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May-June-2020-Full-.Pdf Bi-monthly Journal of the ICMAB Contents ISSN 1817-5090 VOLUME XLVIII NUMBER-03, MAY-JUNE 2020 01 Editorial Editor Mr. Ruhul Ameen FCMA 02 Associate Editors w Mr. G M Omar Faruque Chowdhury FCMA From the President’s Desk w Dr. Md. Saiful Alam FCMA Journal Committee 04 Chairman Mr. Md. Touhidul Alam Khan FCMA National Budget 2020-21 Income Tax and Changes in Vice-Chairman Mr. Safiul Azam FCMA the Income Tax Laws: An Overview Members Mr. Abu Bakar Siddique FCMA Mr. Md. Munirul Islam FCMA Mr. Md. Ali Haider Chowdhury FCMA 15 Mr. Abu Sayed Md. Shaykhul Islam FCMA Budgetary Allocation in the Tourism Industry and Mr. A. K. M. Delwer Hussain FCMA GDP Growth in Bangladesh: An Empirical Analysis Mr. Arif Khan FCMA Mr. Md. Kausar Alam FCMA Mr. A.K.M. Kamruzzaman FCMA 25 Mr. Md. Yusuf FCMA The COVID-19 Pandemic Impacts on Manpower Mr. Hamid Monirul Azam FCMA Export: An Econometric Analysis of Survival Syed Sarwar Hussain FCMA Strategies of Mr. Md. Shaifur Rahman Mazumdar FCMA Recruiting Agencies in Bangladesh Mr. Md. Halimur Rashid Khan FCMA Mr. S.M. Elias Amin FCMA Mr. Mohammad Khurshid Alam FCMA 35 Mr. Biswanath Paul FCMA Tax Amnesty Schemes in Bangladesh: Some Mr. Md. Ejajur Rahman Chowdhury FCMA Observations Mr. Jahangir Hossain FCMA Mr. Md. Siddiqur Rahman FCMA Mr. Mohammed Nazmul Hoque FCMA 41 Mr. Md. Nurul Amin FCMA Impact of Advance- Deposit Ratio (ADR) on Financial Mr. Md. Shafiqul Islam FCMA Performance: Panel Evidence from Commercial Mr. Muhammad Shahid Ullah FCMA Banks in Bangladesh SK. A.H. Md. Imtiaz Hossain FCMA Mr. Mohammad Nazrul Islam FCMA 52 Mr. Md. Jahidul Islam FCMA Mr. J. H. Kazal FCMA Review of the Budget of Prominent Citizens Kazi Md. Siddikul Azam FCMA Mr. Tawfiqur Rahman ACMA 56 Mr. Md. Saifullah ACMA Alternative Investments Mr. Md. Qamruzzaman ACMA Mr. Shah Aziz ACMA Mr. Wahid Ullah ACMA 57 Mr. Nur-Alam ACMA IFRS Update Mr. Mohammad Ruhul Amin ACMA Mr. Mohammed Nurul Alam ACMA Mr. Md. Firoz Hossain ACMA 59 Update on Dhaka Stock Market Publisher Mr. Md. Mahbub-Ul-Alam Executive Director, ICMAB 62 All supervision Mr. Md. Abdul Maleque CMA Students’ World Photography Mr. Sami Al Mehedi Design & Graphics Md. Amirul Islam 64 Print Modina Printers & Publishers, 278/3, Elephant Road, Katabon, ICMAB News Dhaka-1205. Ph.: +88 02 9635081, Email: [email protected] Editorial Office The Institute of Cost and Management Accountants of Bangladesh 70 ICMA Bhaban, Nilkhet, Dhaka-1205, GPO Box No. 2629, Tel.: 9615460 & 9611799 We Mourn E-mail: [email protected], [email protected] All rights reserved. No part of this publication may be reproduced, duplicated or copied by any means without the prior consent of the holder of the copyright, requests for which should be addressed to the publisher. Bi-monthly Journal of the ICMAB ISSN 1817-5090 VOLUME XLVIII NUMBER-03, May-June 2020 EDITORIAL he National Parliament has approved the 49th payers in consort with business and investment. This TNational Budget of Tk 5,68,000 crore for the is truly a commendable initiative in the development Fiscal Year 2020-2021.However, the discussions journey of Bangladesh. on and before approving the budget was mainly Education is not only the means of freedom and focused on the issue of combating COVID-19. independence; it is also the bedrock anchor of Because, the human civilization has been striving Human civilization. Therefore, adequate investment across the year to keep its progress by adapting in the health and education sectors is desirable with the new normalcy caused by COVID-19. for addressing the ongoing pandemic and reap the Bangladesh wants to achieve Sustainable benefits of the demographic dividend by transforming Development Goals (SDGs) by 2030 and become the population into viable human resource for the a developed economy by 2041. The country has Fourth Industrial Revolution. Accordingly, UNESCO reached outstanding successes in achieving GDP has recommended for allocating 7% of GDP to the growth over last few years under the visionary education sector. But the Government has allocated leadership of Honorable Prime Minister Sheikh only 2.09% of GDP for education sector. In addition, Hasina. But, due to COVID-19 pandemic, various allocation in health sector has been increased from important sectors of the country together with the Tk.25.732 crore to Tk.29,247 crore in the current RMG sector and remittance income are at serious budget. A lump sum of Tk.10,000 crore has also risk, Consequently, poverty and unemployment been provided for emergency COVID-19 outbreak. rate of the country has been increasing. In this We feel that this increase isn’t suitable enough for situation, the revenue collection target has been ensuring health care facilities of the mass people. set at Tk 3,78,000 crore which is nearly the same However, we strongly believe that good governance as last year’s target of Tk 3,77,810 