March 2016 ICAB NEWS BULLETIN Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh Number 317 No Choice but to Implement Value Added Tax and Supplementary Duty Act NBR Chairman says at ICAB’s Members’ Conference No Choice but to 01 Implement... Duty Act ACCA Country Manager 02 Met ICAB President Felicitation to Dr 02 Jamaluddin Ahmed Training in Leadership... 03 Management ends ICAB President attended 03 NBR National Seminar Chairman of the National Board of Revenue (NBR) Nojibur Rahman addressing the members’ confer- ICAB Delegates Meet 03 ence of the Institute of Chartered Accountants of Bangladesh (ICAB) on ‘From Differential to Uniform Chittagong City Mayor Rate System in Bangladesh: Political Economy of Reforming Value Added Tax’ at the ICAB auditorium President’s Communication 04 as chief guest on Monday evening. Barrister Jahangir Hossain Member (VAT policy), NBR was also March 2016 present as special guest. ICAB Past President Dr. Jamaluddin Ahmed , ICAB President Kamrul Abedin FCA, session chairman Md. Humayun Kabir FCA, Past President-ICAB and Vice President Mahmudul Workshop on Examination 07 Techniques for CA Students Hasan Khusru FCA are also seen on the dais. Felicitation to newly 07 Appointed BB Governor hairman of the National Board of Revenue important role in NBR’s VAT reforming policy (NBR) Nojibur Rahman said that the NBR and the process of increasing revenue ICAB President attended 07 Contract Signing... DMTCL Chas now no choice but to implement the collection of the government. Value Added Tax and Supplementary Duty Act. Members’ Achievement: 07 The chief guest made the remarks while He added that global policy on finance and Congrats ! addressing the members’ conference of the trades have been undergoing reform in terms of Workshop on Job 07 Institute of Chartered Accountants of Interview Techniques capacity building to ensure sustainable development of economics. Taking consideration Bangladesh (ICAB) on ‘From Differential to ICAB President attended 07 of the reforming policy of G-7 and China, NBR is Uniform Rate System in Bangladesh: Political BIMA MELA 2016 willing to take partnership with stakeholders like Economy of Reforming Value Added Tax’ at the ACNABIN observes 08 ICAB to generate more revenues through ICAB auditorium on Monday evening. Barrister International Women’s Day change of its revenue collection policies. Jahangir Hossain Member (VAT policy), NBR Congratulations! 08 Change is continuous, NBR values this was also present as Special Guest. Former Campus News 11 phenomenon and has come up with policy ICAB president Dr Jamaluddin Ahmed presented the keynote paper at the conference ICAB’s New Fees 12 reform initiatives to create a revenue collection Schedule... Services culture in the country, he addrd. while ICAB President Kamrul Abedin FCA gave address of welcome. The conference was Meeting with the 13 Stressing on own resources to promote trade Finance... organizations moderated by ICAB Council Member and Past and development, he said NBR is committed to President Md. Humayun Kabir FCA. Workshop on BFRS 14 13 the people and the country for development. Schedule of Trainings 13 Appreciating the zero tolerance policy to Nojibur Rahman said ICAB is the first and Workshops in April corruption, he said ICAB could play a very professional body that has invited NBR to come Felicitation to Noor-e- 13 Khoda Abdul Mobin The only way to do great work is to love what you do. AwMœ Siv gvP© 14 - Steve Jobs ISSN 1993-5366 and discuss about the implementation process of the Act. Parliament passed the new VAT and SD Act 2012 on November 27, 2012. Barrister Jahangir Hossain in his short address described the benefit to tax payers perspectives including online environment, limited intervention for tax authority, option for amendment for return, expansion of areas of input tax credit, transaction value, availability of list of registered entities, etc, under the new VAT Act. ICAB President Kamrul Abedin FCA said following the changing global economic scenario, the roles of relevant Professionals in the process of and Regulatory matters. In response to Independent Revenue Commission, implementation of VAT policy is very NBR letter, ICAB has submitted its removing fiscal bureaucracy with important. He said more discussion is recommendations within stipulated time economic knowledge, economic impact required to evaluate new VAT law for to NBR for consideration in budget of withdrawal of supplementary duty, Bangladesh which is likely to be proposal for 2016 – 2017, he added. establishment of a quantitative projection, rewards and punishment implemented as a uniform rate replacing The keynote presenter & former ICAB culture, Substantial increase in differential remove inherent weaknesses