number 294 ‘strategic public private partnership is way ... standards and practices in corporate...
TRANSCRIPT
Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh
ICABICAB NEWS BULLETINApril 2014
Number 294
ISSN 1993-5366
n response to the ‘call for action’ to strengthen public sector accounting and auditing, a strategic Public Private Partnership can help
realising that objective.
Showkat Hossain FCA, President of the Institute of Chartered Accountants of Bangladesh said this at the dissemination workshop of Bank’s Policy Note titled “Public Private Partnership for Improved Public Sector Auditing in Bangladesh” organized by The World Bank, Dhaka organized on Tuesday, April 29, 2014 at Bangabandhu International Conference Centre, Dhaka.
Masud Ahmed, Comptroller and Auditor General of Bangladesh graced the program as the Chief Guest, while Showkat Hossain, President of the Institute of Chartered Accountants of Bangladesh attended the program as the Special Guest.
Showkat Hossain said that the Institute of Chartered Accountants of Bangladesh (ICAB) has been working as the Consulting Body under this project aiming at a strategic and technical partnership between the Institute of Chartered Accountants of Bangladesh (ICAB) and the Office of the Comptroller and Auditor General (OCAG).
He further said that ICAB has already gained experience being partners in learning partnership with the Institute of Chartered Accountants in England and Wales (ICAEW) under the World Bank supported Twining Project. He expects that continuous support of the World Bank in Strengthening Accounting and Auditing Standards and Practices in Corporate Sector in Bangladesh will boost capacity building of ICAB.
Mr. Showkat recalled the Policy Note Presentation of the project held on 07 November 2012 where National Audit Office of UK, ICAEW, DFID and specially the OCAG- Bangladesh participated and extended their support and guidance to frame out a strategic Memorandum of Understanding (MoU) which was signed between ICAB and OCAG on the same day.
He said, actually out of longing for robust mechanism to ensure transparency and accountability in financial management for achieving the economic success, the Project launched with many more challenges addressing the accounting and auditing practices for Improving Audit Assurance Quality in Public and Private Sectors.
I
Strategic Public Private... Management
CRC Holds CPD Seminar on 'IAS-1:.. Statements'
ICAB Organizes Anti- money... Workshop
Training on ‘Public Sector... Management’ held
Pahela Boishakh observed
President’s Communica-tion April 2014
Workshop on "The Art of Leadership" held
CRC Holds CPD Seminar on 'Salient... Issues'
Forkan Uddin appeared at live... Capital Market
ICAB President Attends Session...Curriculum
Justin West and Jonathon Students’ Seminar... ICAB
Meeting with ICMAB Delegates
UPGP & LGSP-II organize training for... Audit
Farewell Program in Honour of... Secretary
Campus News
Obituary
A Milad and Doa Mahfil for Late ICAB Members
David Brookfield Attends...Meeting
BCACP Ad-hoc Committee Meet ICAB President
WTO Team visits ICAB
World Bank Delegates Visit ICAB
Jonathon Worrell attends... Meeting
Meeting with DRC Delegates
ICAB Submits Proposals on... Budget 2014-’15
A K M Rahmat Ullah Joins as Secretary of ICAB
‘Strategic Public Private Partnership is Way forward to strengthen public
Sector Financial Management’Showkat Hossain says at World Bank’s Workshop
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April 2014 No. 294
he Chittagong Regional Committee (CRC) of ICAB organized a CPD Seminar on 'IAS-1: Presentation of
Financial Statements' on Saturday, 26 April 2014 at the Conference Hall of ICAB-CRC office, Chittagong.
Alihussain Akberali FCA, Chairman, BSRM Steels Limited graced the occasion as Chief Guest and Haradan Dey FCA, Partner MRH Dey & Co., Chartered Accountants was Session Chairman. Md. Shaifur Rahman Mazumdar FCMA, FCA, Past Chairman, ICAB-CRC presented the valuable Key-note paper in the seminar.
Information about the reporting entity is useful to existing and potential investors,
lenders, regulators and other users. Financial reporting can be made on different bases, assumptions and judgments. The ultimate objective of this standard is to ensure harmonization in reporting and also to ensure comparability in different years and entities so that the users can get true, fair and unbiased information for their economic decisions. IAS-1 gives guidelines
on structure, contents, styles, policies, disclosures regarding preparation and presentation of financial statements.
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CRC Holds CPD Seminar on 'IAS-1: Presentation of Financial Statements'
About limitations of ICAB towards strengthening Public Private Partnership, ICAB president said that in Bangladesh the Supreme Audit Institution –the OCAG is doing the job with many impediments both internally and externally with limited capacity and resources. And, on the other hand, one of the key constraints facing by the ICAB professionals is perceived to their limited exposure to public financial management.
Ms. Suraiya Zannath, Sr. Financial Management Specialist, the World Bank presented the key note paper. Johannes Zutt, Country Director, The World Bank, Dhaka delivered introductory speech. Anwaruddin Chowdhury FCA and Deputy Comptroller & Auditor General Dr. Shyamal Kanti Chowdhury placed their valuable and visionary comments on the keynote. Fily Sissoko, Manager, South Asia Regional Financial Management, The World Bank made concluding remarks.
To overcome the challenges, he said that the Public Private Partnership is the way forward to ensure a greater impact in the Audit and Assurance Quality. ICAB is equally keen to exchange its views and share its knowledge with OCAG as an ongoing basis.
Apart from the policy note presentation and signing of the MoU with OCAG, ICAB has already accomplished many components of the Project such as:
Shared the Sri Lankan experience on Public Private Partnership as well as shared views and knowledge with the ICAEW specialist on UK experience
through arranging knowledge sharing sessions
Arranged Training Program on Public Sector Regulations (Treasury Rules, Internal Controls, GFRs) and Procurement Rules for ICAB Members
ICAB is striding with the extended times up to June 2014 of the project where external expert consultant and internal resources are working together to draw a very successful accomplishment.
Organized 03 Days Knowledge Sharing Sessions for 04 batches during April 2014 on the Public Financial Management (Treasury Rules, General Financial Rules, Budget etc.) for tomorrows CAs’ and ICAB Members provided by the Academy for planning and Development, Ministry of Planning.
Knowledge Sharing Sessions on the Public Procurement Rules (Advanced level from the Audit Perspective) and on Government Procurement Rules is on the way to arrange for the Practicing Members as well.
Ms. Suraiya Zannath FCA, the Paper Presenter said that there is no uniformity in Auditing of the state owned enterprises and other public sector entities when audited by CAG and the CA Firms. She further said that audited reports of the state owned enterprises and other public sector entities by the CA Firms are not also shared with CAG. In terms of internal audit she said, the policy paper highlighted that it is fragmented and not considered when external audit
conducted by the private CA Firms or others at the behest of the development partners. About assessment of OCAG, she said that there is scarcity of human resources relevant to academic and professional orientation, it is required for further improvement, she said. The audit reports repeatedly pointed out the weaknesses of the internal control of the government but there was little management attention on the particular aspect of the audit reports, she observed. She opined that enhancement engagement of stakeholders is needed in this regards to address the problem. She said, it is necessary for OCAG to build professional partnership with ICAB or other similar organisations.
Masud Ahmed said that there are two sides regarding qualifications of the public accountants and private accountants. He emphasized on concerted efforts by both public & private accountants working to achieve desired results maintaining accounting and auditing.
Johannes Zutt said that public private partnership is very much important in current context. The auditors should have more connection with the accounts and the morality, he further said.
Commenting on the paper, ICAB Past President and Council Member Anwaruddin Chowdhury FCA said that the need for strategy partnership has been felt for very long time. The presentation is a culmination of long and well measured thoughts and process. Public private partnership in accounting aspect will have multi dimensional implications in the years ahead, he said.
