Business friendly VAT law, regulations stressed

The 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) attended the dialogue as discussants.

Md Mamunur Rashid, president of the Institute of Cost and Management Accountants of Bangladesh (ICMAB), presided over the event.

In his speech, the ICMAB president said, “Cost audit is not a mere audit of expenses and financial accuracy; it is an audit of performance, efficiency and financial morality”. He emphasized to add cost of goods sold statement to company return after getting certification from the cost and management accountants.

It would increase revenue collection by the NBR, he hoped.

Noting that Bangladesh has been an emerging nation for investment in South Asia, Mamunur said the VAT law and regulations should be business friendly in line with the current context.

Addressing the dialogue, Dr Md Abdur Rauf said the 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 VAT Act more modern, up-to-date and realistic, the recommendations will be taken into account, he added.

Md Mashiur Rahman, deputy project director of National Single Window, presented paper on the occassion.

Kazi Muhammad Ziauddin, additional commissioner of the National Board of Revenue and council member of ICMAB, conducted the programme. Abdus Sattar Sarkar, Jayant Kumar Poddar and Md Saifur Rahman were present as discussants. A large number of ICMAB members took part in the dialogue.