires Congress of the International Fiscal Association and published in the CAHIER.
He is regular speaker at the International Taxation Courses conducted by ICAI, Foundation for International Taxation and BCAS. He has presented papers, led group discussions and delivered talks at various professional fore including ICAI, chambers of commerce, as well as public sector banks and contributed articles to various professional journals and newspapers in the arena of International Taxation, Domestic Taxation, Transfer Pricing, FERA and FEMA.
He is an accredited trainer in “Spiritual Healing”; conducting regular courses on “Parashakti Chikitsa” with the blessings of Dr. Harish Joshi and Sri Sri Mahavatar Babaji. He represents Mumbai sub-chapter of the Indian Spiritual Healing Foundation, Rishikesh.
He is a regular Runner participating in Half Marathon (21 kms.) every year at the Standard Chartered/Tata Mumbai Marathon event.
He is Chairman of the MILT Charitable Trust, Mumbai which organized a successful national level convention, “Joyfest 2016”. He has served as a trainer at the Chinmaya Mission, conducting workshops on the module of “Emotional Transformation” for the benefit of fellow humans.
- What intrigues you most about the account and taxation system?
We are a partner in nation building in that we help government to raise resources and help tax payers in discharging their obligation through timely compliances. Accounts help a person to keep track of his earnings, plan his financial affairs and utilize his resources in the most efficient manner. There is a lot one can learn from accounting in life: credits and debits remind us of good and bad karmas, profits and losses remind us of winning and losing in life and above all, the balance sheet should wake us up balancing between work and personal life.
- Kindly mention the awards and accolades received by the CEO and the company?
CA Mayur Nayak, the founder, is a co-author of “International Taxation” column in BCAS Journal for the over 20 years and was the recipient of the Best Feature Award in the year 1999-2000.
On 16th July 2011 he was conferred the “Scholar of the Year” award by the Ness Wadia College of Commerce, Pune in recognition of his contribution to the profession of Chartered Accountants and in the field of International Taxation. He delivered 43rd Founding Day Talk at the Ness Wadia College on 16th July 2011 on the subject of “Good Governance and Accountability – A Perspective”.
In 2015, he was featured in the Guinness Book of World Records, and was awarded the Certificate of Participation under the category: “The most people running up a single mountain” at the PNB MetLife Satara Hill Half Marathon on September 6, 2015.
He has won national awards for writing essays in pscho-spiritual subjects at the MILT (McGrath Institute of Leadership Training) National Conventions in 2016 and 2017. In the 2017 national convention of MILT, called Loveall’17, he won a national level completion for delivering a talk on Principles of Human Relations.
- What are the major challenges the company has faced over the years in terms of growth, and evolving new players in the industry?
The profession of Chartered Accountancy has passed through many challenges over the past three decades. It has evolved in terms of sophistication and service standards. The major challenges in the recent past are with respect to (i) rapid changes in various laws: introduction of Ind-AS (Indian Accounting Standards, New Companies Act in 2013, GST Act, FEMA and so on; (ii) digitization of tax compliances, E-assessments etc., and (iii) growing expectations of all stakeholders. Arrival of Multi-national accounting firms in India has increased competition, but has also helped improving service standards.
The firm has developed capabilities and bandwidth to deal with challenges posed by the continuing economic scenario.
- What are your views regarding the current reforms and acts and what measures are taken to incorporate it in the company?
The firm has geared up to face the challenges posed by the fast changing Indian economy. The proprietorship firm got upgraded to partnership with induction of two young partners, namely, CA Hardik Mehta and CA Sanket Narolkar.CA Hardik Mehta was encouraged to do CPA from USA to service US bound clients. CA Sanket is equipped with DISA (Diploma in Information System Audit) from ICAI to carry out audits in a computerized environment. With these changes, the firm is equipped with varied skills.
- Kindly share with your Vision and Mission of your organization.
“To create a value based organization which generates value for all its stakeholders, namely, partners, clients, government, staff and society.”
“To render the quality services in the most efficient manner.”
- What is your key mantra that has driven you for the past three decades?
The passion to make a positive difference in our clients’ lives, which is not only ecologically sound but also sensitive to societal needs.
- What are your future perspectives?
Services of accountancy, audit and taxation are becoming sophisticated. Structures based on tax avoidance will no longer hold good. Businesses need to reconcile to pay their taxes honestly and on time. The dividing line between tax avoidance and tax evasion is getting blurred. Any structure perfectly legal in form will not be accepted unless there is an underlying substance. Compliances are on a rise, which will put further pressure on the profession. Availability of skilled staff will continue to be a challenge. The accounting firms has need to invest more in staff training, especially in technical areas and soft skills up-gradation, infrastructure, and practise management software to remain competitive, relevant so as to increase the service standards eventually. For this, they will have to increase their fees substantially. The firms also need to factor in rising expectations from government, banks and financial institutions, clients and various other stakeholders. Appropriate safeguards will have to be built in to withstand risks which are part and parcel of any professional endeavor.
We are committed to make Indian Multinationals valid and effective players on the world stage.
- Please share a quote that best describes your company.
We are big enough to specialize and small enough to personalize.