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April 2014No. 294
The Institute of Chartered Accountants of Bangladesh (ICAB) arranged a 03-Days Training Course ‘Knowledge Sharing Sessions on the Public Procurement Rules (Advance level from the Audit Perspective) the Public Financial Management (Treasury Rules, General Financial Rules, Budget etc.) for ICAB’s Professionals and Tomorrow’s Chartered Accountants’ who are at least CA KL/P-I/Intermediate level qualified for professional development under the World Bank financed Project titled Promoting Public Private Partnership (PPP) for Improved Audit Quality Assurance.
The training was provided by the National Academy for Planning and Development, Ministry of Planning with a view to enhance the capacity of the professionals at individual as well as at firm’s level attached with the opportunities in Public
Sector like; Consultancy, Audit, Review, Investigations and staff Appointments etc.
The Training Program on Public Financial Management (Treasury Rules, Internal Controls, GFRs) for 41 honorable members and 41 Future Chartered Accountants was arranged by ICAB under this Project. The training conducted in 4 batches contained
25 members in each batch at the National Academy for Planning and Development under Ministry of Planning on 11th - 13th April 2014 and 18th - 20th April, 2014. Total 82 participants participated in the Training and received their Certificates from the President-ICAB and the Director General, National Academy for Planning and Development.
Employees of the Institute of Chartered Accountants of Bangladesh (ICAB) observed Bengali New Year ‘Pahela Boishakh 2021’ on 14 April 2014. ICAB President Showkat Hossain FCA and Council Member & Past President Md. Syful Islam FCA were present amongst the employees of the Institute. Mr. Syful Islam joined with the ICAB President cutting a cake to celebrate the occasion. Mr. Showkat Hossain in his brief speech said that such gatherings foster the cohesiveness and develop the bondage in the work place. Mr. Syful said that such occasion should be observed every year so that employees of this Institute refresh themselves with actual taste and style of our culture.
he institute has organized a workshop on "Anti Money Laundering & Terrorist Financing" on
7 April 2014 for the members of the Institute.
The workshop was inaugurated by the Chief Guest Abu Hena Mohammad Razee Hassan, Deputy Governor, Bangladesh Bank and Showkat Hossain FCA, President, ICAB delivered the welcome address. Syful Islam FCA, Council member & Past President was the Session Chairman.
Resource Persons of the workshop were Debaprosad Debnath, General Manager & Operational Head, Bangladesh Financial Intelligence Unit, Bangladesh Bank, and Kamal Hossain, Joint Director, BFIU, Bangladesh Bank, Dhaka
Core topics of the workshop were Overview of AML/CFT & Relevance with Accountants, Money Laundering Prevention Act 2012 & Anti-Terrorism (Amendment, 2013) Act 2009,Compliance
requirement for Accountants on AML/CFT issues.
Mr. Showkat Hossain FCA, President-ICAB awarded certificates to the fifty participants participated in the workshop.
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Training on ‘Public Sector Financial Management’ held
Pahela Boishakh observed
ICAB Organizes Anti-money Laundering Workshop
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April 2014 No. 294
Dear Fellow Members,
Assalamu Alaikum and Greetings to you
all.
Shuvo Nobobarsha 1421 to you all !!
Every year, the Bengali New Year begins
at dawn and the day is marked with
singing, processions, and fairs.
Traditionally, businesses start this day
with a new ledger, clearing out the old.
We celebrate Pohela Boishakh as a day
of cultural unity without distinction
between class, race or religious
affiliations. Pohela Boishakh is really
about celebrating the simpler, rural
roots of the Bangladesh. People can
participate in the festivities together
without the burden of having to reveal
one's class, religion, or financial capacity.
I wish a happy and prosperous new
Bengali year to you all.
I take this opportunity to update you on
some major activities accomplished and
initiatives we have undertaken during
April 2014.
Major Activities in April 2014
ICAB submitted proposals on
National Budget 2014-2015 to NBR
ICAB submitted it's proposals with
comments/justifications regarding VAT
and Income Tax towards National
Budget 2014-15 to National Board of
Revenue (NBR) on 1 April 2014. Taxation
& Corporate Laws Committee (TCLC) of
Council-ICAB finalized ICAB’s Budget
Proposals for NBR. ICAB’s proposals
were made with a view to increase
government revenue, remove
procedural flaws and ensuring social
justice. Proposals cover 58 areas on Tax
Polices and 37 areas on VAT policies of
the government. I hope that all valued
suggestions of ICAB will be considered
for inclusion in the upcoming National
Budget 2014-15.
Workshop on Anti-Money Laundering
ICAB and Bangladesh Bank jointly
organized a Workshop on ‘Anti-Money
Laundering and Terrorist Financing’
for ICAB Members on 7 April 2014 at
ICAB Auditorium, CA Bhaban, Dhaka.
Abu Hena Mohammad Razee Hassan,
Deputy Governor of Bangladesh Bank
inaugurated the Workshop as the Chief
Guest. In my Address of Welcome I
focused on the compliance
requirements of Professional
Accountants on AML/CFT Issues and
their role specially practicing
Accountants for preventing Money
Laundering in the country. Some
important topics like overview of
AML/CFT & Relevance with Accountants,
Money Laundering Prevention Act 2012
& Anti-Terrorism Act 2009 (Amendment
in 2013) were discussed in the
Workshop. Two Bangladesh Bank
officials i.e., Debaprosad Debnath,
President’sCommunication
April 2014
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April 2014No. 294
General Manager & Operational Head,
Bangladesh Financial Intelligence
Unit(BFIU) and Kamal Hossain, Joint
Director, BFIU conducted the Workshop.
Total 50 ICAB members participated in
this important Workshop and received
certificates from the ICAB President.
Training on Public Sector Financial
Management
ICAB organized a specialized Training on
‘Public Procurement Rules (Advance
Level from the Audit Perspective) and
Public Financial Management
(Treasury Rules, General Financial
Rules, Budget etc.)’ for ICAB Members
and partly qualified Students under the
World Bank financed Project titled
‘Promoting Public Private Partnership
for Improved Quality Audit & Assurance’.
In total 82 participants under 4 batches
attended in the training program held
from 11 to 13 April 2014 and 18 to 20
April 2014 at National Academy for
Planning and Development (NAPD) in
Dhaka. I am confident that this training
will create more awareness and capacity
building among our members & future
CAs and they will encourage to involve
more Public Sector professional works in
near future.
Meetings with ICAEW Representatives
Jonathan Richard Worrell, Senior
Business Development Manager,
ICAEW visited ICAB from 8 to 18
April 2014 and participated
important meetings with ICAB in
Dhaka, Chittagong and with some
CA Firms. Different important issues
like renewal of MoU, ICAEW’s
support to update ICAB’s
Curriculum, Study Materials &
Training, QAD & IDC matters, new
qualifications and other joint
projects, ICAEW classes for ICAB
members, networking etc. were
discussed during the meetings.
Worrell conducted a discussion
session with ICAB Management
Team headed by myself on 9 April
2014 in ICAB office, Dhaka. He gave
a brief presentation on ICAEW’s old
and new evolved curriculum,
structure contents and
examinations etc. Among others
Member Council & Past Presidents
M. Farhad Hussain FCA & Md.
Humayun Kabir FCA, Director
(Technical) Mahbub Ahmed
Siddique FCA and Secretary
(Acting) Md. Saiful Islam ACA were
present in the discussion session.
Seminar for ICAEW Registered
Students
Justin West, Head of New Business
Opportunities, ICAEW and Jonathan
Worrell jointly demonstrated a
Seminar for ICAEW Registered
Students at ICAB Training Room, CA
Bhaban, Dhaka on 18 April 2014
and discussed how to improve
ICAEW Exam results as well as some
elements of the evolved ICAEW
papers among ICAEW registered
ICAB members. To inaugurate the
Seminar I emphasized mutual
relationship between our two
Institutes to improve the capacity
building of ICAB in the field of
education, examination and other
professional areas like Quality
Assurance, IDC etc.
