Banks urged not to accept audit reports without scrutiny

National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem today urged the banks to scrutinize audit reports under the document verification system (DVS) to check faulty audit reports.

“Without DVS, no audit report should be accepted. The banks should comply with this, otherwise, those will be canceled,” he said.

Muneem also hinted that a certain level of price would be fixed in the future instead of price declaration system for imports. “We’re planning to cancel this price declaration system,”

The NBR chairman was addressing a pre-budget meeting with the leaders of Foreign Investors Chambers of Commerce and Industry (FICCI) held at the NBR conference room in the city.

FICCI President Rupali Chowdhury urged the revenue board to become more moderate to attract more Foreign Direct Investment (FDI). She said that the tax structure of other countries should also be considered while framing the tax structure and rates of the country.

“We (FICCI) can play an important role towards attracting FDI and for this the decision of NBR is very important. The investors will usually see what other countries are offering for wooing more investment. If such facilities can be ensured, then investment will usually come,” she added.

The FICCI President expressed her concerns over some income tax and VAT related issues like the tax free ceiling on promotional expense of company products was fixed at 1.5 percent of the total selling price in the last budget adding that no solution came to this end despite hectic meetings with the NBR.

Besides, she highlighted a number of issues like high advance income tax, many changes towards implementation of the VAT act as well as further reducing the corporate tax rate.

The FICCI President urged the NBR to detect those who are involved in irregularities. “But, why should others suffer for the wrongdoing of a few people,”

Chief executive officer of Standard Chartered Bank Naser Ejaj Bijoy suggested for coming up with an alternate plan for not motivating cash transactions and thus promoting banking transactions.

(BSS)