Pre-budget Webinar

Speakers for reviewing tax, VAT

Staff Correspondent

23 May, 2021 12:00 AM printer

Speakers for reviewing tax, VAT

Speakers in a pre-budget webinar on Saturday have urged the government to reform existing VAT, tax and excise duty rate in line with global standard and digitalised the whole sector to stop harassment and waste of time.

 They have emphasised simplify the rules relevant with VAT, income tax and customs and suggested the government to be prudence in resource allocation in education, agriculture, health and for employment generation.

 The pre-budget webinar titled “National Budget 2021-2022” organised by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) held on Friday night. The members of ICMAB, ex- chairman of NBR, economists attended the webinar.

Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister Sheikh Hasina was present as the chief guest at the webinar.

Dr. Atiur Rahman, Bangabandhu Chair Professor of DU and former Governor of Bangladesh Bank, Mosharraf Hossain Bhuiyan, former NBR Chairman and Ambassador of Bangladesh to Germany Md Farid Uddin, Former Member, Customs and VAT of NBR, Professor Dr. Mustafizur Rahman, Distinguished Fellow, Centre for Policy Dialogue (CPD) joined the webinar as discussants.

Md. Mamunur Rashid, Vice-President of ICMAB, moderated the webinar.

Ranjan Kumar Bhowmic, former member (Tax Survey and Inspection) of NBR and Kazi Muhammad Ziauddin, Additional Commissioner of Customs, a wing of NBR, made presentation on the salient features of the national budget.

Besides, ICMAB President Abu Bakar Siddique, President of SAFA AKM Delwer Hussain and Md. Jasim Uddin Akond, Vice-Chairman of ICMAB also spoke the webinar.

The paper presenters said currently the company submits their annual returns along with Financial Statements certified by the Chartered Accountants Firms.

So, it becomes impossible to check Cost of Goods manufactured or Cost of goods sold or Cost of sales statements vertically and horizontally.

Therefore in the income Tax Act, section 35 (3) (C), “quantitative analysis of cost statement should be signed by the Cost and Management Accountant (CMA)” words to be added.

The discussants put emphasis on food and agricultural safety, medical and health security, national disaster management, industrialization and capital market development, providing special incentives to garments sector, special incentives for aviation and transportation.