Member Council & Past President
Md. Syful Islam FCA, Director
(Technical) Mahbub Ahmed
Siddique FCA and Snehasish Barua
FCA were also present in the
Seminar.
Meeting with David Brookfield
An important meeting between
David Brookfield, Consultant of
ICAEW and ICAB Examination
Experts headed by myself was held
on 23 April 2014 in a local hotel in
Dhaka. The meeting discussed ICAB
Syllabus contents as well as exam
resources, specially Taxation-II
paper and renewal of existing MoU
matter.
I hope that aforesaid visits of ICAEW
Representatives and several discussions
with them will strengthen future
relationship between ICAB & ICAEW and
Insha Allah we shall be able to sign the
renewal of MoU successfully within next
few months.
CRC-ICAB Seminar on Bank
Companies Act, Recent Amendments
& Issues
Chittagong Regional Committee
(CRC)-ICAB organized a CPD Seminar on
‘Salient Features of Bank Companies
Act, Recent Amendments & Issues’ on
12 April 2014 at Conference Hall of
ICAB-CRC Office in Chittagong.
Mohammed Roshangir, DMD of Bank
Asia Ltd. graced the occasion as the
Chief Guest and Imtiaz Alam ACA,
Proprietor, Imtiaz Alam & Co., Chartered
Accountants presented the Keynote
paper. In my address of welcome I
thanked CRC for choosing a timely topic
and expect that recent amendments will
ensure good governance in country’s
banking sector, control the participation
of banks in the Capital Market and
protect the interest of the small
investors in the capital markets. A large
number of members in Chittagong
participated in the seminar and many of
them took part in the discussion.
Leadership Training for ICAB
Members
ICAB organized a 2-day long Training
program on ‘The Art of Leadership’
from 26 to 27 April 2014 at Training
Room, CA Bhaban, Dhaka. The objective
of the training was to build confidence
with leadership quality among the
members specially young members.
Total 22 participants attended the
training program and 7 Resource
Persons from ICAB and outside
conducted the Training program. I
inaugurated the Training program as
Chief Guest and Suraiya Zannath Khan
FCA, Management Sr. Financial
Specialist, World Bank was present the
inaugural session as the Special Guest. I
expected that participants will improve
their leadership quality through the
training program.
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April 2014 No. 294
CRC Seminar on IAS-I: Presentation of
Financial Statements
CRC-ICAB organized a CPD Seminar on
‘IAS-Presentation of Financial
Statements’ on 26 April 2014 at CRC
Auditorium, Chittagong. Alihussain
Akberali FCA, Chairman, BSRM Steels
Ltd. graced the Seminar as Chief Guest
and Md. Saifur Rahman Mazumder
FCMA, FCA, Past Chairman, CRC-ICAB
presented the Keynote paper. Large
number of ICAB Members in Chittagong
attended the seminar and Haradan Dey
FCA, Partner, MRH Dey & Co, Chartered
Accountants conducted the seminar as
Session Chairman.
World Bank Workshop on Policy Note
Dissemination
The World Bank (supported by the ICAB)
organized a Policy Note Dissemination
Workshop on ‘Promoting Public
Private Partnership for Improved
Public Sector Auditing in Bangladesh’
on 29 April 2014 at BICC, Dhaka. Suriya
Zannath Khan FCA, Management Sr.
Financial Specialist, World Bank
presented the Policy Note. Masud
Ahmed, Hon’ble C&AG of Bangladesh
graced the function as the Chief Guest
while I was the Special Guest. In my
address, I mentioned that ICAB is
working as a Consulting body in this WB
financed project aiming to strengthen
strategic relationship between ICAB and
OCAG and both organization already
signed a strategic MoU on 07 November
2012. The project launched with many
more challenges addressing the
accounting and auditing practices for
improving Audit Assurance quality in
Public and Private Sectors. To overcome
the challenges, Public Private
Partnership is the way forward to ensure
a greater impact in the Audit and
Assurance Quality. ICAB is equally keen
to share knowledge & experience with
OCAG as an ongoing basis.
Johannes Zutt, the WB Country Director
in Bangladesh and Fily Sissoko,
Manager, South Asia Regional Financial
Management, World Bank also spoke on
the occasion. Member Council & Past
President-ICAB Anwaruddin Chowdhury
FCA and Deputy C&AG Dr. Shyamal
Kanti Chowdhury placed their
comments on the Keynote paper.
Representatives from different stake
holders including practicing members of
ICAB joined this Workshop.
Other important activities of this
month
Farewell in Honour of Outgoing ICAB
Secretary
ICAB gave a farewell to Dr. Mahfuzul
Hoque, Secretary (In-Charge) in a simple
ceremony on 2 April 2014 at ICAB
Auditorium, Dhaka. Office bearers, some
Council Members and ICAB Employees
joined the program and recognised the
contribution during his tenure. Dr
Mahfuz in his speech appreciated ICAB
executives for extending full
co-operation during his tenure of
service. He expressed his willingness to
co-operate with ICAB if his assistance is
required at any time.
AKM Rahmatullah FCA joins ICAB as
new Secretary
AKM Rahmatullah FCA joined as the
Secretary of the Institute of Chartered
Accountants of Bangladesh on 30 April
2014. Before his joining, he served as the
General Manager (Accounts & Budget)
in Bangladesh Bank. He is a Financial
Management Specialist and he has long
28 years professional experience. I hope
that new Secretary will successfully
discharge his duties and will be able to
handle the future challenges of the
Institute and the profession.
Meeting with BCACP Ad-hoc
Committee
Members of Bangladesh Chartered
Accountancy Chhatra Parishad (BCACP)
Ad-hoc Committee met with me at ICAB
Office, CA Bhaban, Dhaka. Various
academic issues including ICAB
Curriculum, library facilities, CA hostel
accommodation matters were
discussed. I assured all sorts of
cooperation to them to ensure proper
educational environment and other
related facilities for students to increase
passing rate in future and advised them
to concentrate more time to study for
their success.
Meeting with ICMAB Council
Members
A meeting between a 6-Member ICMAB
Council Team headed by its President
Mohammed Salim FCMA and ICAB
Council Members headed by myself was
held at ICAB Council Hall, CA Bhaban,
Dhaka on 17 April 2014. Meeting
discussed various professional matters
and bi-lateral issues. Among others Vice
Presidents Kamrul Abedin FCA & Nasim
Anwar FCA, Member Council & Past
Presidents Abbas Uddin Khan FCA & Md.
Syful Islam FCA, Member Council A F
Nesaruddin FCA and Secretary
(Acting)-ICAB Md. Saiful Islam ACA
attended the meeting on behalf of ICAB.
Meeting with WTO Team
A meeting between 2-Member WTO
Team and ICAB Management headed by
myself was held on 21 April 2014.
During meeting, I briefed them about
quality assurance, IDC activities and up
gradation of ICAB Curriculum in line
with ICAEW. ICAB Vice Presidents Kamrul
Abedin FCA and Nasim Anwar FCA,
Secretary (Acting)-ICAB Md. Saiful Islam
ACA were also present in the meeting.
Forkan Uddin appeared Live
Interview at Ekushey TV
Forkan Uddin FCA, Partner, Masih
Muhith Haque & Co., Chartered
Accountants participated in a live
interview with Ekushey TV Business
Program on Capital Market on 28 April
2014. Forkan in his interview focused on
present trend of Capital Market,
demutualization of two bourses, scope
of investment, bank rate, upcoming
National Budget and its impact on
Capital Markets etc. I hope that more
ICAB members will participate in the
print and electronic media in future on
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April 2014No. 294
different economic issues and will
increase the image of the Institute as
well as the profession.
