ICMAB organized a Seminar on “Income Tax Act, 2023”

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized a CPD Program on “Income Tax Act, 2023” on September 22, 2023 at 4.00 p.m. at its ICMAB Ruhul Quddus Auditorium, ICMA Bhaban, Nilkhet, Dhaka.

Mr. Abu Hena Md. Rahmatul Muneem, Senior Secretary, Internal Resources Division (IRD) & Chairman, National Board of Revenue (NBR) graced the program as the Chief Guest, while Mr. Md. Iqbal Hossain, Member (Taxes Appeal & Exemption), National Board of Revenue (NBR) was present as the Special Guest.

Mr. Ranjan Kumar Bhowmik FCMA, Former Member (Tax), National Board of Revenue (NBR), presented a paper on “Income Tax Act 2023” as the Resource Person and Mr. Bapan Chandra Das, Second Secretary (Tax Education & Advertisement, Tax-11), National Board of Revenue (NBR) attended the Program as Discussant.

Mr. Arif Khan FCMA, Past President and chairman of the Corporate Award Committee of ICMAB, delivered the welcome speech. He stated that today’s seminar on this subject is highly significant, given that most of the funds allocated in this year’s budget will be managed through the operations of NBR, and we are pleased to have the Chairman among us. Mr. Khan added that ICMAB’s members hold distinguished positions in various organizations, including the government. Many of these members are practicing income tax and assisting the government in bolstering the national economy. He emphasized the need to improve the Tax-to-GDP ratio, as it is somewhat lower compared to other regional countries.

The President of ICMAB Mr. Md. Abdur Rahman Khan FCMA in his presidential speech told that as a government entity and as routine work of a professional organization, ICMAB placed its various proposals on budget by collecting opinions from our members. President ICMAB then briefly appraised the glorious evolution of the Cost Accounting profession and its objectives, including how it has been assisting the policymakers to make the right decisions through proper analytical analysis and addressing the growth thus helping in developing that organization. He added that there are so many scopes for the Government to take specialized services of Cost and Management Accountants, but due to inadequate address, these professionals could not serve there and they are deprived of getting huge financial benefits. He said that in several Acts of the parliament, ICMAB’s accountants are equivalent to other professional accountants. However, we are not being considered for employment despite the high demand in various sectors. 

Chief Guest Mr. Abu Hena Md. Rahmatul Muneem, Senior Secretary, Internal Resources Division (IRD) & Chairman, National Board of Revenue (NBR), said in his speech that we took the initiative to change the long primitive Income Tax Act, 1922 into the Income Tax Act, 2023. We had faced so many challenges, but we did not refrain. We tried to make the law user-friendly and easy for everyone to understand. There might be changes required, and we might not be able to address all the issues, but we are currently in the process of incorporating these changes if they are proposed adequately by the stakeholders. He added that if the opportunity arises, we will proceed. We have advanced in our development parameters compared to our neighbours, and this achievement is attributed to our tax system, he opined.  

Mr. Ranjan Kumar Bhowmik FCMA, Former Member (Tax), National Board of Revenue (NBR) presented a paper on “Income Tax Act 2023”. In his presentation, Mr. Bhowmik showed the national budget at a glance, salient features of the new income tax law, 2023, changes in the tax rate, wealth surcharge, rebate, new heads of income, changes at individual tax, corporate tax, tax audit procedure, TDS, TIN de-registration, electronic tax system etc. As always he made his presentation quite enjoyable with his natural humor. Mr. Bapan Chandra Das, Second Secretary (Tax Education & Advertisement, Tax-11), National Board of Revenue (NBR) Discussed on the presented paper.

Special Guest Md. Iqbal Hossain, Member (Taxes Appeal & Exemption), National Board of Revenue (NBR) answered the questions raised on different issues of the new Income Tax law.

A significant number of ICMA members attended the program physically, while many others joined virtually from home and abroad.