crore which will be ensured in the implementation of the budget might be a difficult task for NBR. Besides, the tax and common people will enjoy its overall benefits. free income has been increased to Tk 3,00,000 Finally, we thank our Hon’ble Finance Minister who is from Tk 2,50,000, which was a precious desire a Professional Accountant, for his timely presentation of the tax payers. Reducing the minimum tax of this year’s budget in a global pandemic situation. rate from 10% to 5% and the maximum tax rate from 30% to 25% will be encouraging for the tax Ruhul Ameen FCMA THE COST AND MANAGEMENT 1 ISSN 1817-5090, VOLUME-48, NUMBER-03, MAY- JUNE 2020 From the President’s Desk Bismillahir Rahmanir Rahim ear Members, the role of professional accountant during the DAssalamualaikum. pandemic. I mentioned that though there is a circular issued in 2001 regarding cost audit Hope you are doing well with your family but it is not fully implemented yet in all the members during the pandemic. I pray to listed companies in Bangladesh. I emphasized the Almighty Allah for your sound health on implementation of cost audit immediately and mental happiness. I also pray for all the for all the listed companies. I appreciated the departed souls and the people who are stimulus packages offered by the government affected by the pandemic COVID-19 virus. to support the emergency healthcare services, In the meantime, we have successfully organized to protect jobs and to achieve smooth the international webinar on “Challenges economic recovery. Dr. Md. Jafor Uddin and Role of Professional Accountants amid stated that professional accountants have the and post Covid-19 era” on June 05, 2020. ability to contribute in the recovery process Dr. Md. Jafar Uddin, Secretary, Ministry of to tackle the damages done by COVID-19. Commerce, Government of the People’s He emphasized the importance of cost audit Republic of Bangladesh graced the occasion process and assured to take necessary steps to as the Chief Guest. I believe that global actualize the implementation of cost audit for leaders and professional bodies of accountants all listed public limited companies. Prominent should work together to face the challenges cost and management professionals from India, due to COVID -19. I particularly focused on Sri Lanka, Pakistan, Nepal and Bangladesh THE COST AND MANAGEMENT 2 ISSN 1817-5090, VOLUME-48, NUMBER-03, MAY-JUNE 2020 were present as speakers in the webinar. for the development of the institute as well as Members of SAFA, CAPA and IFAC holding our members. I convey my sincere gratitude responsible positions in different national and to all the Resource Persons and members multinationals companies also attended in the for their active participation and cooperation webinar as participants. in the national and international webinar programs. We are continuing our assistance We also organized a webinar on pre-budget for our beloved members and students by discussion session on national budget 2020- giving financial support and engaging doctor’s 21 on 29 May 2020. It is our moral duty to service when necessary. contribute to the government in budget issues and I hope that CMA professionals will be We are determined to implement cost able to help the government in the process of audit and certification of cost of goods sold revenue collection and ensure transparency statement by the CMA members and we are and accountability in every sector. We gave trying our level best to convey our message to total thirteen proposals on behalf of the the Chairman of the BSEC, Secretary, Ministry institute. We particularly emphasize on cost of Commerce and other related parties of the statement signed by the cost and management Government. Moreover, we are planning to accountant (CMA), implementation of tax and develop our institute in a new height and we vat audit, audit process, increase rebate of the have the plan to reform the existing education deposit pension scheme, increase the income and examination systems, develop the course slab of individual tax return, reduce the tax rate curriculum considering market demand, for the professional accountant including the develop the quality of journal in an international consultant, increase the budget in health and standard, introduce the soft skill development medical, food and agricultural sector, industry programs, creation of job, organize CPD, and capital market development, disaster workshop and training program using online management, garments, transport, and social platforms for our members. I firmly believe protection, etc. in our proposal. I believe that that with your support and blessing, we shall be survival should be the priority in our budget able to implement all our commitment on time and we will recover the economic loss in and uphold the image of the CMA profession near future after the pandemic.
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