Md. Shafiqul Islam Khan FCA and Kazi
Mezbah-ul Alam FCA pass away
I was deeply shocked and saddened to
hear the news of the death of Md.
Shafiqul Islam Khan FCA (Enrol-173),
Pro-Vice Chancellor, Darul Ihsan
University. Khan expired on 05 April
2014 due to heart attack (Inna
Lillahe......Rajeun). I, on behalf of the
profession, express profound grief on
his demise and pay heartfelt tribute to
the departed soul. In my condolence
message as President ICAB, I expressed
my deepest sympathy to the family
members and prayed to Almighty
Allah(SWT) for the eternal peace of the
departed soul.
I was also deeply saddened to learn
about the demise of Kazi Mezbah-ul
Alam FCA (Enrl-40), Managing Partner
of K M Alam & Co., Chartered
Accountants. Alam died on 15 April
2014 due to old age complications (Inna
Lillahe…..Rajeun). On behalf of
Council-ICAB and its Members, I
expressed my deepest sorrow at the
demise of Kazi Mezbah-ul Alam and
prayed to Allah (SWT) for the salvation
of the departed soul and give the
strength & courage to bereaved family
members to bear this irreparable loss.
A Milad & Doa Mahfil for deceased
ICAB Members
ICAB organized a Milad & Doa Mahfil at
ICAB Auditorium, Dhaka on 8 April 2014
evening. Before offered doa, ICAB
Councillors, relatives, colleagues and
friends of late ICAB Members recalled
the contribution of late ICAB Members
for the profession and the nation. They
prayed to Almighty Allah (SWT) for
eternal peace of the departed souls who
died over the past years.
Meetings of Council and Standing &
Non-standing Committees
The following meetings of the Council,
Standing and Non-standing Committees
and Sub-committees of ICAB were held
during the month of April 2014:
- 4th Meeting for 2014 of
Council-ICAB was held on 6
March 2014 at 11.30 am
- 5th Meeting for 2014 of
Council-ICAB was held on 27
March 2014 at 5.30 pm
- Meeting of 11-Member Council
Committee on FRA Issues was
held on 19 March 2014 at 4.00
pm
- Meeting of 8-Member
Interview Board was held on 20
March 2014 at 3.00 pm
- Meeting of 8-Member
Interview Board was held on 31
March 2014 at 5.00 pm
Standing Committees:
- Examination Committee of
Council –ICAB was held on 6
March 2014 at 10.00 am
- 7-Member Sub-Committee of
Articled Students Committee
(ASC) of Council-ICAB was held
on 13 March 2014 at 5.30 pm
- 1st Meeting for 2014 of
Investigation and Disciplinary
Committee (IDC) of Council
–ICAB was held on 16 March
2014 at 6.00 pm
- 1st Meeting for 2014 of Articled
Students Committee (ASC) of
Council –ICAB was held on 18
March 2014 at 6.00 pm
- 2nd Meeting for 2014 of
Executive Committee (EC) of
Council-ICAB was held on 24
March 2014 at 5.30 pm
Non-Standing Committees:
- 1st Meeting of Review
Committee for Published
Accounts & Reports (RCPAR) of
Council-ICAB was held on 3
March 2014 at 5.00 pm
- 5-Member Sub-Committee for
Land Issue was held on 4
March 2014 at 6.30 pm
- 6-Member Sub Committee of
Professional Development
Committee (PDC) of
Council-ICAB was held on 5
March 2014 at 6.00 pm
- 1st Meeting for 2014 of
Information and
Communication Technology
Committee (ICTC) of
Council-ICAB was held on 12
March 2014 at 5.00 pm
- 6-Member Sub-Committee of
Continuing Professional
Development Committee
(CPDC) of Council-ICAB was
held on 12 March 2014 at 6.00
pm
- Meeting of Sub-Committee of
Committee for Amendment of
CA Order & Bye-Laws was held
on 23 March 2014 at 5.00 pm
- Meeting of Sub-Committee of
Professional Development
Committee of Council-ICAB on
re-structuring ICAB’s Fees
Schedule was held on 24
March 2014 at 6.30 pm
- Meeting of Sub-Committee of
Committee for Amendment of
CA Order & Bye-Laws was held
on 24 March 2014 at 5.00 pm
Thanks and best regards!
Showkat Hossain FCA
President
May 28, 2014
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April 2014 No. 294
he Institute of Chartered Accountants of Bangladesh (ICAB) organized a two day long workshop
on ‘The Art of Leadership’ from 26 to 27th April 2014 at its training room. A total number of 22 participants participated in the workshop.
ICAB President Showkat Hossain FCA inaugurated the workshop. Ms. Suraiya Zannath, Sr. Financial Management Specialist, the World Bank and Mozammel Haque, representative, the World bank were present as Special Guests in the inauguration session.
ICAB Council Member and Past Presidents Mr. Muhammed Farhad Hussain FCA , Mr. Md. Humayun Kabir FCA , Vice President Dewan Nurul Islam FCA, Council Member. Gopal Chandra Ghosh FCA, Humaira Sharmeen from Prothom Alo Jobs, Md. Moinul Islam from ACI and Md. Masud Khan from Surma Lafarge Cement were the
resource persons of the workshop.
Important areas of the workshop were Communication Skills, Public Speaking Skills, Leadership Theory & Practices, Interviewing Skills, Posture & Gesture, Expectations from a
Finance Manager, Management and Leadership in 21st Century, Career Progression. It was 3rd time of such workshop in this year. Fourth Batch of the workshop will be held in May this year.
TWorkshop on "The Art of Leadership" held
costs of living have gone up as a result of inflation and general price increase / hike considering the Taka value depreciation compared to Foreign Currency. Exempted limit(s) should be doubled.
Value Added Tax (VAT) policies On Price Declaration, ICAB proposed that the requirement of price declaration should be done away with. Instead VAT should be levied on the basis of the actual sales declared in the monthly return.
About Absence of clear guideline about VAT rate for import of service, ICAB proposed Import of service should attract VAT at the standard rate of 15%.
Regarding Inclusion of a provision mentioning the right of transferring initial burden of VAT to next stage, ICAB proposed that a Section or sub-section should be included mentioning the right of passing the burden of VAT to next stage through adding VAT with the sales price.
About Input VAT adjustment from Mobile bills, ICAB’s opinion is that Insertion of post paid mobile bills (with the required information of Mushk-11) along with telephone, fax etc. in Rule 19 sub rule 1(K). Input tax paid against mobile phone services (post paid mobiles registered with any business entity instead of any individual) up to a certain percentage (justifying it’s mobility and expected use for official purpose) may be allowed for input tax credit like other utility services.
On Time Limit for claiming input tax credit
of VAT policies, ICAB proposed that the Time limit for input tax credit should be extended to minimum 6 months from the date of Bill of Entry (B/E) or Invoice subject to entering the goods in manufacturing unit.
About Input VAT Credit on rental of floor place, Rental of floor place fulfills the definition of input as service. VAT paid by tenant of rented floor place should be explicitly eligible for input VAT credit is proposed.
On matter of VAT on Spare Parts, ICAB proposed to withdraw the existing provision of payment of VAT on spare parts at import stage by industrial importers subject to necessary documentation and declaration to the local VAT Office.
Regarding Elimination of provision for fixing tariff value, VAT should be levied on the basis of the actual sales declared in the monthly return is proposed.
About Input tax credit (VAT rebate), there should not be restriction imposed for allowing VAT credit if such VAT credit is genuine and supported by Bill of Entry or Mushak 11 against purchase of goods or service, ICAB proposed.
