True information in financial statements stressed at ICAB confce

Speakers at ICAB members’ conference on Thursday laid stress on professional integrity, transparency, accountability, proper presentation of financial statements and quality audit report on it for ensuring proper development of economy of the country.

Members Conference PictureTo understand the impact of changes in Tax, VAT, Customs Regulations and overall amendments made through Finance Act and SROs, like other year the Institute of Chartered Accountants of Bangladesh (ICAB) organized Members’ Conference on “An analytical study of significant amendments made by the Finance Act (# 04) 2014 and SROs thereunder on Stamps, Customs, Income-tax, VAT and Sur-charges regulations at CA Bhaban in the city.”

Mr. MA Mannan, MP, Hon’ble State Minister, Ministry of Finance and Ministry of Planning, GoB graced the occasion as the Chief Guest while Mr. Md. Humayun Kabir FCA, Member Council and Past President-ICAB conducted the Conference as Session Chairman.

Mr. Abul Khair Chowdhury FCA, Past President-ICAB and Managing partner, Hoda Vasi Chowdhury & Co., Chartered Accountants and Mr. Abdul Khalek FCA, Director (Finance) and Company Secretary, Berger Paints Bangladesh Ltd jointly presented the Key-note paper in the Conference. ICAB President Mr. Showkat Hossain FCA, Council Members, Past Presidents and ICAB members attended the Conference.

Mr. MA Mannan said that the company management should provide true information to the auditors so that auditors could perform their duty properly. The Minister hoped that auditors with their professional excellence could add value to ensure good governance in the business process which will create an environment of business confidence among stakeholders.

Mr. Mannan said, the changes in Tax, VAT and Custom policies are regular issues that draw our attention every year. The Chartered Accountants (CAs) would be definitely benefited through this discussion on changes in Tax, VAT and Custom policies, he added.

Appreciating the role of CAs in development of business, the Minister said they should groom up themselves with skills and IT knowledge so that they could further contribute to business growth and uphold the continuation of development of the economy.

In his welcome speech, ICAB President Mr. Showkat Hossain FCA said, the members of the Institute has been contributing as preparers of financial statements of different organisations and working in various capacities like strategic partner of business develop pment, provide audit, accounting and taxation services using their professional knowledge, skill and experience. Apart from these, ICAB is providing training to the Officials of NBR on tax audit and accounting methodology and other stakeholders like Bangladesh Bank, Power Development, Commercial Banks, NGOs etc.

The President said that as part of our professional quest to serve the Nation, the Taxation and Corporate Laws Committee (TCLC) of the Institute works on Taxation, VAT, Budget Proposal and other Acts and Regulatory matters and submits its recommendations to NBR which ultimately help to increase our revenues.

The key-note speakers in their paper made some recommendations regarding amendments on Tax and VAT through Finance Act 2014. In the paper they mentioned that from now and onwards any dispute relating to mandatorily PSI (Pre-Shipment Inspection) can be re-solved through ADR, Export Duty (ED) on rice export will create an adverse impact, zero rated custom duty on import of structures, materials & parts of building construction bring good result in 100% export orientated industries like RMG,Textiles, Leather, etc.

They also noted that zero rated CD on import of certain ingredients and machineries, spare-parts of poultry & cattle farm will cast a very positive impact on Poultry & Cattle Farming. The speakers feared that 1% information and communication technology development surcharge will levy on both imported and locally produced mobile telephone and increase the price of mobile phone hand set.