of president Dr Jamaluddin Ahmed put coordination Tax; VAT, and other laws in earlier Act and be compatible with forward some recommendations which the new Bangladesh. He also suggested international best practices. were called for an immediate that as the business and professional implementation of the Act, digitalization He said that the Taxation and Corporate organizations are not equipped for the of VAT, arrangement of extensive Laws Committee (TCLC) of ICAB has readiness assessment to implement the training for officials and VAT registered been working deligently on Taxation, new law into practice the enactment of organizations, formation of an VAT, Budget Proposal and other Acts the law may be deterred for a year. hairman of the National Board of Revenue important role in NBR’s VAT reforming policy (NBR) Nojibur Rahman said that the NBR and the process of increasing revenue has now no choice but to implement the collection of the government. Value Added Tax and Supplementary Duty Act. The chief guest made the remarks while He added that global policy on finance and addressing the members’ conference of the trades have been undergoing reform in terms of Institute of Chartered Accountants of capacity building to ensure sustainable development of economics. Taking consideration Bangladesh (ICAB) on ‘From Differential to of the reforming policy of G-7 and China, NBR is Uniform Rate System in Bangladesh: Political willing to take partnership with stakeholders like Economy of Reforming Value Added Tax’ at the ICAB to generate more revenues through ICAB auditorium on Monday evening. Barrister change of its revenue collection policies. Jahangir Hossain Member (VAT policy), NBR Change is continuous, NBR values this was also present as Special Guest. Former phenomenon and has come up with policy ICAB president Dr Jamaluddin Ahmed reform initiatives to create a revenue collection presented the keynote paper at the conference culture in the country, he addrd. while ICAB President Kamrul Abedin FCA gave address of welcome. The conference was Stressing on own resources to promote trade moderated by ICAB Council Member and Past and development, he said NBR is committed to President Md. Humayun Kabir FCA. the people and the country for development. Appreciating the zero tolerance policy to Nojibur Rahman said ICAB is the first corruption, he said ICAB could play a very professional body that has invited NBR to come March 2016 No. 317 and discuss about the implementation process of the Act. Parliament passed the new VAT and SD Act 2012 on November 27, 2012. Barrister Jahangir Hossain in his short address described the benefit to tax payers perspectives including online environment, limited intervention for tax authority, option for amendment for return, expansion of areas of input tax credit, transaction value, availability of list of registered entities, etc, under the new VAT Act. ICAB President Kamrul Abedin FCA said A partial view of audience following the changing global economic scenario, the roles of relevant Professionals in the process of and Regulatory matters. In response to Independent Revenue Commission, implementation of VAT policy is very NBR letter, ICAB has submitted its removing fiscal bureaucracy with important. He said more discussion is recommendations within stipulated time economic knowledge, economic impact required to evaluate new VAT law for to NBR for consideration in budget of withdrawal of supplementary duty, Bangladesh which is likely to be proposal for 2016 – 2017, he added. establishment of a quantitative projection, rewards and punishment implemented as a uniform rate replacing The keynote presenter & former ICAB culture, Substantial increase in differential remove inherent weaknesses of president Dr Jamaluddin Ahmed put coordination Tax; VAT, and other laws in earlier Act and be compatible with forward some recommendations which the new Bangladesh. He also suggested international best practices. were called for an immediate that as the business and professional implementation of the Act, digitalization He said that the Taxation and Corporate organizations are not equipped for the of VAT, arrangement of extensive Laws Committee (TCLC) of ICAB has readiness assessment to implement the training for officials and VAT registered been working deligently on Taxation, new law into practice the enactment of organizations, formation of an VAT, Budget Proposal and other Acts the law may be deterred for a year. ACCA Country Manager Met Felicitation to ICAB President Dr. Jamaluddin Ahmed ACCA Bangladesh Country Manager Mohua Rashid paid a courtesy call on ICAB President Kamrul Abedin FCA on 20 March 2016. During the meeting delegates discussed about different professional issues including