Credit of input VAT on certain services: 100% input VAT should be allowed as credit, the Institute proposed.
About Deduction of AIT from Industrial Units, it proposed that AIT is being collected from Industrial Importers which is adjustable with payable Income Tax annually. Industrial importers should be waived from such deduction. Specially Steels Sectors that is capital intensive low margin business sector. For Billets (H.S. Code Heading 72.07), Sponge Iron and Scraps (H.S.
Code Heading 72.03 & 72.04) the amount of AIT is high and the deducted AIT is engaging huge working capital making business costlier. Since the importers of Steel Sector invest huge amounts for operation there is no scope for them to avoid due Income Tax. AIT deduction at import stage can be stopped for the industrial sector specially for Steels Sector.
Regarding Issue VAT Challan (Factory to branch), with Ref. Section 5(1&4) of VAT & SD Act 2012 (i) Only one registration shall be required for central/main branch office (ii) For one economic transaction goods or services transfer from one branch to another branch will not be treated as supply and no output tax and input tax will be considered, ICAB proposed.
Standard rate of VAT: Instead of 15% , ICAB proposed 10% is proposed.
About Extension of time-limit for depositing Withholding VAT , ICAB’s proposal is that considering the practicality withholding VAT should be allowed to be deposited within 3 (three) weeks –as is the case with Income Tax Withhold deposit.
For Simplified Guideline for Trader in relation to Advance Trade VAT (ATV), it proposed to fix trade VAT @ 2% if value addition is less than or equal to 26.67% and VAT @ 15% on the value addition if value addition exceeds 26.67%.
VAT paid by Service Receiver in case of Service received from Outside of Country u/s 3(3)(d) of the VAT (#22) 1991 : As a result, such input VAT paid on imported services will increase cost of goods in case of having no refund through Duty Exemption & Drawback Office (DEDO is proposed.
From Last Page
Proposals on Tax and VAT
9
April 2014No. 294
ohammed Forkan Uddin FCA, capital market specialist and partner, Masih Muhith Haque & Co, Chartered Accountants appeared at Ekushey Business program on 28 April 2014 over a live interview focusing on capital market scenario, its future
movement and the upcoming national budget.
About present trend of capital market, he said that due to the political stability, surplus banks’ liquidity, single digit interest rate on FDR, demutualization of the two bourses, the capital markets are now acting in positive manner towards development. He said that due to demutualization, there is no possibility of share market manipulation, so the markets would become international standard and the foreign investment would come up in the market in future.
About upcoming national budget, he replied questions and said that withdrawn of AIT and exemption tax on dividend for listed companies will help to grow the capital markets.
M
Forkan Uddin appeared at live Ekushey Business Program on Capital Market
he Chittagong Regional Committee (CRC) of ICAB organized a CPD Seminar on 'Salient Features of Bank Company
Act, Recent Amendments & Issues' on Saturday, 12 April 2014 at the Conference Hall of ICAB-CRC office, Chittagong.
Mohammed Roshangir, Deputy Managing Director, Bank Asia graced the occasion as Chief Guest, Md. Salim Uddin MBA, FCMA, FCA, Professor, Department of Accounting & Information Systems, University of Chittagong was Session Chairman.
Imtiaz Alam ACA Proprietor, Imtiaz Alam & Co., Chartered Accountants presented the valuable Key-note paper in the seminar. The Key-note speaker described the details in his paper regarding Bank Company Act, recent amendments & other related issues. A short note is given hereunder.
Bangladesh Bank is empowered to act as the watchdog of the country's banking system, and all scheduled banks are accountable to Bangladesh Bank, which has extensive powers to ensure soundness of the banking system. No bank can commence banking business in Bangladesh and no existing bank can open a new branch in or outside the country or shift any branch from one place to another without obtaining a license/permission from the Bangladesh Bank.
The powers and functions of Bangladesh Bank are governed by various laws and acts including the Banker's Books Evidence Act 1891, Insolvency Act 1920, Banking Companies Ordinance 1962, Bangladesh Bank Order 1972, Foreign Exchange (Regulation) Act 1986, Money Loan Court
Act 1990, Banking Companies Act 1991, Financial Institutions Act 1993 and Rules 1994, Companies Act 1994 and Bankruptcy Act 1997.
Laws are not holy scripts. Those are always subject to amendments with a view to meeting the demand of time and situation. The Bank Company Act (BCA) is no exception. Since its adoption in 1991, the law has been amended thrice, in 1993, 1995 and 2003.
The last military-backed caretaker government also proposed some changes in relation to the number of directors and the extent of individual family holdings in banking institutions. But nothing concrete was done to this effect during the tenure of that government. However, the country's National Parliament on July 14,2013 passed a bill amending the BCA in a wider perspective.
The present government after coming to power felt the necessity of amending the
act. But in the face of overt and covert opposition by the vested quarters, it also started dragging its feet on the issue.
However, the finance ministry had to take firm and swift moves to amend this piece of legislation when the International Monetary Fund (IMF) had made it one of the conditions tagged to the availability of its $1.0 billion worth of Extended Credit Facility (ECF). The latest amendments to the BCA may not have met fully what the IMF wanted but those would surely help eliminate some major problems in the banking sector and strengthen the hands of the regulatory body (i.e. Bangladesh Bank), the Central Bank of our country.
Such Amendment will improve Good Governance in the Banking Sector, Control the participation of the banks in the Capital Market and protect the interest of the Small Investors and all depositors.
T
CRC Holds CPD Seminar on 'Salient Features of Bank Company Act, Recent Amendments & Issues'
10
April 2014 No. 294
ICAB President Attends Session on ICAEW’s Curriculumonathon Worrell conducted a discussion session to give an overview on ICAEW’s old and newly curriculum, structure, contents and examinations scheduled on 9 April 2014. Mr.
Worrell gave a brief presentation on the matter related to those areas. He also participated in an open discussion regarding upcoming examinations and ICAEW classes to be organized by ICAB in July and November this year.
Among others, ICAB President Showkat Hossain FCA, Council Member and Past Presidents Muhmmed Farhad Hussain FCA and Md. Humayun Kabir FCA, Secretary (Acting) Md. Saiful Islam ACA and Director (Technical) Mahbub Ahmed Siddique FCA were present in the discussion held at Mini Conference Room, CA Bhaban.
J
Justin West and Jonathon Worrell demonstrate ICAEW Students’ Seminar at ICAB
CAEW Head of new business development Justin West and Senior
Business Development Manager Jonathon Worrell jointly
demonstrated ICAEW Students’ Seminar at ICAB training room,
Dhaka on 18 April 2014. They presented a paper in the seminar
covering ICAEW’s syllabus and overview of ICAEW advanced stage
examination under old and new curriculum. The presentation also
covered ICAB advance stage examination results in Bangladesh,
common errors in examination paper, etc.
Among others, ICAB president Showkat Hossain FCA, Council Member
and Past President Syful Islam FCA, Director Mahbub Ahmed Siddique
FCA and Snehasish Barua FCA were present in the seminar.
Participants in the seminar requested
to hold ICAEW classes by ICAB and
their willingness to attend the
upcoming examinations.
ICAB President emphasized mutual
relation and benefits between the
two Institutes for capacity building
in the area of education,
examinations and overall quality of
the profession. Mr. Syful Islam
advised the students to give more
time and attention in study and to
work hard to pass the ICAEW
examinations as it is a matter for the
sake of reputation of both the
Institute and members as well.
