Reform VAT system, make it business friendly: ICMAB

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Dhaka, Feb 16 - The Institute of Cost and Management Accountants of Bangladesh (ICMAB), a concern of the commerce ministry, organized a dialogue on ‘reformation to VAT system’.

The programme focused on the present context of appropriate VAT collection, structural reforms of VAT management, increase in VAT net and compliance with VAT law.

The programme was held on Tuesday evening at the ICMAB Ruhul Quddus Auditorium, in the capital.

Director General of the Department of Customs Intelligence and Investigation Dr. Md. Abdur Rauf was present as the chief guest while relevant committee members formed by the National Board of Revenue (NBR) were present as discussants in the dialogue.

The discussion was presided over by Md. Mamunur Rashid FCMA, President of ICMAB.

He said, “Cost audit is not a mere audit of expenses and financial accuracy; it is an audit of performance, efficiency and financial morality”. 

He called for adding cost of goods sold statement with company return after getting certification from Cost and Management Accountants, so the revenue of the NBR will be increased

He mentioned that Bangladesh is now an emerging country to invest. In that case, the VAT law and regulations should be business friendly.

Dr. Md. Abdur Rauf said, VAT System is a tax system based on accounting.

He agreed that Cost and Management Accountants in particular have a huge role to play in controlling production costs in the process of value addition and production. In order to make the Value Added Tax Act more modern, up-to-date and realistic, the recommendations will be taken into account.

Md. Mashiur Rahman FCMA, Deputy Project Director, National Single Window presented paper on the subject, Kazi Muhammad Ziauddin FCMA, Additional Commissioner, Customs, conducted the program. Abdus Sattar Sarkar FCMA,  Jayant Kumar Poddar FCMA and Md. Saifur Rahman FCMA were present as discussants. - UNB