ICMAB held Discussion on National Budget 2023-24

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized “Budget Discussion” on National Budget 2023-24 on June 13, 2023 (Tuesday) evening at its Ruhul Quddus Auditorium, Nilkhet, Dhaka.

Mr. M. A. Mannan MP, Honorable Minister, Ministry of Planning, Government of the People’s Republic of Bangladesh graced the occasion as the Chief Guest.

Mr. Ranjan Kumar Bhowmik FCMA, Former Member (Tax), National Board of Revenue (NBR) presented a well-articulated paper on “Income Tax”. He presented the paper on the basis of proposed Income Tax Act, 2023 in respect to the changes made at Income Tax Law. In his presentation he also showed the changes at tax rate, wealth surcharge, rebate, Individual tax matter, corporate tax matter, and the change at Tax Deducted at Source etc.

Dr. Md. Musfiqur Rahman FCMA, Professor, Dept. of Accounting & Information Systems, University of Dhaka presented a paper which briefly analyzed national expenditure budget for 2023-24 fiscal year and revenue structure of the Budget 2023-24 which was presented in parliament on 1st June 2023 while Mr. Md. Mashiur Rahaman ACMA, Joint Commissioner (CC), Customs Bond Commissionerate, National Board of Revenue (NBR) presented a paper on “Customs and VAT” in the program.

Dr. Selim Raihan, Professor, Department of Economics, University of Dhaka attended the program as Discussant. Dr. Selim in his speech covered all three presentations and overall budget proposal. He said that we should focus on macro-economic stability. For proper management and earning more revenue infrastructure development should be ensured, internal market should be managed prudently and we should focus on the reform of critical sides. At this challenging period, we should not go for more growth and focus on inflation management, he added. He is hopeful that this situation will not continue for long and good day will come.

Mr. Md. Abdur Rahman Khan FCMA, President, ICMAB delivered the welcome statement at the event. Mr. Khan said ICMAB’s Vision is to help Bangladesh become an industrialized nation by promoting and regulating Cost and Management Accounting profession to enhance economic competitiveness and quality of life. This vision is fully aligned with the vision of the father of the nation and his competent daughter Honorable Prime Minister Sheikh Hasina to become a developed and smart country by 2041. He added, ICMAB always try to contribute with utmost sincerity and professionalism in all important national issues including the National Budget. This year ICMAB submitted a good number of budget proposals to NBR regarding Income Tax, VAT and Customs issues. He further added gladly that many of the proposals of ICMAB have been incorporated in the new Income Tax Act 2023 and in the Finance Act 2023.

The Chief Guest Mr. M. A. Mannan MP at his speech expressed all positive notes that good time will come as we have overcome corona worldwide. The global economy will rebound and as other countries are coming out of the critical phase, Bangladesh will also go with this phase. We should be optimistic. He added that our economy is standing on three pillars: remittance, export, agriculture. He said that already we have significantly developed in agricultural field and will improve in rest two and we should focus investment in rural areas. He added, level playing field must be ensured in every aspect, in political life as well as professional life.  At last he expressed that he is hopeful that Bangladesh will overcome this situation with the guidance of our honorable Prime Minister and hard work of all of us.

 The Secretary of the Institute Mr. Md. Kausar Alam FCMA offered the vote of thanks. The charismatic presentation of Mr. Arif Khan FCMA, Past President & present Council Member, ICMAB as Session Chairman gave the program an exquisite dimension.

All the participants learnt a lot from the three presentations made by the learned resource persons on the new Income Tax Act, specially, the changes from previous law, regarding the changes made in VAT & Customs Laws and Regulations through the Finance Act 2023 and how government are spending Taxpayers money, whether or not proper budget allocations are given to the priority sectors.

Therefore, the discussion program was vibrant and interactive with the active participation of all. A good number of ICMA members from home and abroad attended the program in person and through virtual platform.