I
Meeting with ICMAB Delegates
A delegation of the Institute of Cost Management & Accounts of Bangladesh (ICMAB) visited ICAB on 17 April 2014. ICAB team headed by Showkat Hossain FCA, President-ICAB held a meeting with the delegates from ICMAB on the same day to discuss about various professional matters and bi-literate issues. Other members of the ICAB team are Vice Presidents Kamrul Abedin FCA and Nasim Anwar FCA, Council Members Abbas Uddin Khan FCA, Md. Syful Islam FCA & A F Nesaruddin FCA, Secretary (Acting) Md. Saiful Islam ACA were present on the occasion.
11
April 2014No. 294
The Institute of Chartered Accountants of Bangladesh (ICAB)
arranged a program at its Auditorium on 02 April 2014 in a bid to
give a Farewell to its Outgoing Secretary (In-charge) Prof. Dr.
Mahfuzul Hoque. ICAB President Showkat Hossain FCA, Vice
President Kamrul Abedin FCA, Past President and Council
Members Abbas Uddin Khan FCA, Nasir Uddin Ahmed FCA, Md.
Syful Islam FCA, Immediate Past President Md Abdus Salam FCA
and Employees of the Institute were present on the occasion. Mr.
Mahfuz joined the Institute on 1st April 2011 as Director
(Learning and Professional Development). ICAB President
recalled the contribution of Mr. Mahfuz and said, the
contribution of Mr. Hoque will be remembered and his future
attachment with the institute will be appreciable. The other
Council Member and Past Presidents also spoke on the occasion
in appreciation of his hard work and endeavour in ICAB as both
Director LPD and Secretary In-charge.
nion Parishad Governance Project
(UPGP) and Local Governance
Support Project (LGSP) of the Local
Government Division under the Ministry
of Local Government Rural Development
& Cooperative, GoB jointly organised
two-day training on ‘Financial Audits,
Performance Assessment, Fiduciary &
Safeguards Compliance’ for the auditing
and reviewing CA Firms assigned to
auditing and reviewing of Union Parishads
financial statements for 2012-2013,
2013-2014 and 2014-2015 under LGSP - II
at BIAM auditorium, Dhaka.
The trainings were held in several phases
throughout the month of April 2014. ICAB
president Showkat Hossain FCA was
present in both inauguration and closing
session of each
phase of the
training
programe on 1, 3,
6, 8, 10, 20 and 29
April 2014. He
gave a brief
speech on each
session of the
training. The ICAB
president handed
over certificates
to the partici-
pants after each
phase of the training.
LGSP Training programme on "Financial
audits, performance assessment, fiduciary
& safeguards compliance covered
different areas of Union
Parishad audit and budget-
ary functions like Perfor-
mance Assessment of Union
Parishads, Financial Audit,
Audit methodology and
field level audit, documen-
tation & reporting, Overview
of fiduciary & safeguards
compliance assessment and
open discussion session.
Resource persons of the
training are Prof. Mobasser
Monem, Department of Public Administra-
tion, University of Dhaka and Consultant,
UPGP, Md. Aminul Islam, Consultant, LGSP,
Ajit Kumar Paul FCA, Consultant, LGSP.
ICAB President Showkat Hossain FCA
delivered welcome speech at the ‘Orienta-
tion Program for Financial Auditors and
Performance Assessors’ under LGSP-II at
BIAM Foundation, Dhaka on 1 April 2014.
It is mentioned that the designated Firms
already have completed audit on financial
statements of Union Parishads for
2010-2011 and 2011-2012. The Local
Government Division urged the assigned
audit firms to complete the audit of the
Union Parishads across the country within
the stipulated time effectively.
UPGP & LGSP-II organize training for reviewing CA Firms for Union Parishad Audit
U
ICAB President Showkat Hossain FCA delivering welcome speech at the ‘Orientation Program for Financial Auditors and Performance Assessors’ under LGSP-II at BIAM Foundation, Dhaka on 01 April 2014.
Farewell Program in Honour of Outgoing Secretary
A partial view of the participants (Auditors) attended the training programme organized by UPGP & LGSP-II.
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April 2014 No. 294
Name of Resource Persons(Sections- F & G of PS-KL-9th Batch)Mr Md Kishlur Rahman ACAMr Md Al-Amin Siddiki ACAMr Obaidur Rahman FCA Mr Md Humayun Kabir ACAMr Md Abdur Razzaque ACAMr Md Mahbubul Haque ACA Mr Mahmudur Rahman ACA Mr Sujan Kumar Saha ACA Mr Zafar Ullah Khan FCAMr Shibly Ahmed FCAMr Muhammad Shariful Islam Shiplu FCAProf. Dr ASM Hossain Tayiab FCAMr Md Abdullah-Al-Amin ACA Mr Mohammad Shibbir Hossain ACA Mr Mohammad Aminul Hoque ACAMr Mostak Ahmmed ACAMr Sajib Sarkar ACA Mr Chitta Ranjan Halder FCA Ms Mashruna A. Chowdhury ACAMr Mohammad Monowar Hossain ACA Mr K S Omar Faruk ACA Mr Khairul Basher FCA Mr Abdullah-Al-Mamun FCAMr Md Jasim Uddin ACAMr Mohyminul Islam Miltan Bepari ACAMr Md Anisur Rahman Mr Abdulla-Al-Mahmud FCA
Name of Resource Persons(Sections- A-C of PS-AL -8th Batch)Mr Mohammed Tofazzul Hussain FCAMr Abdullah-Al-Mamun ACAMr Anwaruddin Chowdhury FCA (GT)Mr Obaidur Rahman FCAMr Mohammad Redwanur Rahman FCAMr Md Abdur Rouf FCA Mr Dewan Nurul Islam FCAMr Masud Khan FCA-IndiaMr Md Kahir Mahmood FCA Mr Shaheduzzaman Choudhury FCAMr Md Shafiqul Alam FCAMr Mohammad Imtiaz Khan ACAMr Ranjan Kumar Bhowmik FCMAMr Abdul Khalek FCA (VAT-Portion) Mr Md Amirul Islam FCAMr Abdulla-Al-Mahmud FCAMr Md Parvej Ahmed ACA Mr Md Mahsudur Rahman FCAMr Mustaq Ahammed FCAMr Gopal Chandra Ghosh FCAMr Sabbir Ahmed FCAMr AH Mostafa Kamal KhanMr Md Shafiqul Alam FCA
Mr Sayeed Ahmed FCAMr Masud Khan FCA-India Mr Mohammed Forkan Uddin FCAMr Mohammad Abdul Ohab Miah FCA (VAT Portion)Mr Md Akbar Hossain FCAMr Md Din Islam Miah FCAMr Mohammed Sabir Ahmed FCADr Jakerul Abedin Mr Shamim -Al-Mamun ACAMr Mohammad Abdul Matin Mr Md Fokrul Islam FCAMr MAKH Hasif Sowdagar FCA Mr Md Saiful Islam ACA Mr Md Mahamud Hosain FCA Mr Muraheb Malik Chowdhury ACAMr Shaheduzzaman Choudhury FCAMr Shahriar Istiaq Halim ACAMr Bibhuti Bhushan Biswas ACAMr Anup Kumar Mukherjee ACAMr Zakir Hossain FCAMr Mahmudul Hasan Khusru FCAMr Md Reajul Islam FCA (VAT Portion) Mr Imtiaz Lutful Baset FCAMr Md Selim Reza FCAProf. Dr ASM Hossain Tayiab FCAMr Palash Mollick
Name of Resource Persons(Sections- D of PS-AS -7th Batch)Mr Gopal Chandra Ghosh FCAMr Mohammad Mehdi Hasan FCAMr Mohammed Forkan Uddin FCAMr Anwaruddin Chowdhury FCA(GT) Mr Sabbir Ahmed FCAMr Snehasish Barua FCAMr Syed Md Enamul Kabir FCA Mr Md Kishlur Rahman ACAMr Masud Khan FCA-India (GT)Mr Sayeed Ahmed FCAMr Mahbub Ahmed Siddique FCA Mr Dewan Nurul Islam FCA FCAMr Gopal Chandra Ghosh FCA
Visiting Faculties(for Ongoing Session)
Name of Visiting FacultiesMr Dewan Nurul Islam FCAMr. ABM Azizuddin FCAMr Anwaruddin Chowdhury FCAMr Md Syful Islam FCA, FCMAMr Md Abdus Salam FCAMr Gopal Chandra Ghosh FCA,FCMAMr Masud Khan FCA-IndiaMr Ranjan Kumar Bhowmik FCMAMr Abdul Khalek FCAMr Md Amirul Islam FCAMr Sabbir Ahmed FCA (E-770) Mr Mohammad Mehdi Hasan FCA Mr A H Mostafa Kamal Khan Dr. Jakerul Abedin
ICAB Academic Campus NewsThe Pre-Examination Evening Coaching
Classes of Professional Stage-Knowledge
Level (9th Batch, Sections: VI &VII, No. of
Students 173), Application Level (8th Batch,
Sections: I -III, # 256 Students) and
Advanced Stage (7th Batch, Section: I, # 52
Students) have started from 01 March
(PS-KL) & 12 March 2014 (PS-AL &AS) for
Examination Session: May-June 2014 at
Campus .The session will be continued up
to 29 May 2014.There are 481 students for
the Class Session of March-May 2014.
