ICMAB ‍holds 2-day long workshop on “VAT Compliances: Role of CMAs”

An effective VAT audit system based on integrated audited accounts may be introduced where CMAs can play a vital role as a catalyst to the taxman. A comprehensive reform of the value-added tax (VAT) regime and automation can facilitate it for both taxpayers and businesses.

Speakers said this at the concluding ceremony of the two-day (March 4-5, 2022) workshop styled ‘VAT Compliances: Role of CMAs’ hosted by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) on Saturday (5 March) evening at ICMAB Ruhul Quddus Auditorium.

National Board of Revenue (NBR) chairman Mr. Abu Hena Md Rahmatul Muneem attended the event as chief guest and FBCCI president Mr. Md Jashim Uddin as special guest. ICMAB president Mr. Md Mamunur Rashid FCMA, seminar and conference committee chairman and past President, ICMAB & SAFA Mr. AKM Delwer Hussain FCMA, among others, spoke there. ICMAB council member and past president Mr. Abu Sayed Md Shaykhul Islam FCMA presented a theme paper of the event.

ICMAB President said that CMA professionals can create a great impact by putting their expertise for ensuring clarity in various economic aspects. He requested the honorable guests to create more scope for the CMA professionals in relevant fields so that they can give their effort for the development of this country. He emphasized to add Cost of Goods Sold statement with company return after getting certification from Cost and Management Accountants. As a result the revenue of the NBR will be increased. He mentioned that Bangladesh is now emerging country to invest in South Asia. In that case, the VAT law and regulations should be business friendly.

NBR Chairman says ensuring compliance of the corporations is essential for better operations of businesses and VAT collection. Widening tax net is also a must for easing tax burden, he adds. The government has taken initiative to bring the entire VAT system under automation to prevent VAT evasion and ensure greater transparency and accountability. FBCCI President suggests that the government pay attention to businesses so that they can cooperate with the taxman.

Three technical papers were presented at the workshop. ICMAB treasurer Mr. Md Ali Haider Chowdhury FCMA and Mr. Mallik Intaqab Ahsan FCMA presented a paper on ‘VAT and VAT Accounting’ in the first technical session. Mr. Faruque Sikder FCMA presented a paper on ‘VAT and Accounts Automation’ while customs additional commissioner Kazi Muhammad Ziauddin FCMA on ‘VAT Reforms’ in the second and third technical sessions respectively.

Dr. Md. Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council (FRC); Syed Musfequr Rahman, Commissioner, Customs, Excise and VAT, NBR; Dr. Md. Abdur Rouf, DG, Customs Intelligence and Investigation, National Board of Revenue Chaired different sessions. Mr. Md. Mashiur Rahaman ACMA, Joint Commissioner, NBR; Mr. Fahmid Wasik Ali FCMA; Mr. Md. Shafiqul Alam FCMA attended different technical sessions as Commentators. Among others ICMAB Vice-President Mr. Md. Munirul Islam FCMA and Secretary Mr. A. K. M. Kamruzzaman FCMA attended the workshop.