As a result, the cumulative number of
participated students of ICAB new
curriculum has been totalled to 6,641 till
April 28, 2014.
By this time, a
programme on Case
Study for Advanced
Resource Persons: ICAB Academic Campus (Session: March-May 2014)
Announcement(Classes of Next Session)
The New Session (June-August 2014) for the Students of Professional Stage-Knowledge Level (10th Batch) will start from Sunday, 01 June 2014 at ICAB Academic Campus. A Notice has already been issued in this matter, and all concerned students are advised to enroll the classes by 05 May 2014 at ICAB Academic Campus.
13
April 2014No. 294
Md. Shafiqul Islam Khan FCA (Enrl-173) Pro-Vice Chancellor, Darul Ihsan University died due to Heart Attack on 05 April 2014. (Innah Lillahe ... Rejeun). On behalf of the Council and the members of the Institute, the President of ICAB expressed deep sorrow at the demise of Mr. Shafiqul and prayed to almighty Allah, the most merciful for salvation of his departed soul and give the
bereaved family the strength and courage to bear the irreparable loss.
Kazi Mezbah-ul Alam FCA (Enrl-40) Managing Partner, K M Alam & Co. Chartered Accountants, died on 15 April 2014 due to old age complications. (Innah Lillahe ... Rejeun). He was a man of great virtues and high self esteem. On behalf of the Council and the members of the Institute, the President of ICAB expressed deep sorrow at the demise of Mr. Kazi Mezbah-ul Alam and prayed to almighty Allah, the most merciful for salvation of his departed soul and give the
bereaved family the strength and courage to bear the irreparable loss.
The Institute of Chartered Accountants of Bangladesh (ICAB) arranged a 'Milad and Doa Mahfil for the salvation of departed souls of late Members of the Institute at ICAB Auditorium on 8 April 2014. Before starting Milad and doa Mahfil, the relatives, colleagues, friends and well wishers of the late members recalled their contribution to the nation and the Institute as well. They prayed to the almighty Allah for the eternal peace of the departed souls of their beloved Fellow Members, who died over the past years.
ICAB President Showkat Hossain FCA, Members of the Institute and employees attended the Milad & doa Mahfil, conducted in solemnity and due honour, specially for the members who expired recently.
Obituary
Kazi Mezbah-ul Alam FCA Md. Shafiqul Islam Khan FCA
A Milad and Doa Mahfil for Late ICAB Members
level students has started from 14 March
2014 at ICAB Academic Campus. There are
52 students in this session. The class will be
closed on 17 May 2014.
The Conversion Courses on ‘Accounting’ of
Professional Stage–Knowledge Level (9th
Batch) & Application (5th Batch) levels
which commenced on 04 April 2014,
continued upto 02 May 2014 at Campus.
There are 49 students for the Class Session
of April-May 2014. The total number of
have Conversion Courses completed
students reached at 1,274 ( PS-KL,1138 +
136, PS-AL) up to 31 March 2014 at
Campus.
On the other hand, a- new session of
classes for the Students of Professional
Stage-Knowledge Level (10th Batch) will
begin from Sunday, 01 June 2014 at ICAB
Academic Campus. A Notice has already
been issued in this regard and all
concerned students are advised to enroll
for the classes by 05 May 2014 at ICAB
Academic Campus.
The Programme on the mentioned Levels
of classes have been organized by the
Additional Director at ICAB Academic
Campus under the supervision of the Vice
President (Education & Training)-ICAB, Mr.
Dewan Nurul Islam FCA with the consent
and guidance of the Chairman of Board of
Studies-ICAB, Mr.ABM Azizuddin FCA &
President- ICAB, Mr Showkat Hossian FCA.
Campus News Cont’ed
14
April 2014 No. 294
The Members of the Ad-hoc Committee, Bangladesh Chartered
Accountancy Chhatra Parishad (BCACP) of ICAB paid a courtesy
call on ICAB President Showkat Hossain FCA at latter’s office on
15 April 2014. They held a meeting with the ICAB President and
discussed on various academic issues like ICAB curriculum,
library facilities, examinations and the accommodation problems
in CA Hostel. ICAB President assured them of his best
cooperation to ensure proper educational environment and
other related facilities for the sake of the development of the
profession. He advised the students to be more attentive in their
studies. He further said there is no alternative to study to pass
the examinations and hard work is essential for qualifying the
exams. The Members of the BCACP Committee handed over a
bouquet to the ICAB President on the occasion.
A team of WTO visited ICAB on 21 April 2014 to have a
glimpse on overall development of the Institute and to
discuss various professional issues those ICAB adopted
and implemented since ROSC Report in 2003. The
discussion mainly focused on activities of ICAB-Quality
and Assurance Department, Investigation and Disciplinary
proceedings through professional conduct and the
up-gradation of education system in line with ICAEW.
ICAB President Showkat Hossain FCA, Vice Presidents
Kamrul Abedin FCA, Nasim Anwar FCA and ICAB Secretary
(Acting) Md. Saiful Islam ACA were present in the meeting.
CAB Examinations Sub-committee
held a meeting with David
Brookfield, Senior Consultant and
Syllabus Expert, ICAEW at Hotel
Sonargaon, Dhaka on 22 April 2014.
ICAB President Showkat Hossain FCA,
Vice Presidents Kamrul Abedin FCA,
Dewan Nurul Islam FCA, Council
Member & Past Presidents ASM
Nayeem FCA, Muhammed Farhad
Hussain FCA, Md. Humayun Kabir FCA,
Md. Syful Islam FCA, Director
(Technical) Mahbub Ahmed Siddique
FCA and Controller of Examinations Md.
Afzal Hossain were attended the
meeting.
In the meeting they discussed
examination related issues focussing
on syllabus coverage, assessments
ideas, communications between
examineers and tutors, learning
materials and pass rates of students
attempting to be ICAEW qualified. They
also discussed other areas of mutual
interest between the ICAB and ICAEW.
I
WTO Team visits ICABBCACP Ad-hoc Committee Meet ICAB President
David Brookfield Attends ICAB Examinations Sub-committee Meeting
15
April 2014No. 294
A team of Dhaka Regional Committee, ICAB led by
President DRC Md. Fokrul Islam FCA met ICAB
President Showkat Hossain FCA at his office on 03
April 2014. The other members of the team are Md.
Eftekhar Ali FCA, Md. Selim Reza FCS, FCA, Mizanur
Rahman FCA, Mohammed Khairul Alam FCA. They
held the meeting to discuss professional issues and to
apprise the matters related to the affairs of the
Committee to the President. At the meeting ICAB
President emphasized for more pro-active role in
building image of the Institute as well as to foster the
development of the profession.
ICAB called an emergency council meeting at Westin Hotel on 09 April 2014. ICAEW Senior Business Development Manager Jonathon Worrell joined the council meeting to discuss academic strategy and papers covering ICAEW’s syllabus and renewal of MoU between the ICAB and ICAEW. Members of the Council stressed on mutual benefits and capacity building in the area of education, examinations and overall quality of the profession. Most of the Council Members ICAB attended the Meeting.
discussion meeting was held on 28 April 2014 between World Bank and ICAB Team on existing and
upcoming World Bank Funded Projects. The meeting discussed about ongoing
projects and different avenues and scopes that the World Bank and ICAB can work with.The Members of the World Bank team were Ms. Suraiya Zannath Khan FCA, Sr.
Financial Management Specialist, the
World Bank and Fily Sissoko, Manager,
South Asia Regional Financial
Management, the World Bank. ICAB Team
led by ICAB President Showkat Hossain
FCA included Vice President Dewan
Nurul Islam FCA, Council Member & Past
Presidents Abbas Uddin Khan FCA, Md.
Humayun Kabir FCA and Md Abdus
Salam FCA, Council Members Masih
Malik Chowdhury FCA, A F Nesaruddin
FCA, Md. Shahadat Hossain FCA and
Gopal Chandra Ghosh FCA, Director
(Technical) Mahbub Ahmed Siddique
FCA, Senior Deputy Director (PC) Md.
Saiful Islam ACA, Deputy Director (LPD)
Yesmin Hosna ACA.
A
Meeting with DRC Delegates
World Bank Delegates Visit ICAB
Jonathon Worrell attendsan Urgent Council Meeting
16
April 2014 No. 294
Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: 880-02-8119399 E-mail: [email protected] Website: www.icab.org.bd
Chittagong: HBFC Building (3rd Floor), 1/D, Agrabad Com. Area, Chittagong, Bangladesh Tel: 880-31-724674 Fax: 880-31-813579 E-mail: [email protected] Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail: [email protected] American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: [email protected]
A K M Rahmat Ullah FCA
ICAB Submits Proposals on Tax and VAT Policies to NBR Regarding Budget 2014-’15
egarding the upcoming National Budget 2014-2015, ICAB submitted its proposals on VAT & Tax policies to the National Board of Revenue (NBR)
recently. The proposals were finalized by Taxation & Corporate Laws Committee of ICAB and was highly appreciated and overweighed by the NBR. The authority of NBR said that with due consideration and review, it will incorporate the proposals where it may deem fit in the upcoming national budget.
ICAB’s proposals were made with a view to increase of government revenue, avoid contradictory provisions & loopholes of existing laws, encourage investment as well as discourage siphoned of capital to abroad, reducing the Tax rate on organizations like SMEs that create more job opportunities, controlling Tax return submission by NGOs and verification of submitted financial reports, etc.
The proposals emphasized mainly on three areas; increase of revenue, remove procedural flaws and ensuring social justice. ICAB’s proposals cover 58 areas on Tax policies and 37 areas on VAT policies of the government. Some of them are as follows:
Tax Policies On Tax amnesty in investment in real estate on payment of tax, ICAB proposed tax amnesty in investment in real estate on payment of reduced tax: may be truncated based on Square Metre or Flat rate in between 5%-7.5% is proposed.
On Special tax treatment in respect of investment in residential building and apartment section 19BBBBB, ICAB proposed that source of any sum invested by any person, in the construction or purchase of any residential, commercial building or apartment, shall be deemed to have been explained if the assessee pays, before the assessment for the relevant assessment year in which the investment is completed.
On Financial Statement Certified by Chartered Accountants, ICAB proposed without prejudice to the preceding sub-sections, every public or private company as defined in the Companies Act, 1913 (VII of 1913) or Company Act, 1994 shall, with the return of income required to be filed under this Ordinance for any income year, furnish a copy of the Financial Statements in respect of that income year certified by a Chartered Accountant with the authentication mark from the Institute of Chartered Accountants of Bangladesh.
Regarding Deduction from the payment of certain services, ICAB proposed that after the existing provision the following Para can be inserted in the existing provision: :Provided that in case of the commission/ margin is
not disclosed in the bill, tax should be deducted on a notional profit @ 15% on the gross bill excluding VAT.
On the matter of Submission of tax return by the NGO, ICAB proposed that in the country there are a number of NGOs who do not submit tax returns. To compel them for submission of tax return, NGO Affairs Bureau and other lending organization (Like PKSF) may ask for producing current tax clearance certificate before renewing enlistment/loan agreement/ making disbursement of loan. In this respect, NBR may link up the matter with relevant Ministries.
About Submit report to the Board by a Chartered Accountants, the Chartered accountant, after examination of the accounts of that assessee, shall submit a report in writing to the Board along with findings within a time as may be specified by the Board, was proposed provided that the report of the Chartered Accountant should have authentication mark from the Institute of Chartered Accountants of Bangladesh.
Capital gain tax: The rate of capital gain tax may be raised to at least 20% is proposed.
On Discourage Concealment, a harsh law for non-disclosure of assets in IT10B along with the tax return may be introduced imposing 50% flat rate tax on movable assets (cash & financial instruments) and 30% on immovable assets is proposed.
About Individual Tax Rates, ICAB proposed Individual tax rate as follows: a) First Taka 300,000 @ Nil, b) Next Taka 400,000 @ 10%,c) Next Taka 400,000 @ 15%, d) Next Taka 300,000 @ 20%, e) Balance Taka @ 25%. Tax exemption limits for female tax payers and tax payers aged 65 years or more is Taka 350,000 and tax payers who are mentally or physically retarded is Taka 400,000.
On Corporate Tax Rates, Corporate Assessee(s) (Other than Publicly Traded Company-PTC, Bank, Insurance & Financial or Money investing /lending Institutions) 35% and Bank, Insurance & Financial or Money investing / lending Institution Leasing or House Finance Companies tax rate would be 37.5% and Publicly Traded Company-PTC (i.e. listed) Other than Bank, Insurance & Financial or Money investing / Lending Institution, Leasing or House Finance companies or Mobile Phone Operator Company or Cigarette Manufacturing company would be 25% , ICAB proposed.
For Tax holiday, ICAB proposed that Some incentive in the form of tax holiday may be introduced for tourist industries to encourage the growth of this sector.
(a) Exemption limit of House rent Allowance for Salary Income.
(b) Other allowances or benefits
Exemption limit should be extended to Tk 25,000 from existing Tk 20,000 as relevant R
A K M Rahmat Ullah Joins as Secretary of
ICAB
A K M Rahmat Ullah FCA has joined as Secretary of the Institute of Chartered Accountants of Bangladesh (ICAB) on Thursday 30 April 2014.
Before his joining, he was General Manager (Accounts & Budgeting Dept.) in Bangladesh Bank. He was Financial Management Specialist (Consultant) in IDA Project, General Manager of Social Development Foundation (SDF) under the Ministry of Finance, GoB and Deputy Director (Audit) in Bangladesh Open University. He is a Fellow Member of the Institute. He did his Masters in Accounting from the University of Dhaka in 1981.
53 years old chartered accountant credited many professional trainings through his 28 years in service both home and abroad. Some of them are on distance education administration and financial management in Canada, fiduciary management training of community driven development project in Italy and liquidity risk management and stress testing under IFSB Standard by the Islamic Financial Services Board in Malaysia and Modern Office Management and Moral Development from the Bangladesh Institute of Administration & Management (BIAM).
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