Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh ICAB ICAB NEWS BULLETIN June 2017 Number 332 ISSN 1993-5366 Businesses yet to be Aware of New VAT System and its Implementation Process Discussants at ICAB-Prothom Alo roundtable on National Budget 2017-2018 he uniform VAT rate would come into effect, in which multiple rates were not considered. Businesses are yet to be aware of the new VAT system and the implementation of the law. Discussants said at a roundtable on the proposed budget for fiscal 2017-18 jointly organised by the Institute of Chartered Accountants of Bangladesh and vernacular daily Prothom Alo at the newspaper's office, CA Bhaban, Dhaka on 8 June 2017. State Minister for Finance and Planning MA Mannan, MP was present as Chief Guest while country’s renowned economists, business leaders and experts spoke in the programme. ICAB President Adeeb Hossain Khan FCA made opening remarks and Council Member & Past President Md. Humayun Kabir FCA moderated the programme. State Minister for Finance and Planning MA Mannan acknowledged that there is a lack in preparation from the government side for implementing the new VAT law effectively. More training is needed. We are not fully prepared for the new VAT system yet. But we have to start from some points. We need to organise more training sessions to implement the law properly,” he added. Mr. Mannan said that we have kept most of items out of the purview of VAT so that low income people are not affected. I personally think tax should be imposed on every product except for lifesaving drugs. He further said that people have now come to accept the size of the budget, which is the largest yet, although it appeared 'very big' during the initial days. T 01 04 06 07 08 09 09 09 09 09 10 10 Businesses yet to be Aware ...Process Presidents Communica- tion June 2017 Campus News CRC-ICAB organized CPD.. Tax and VAT’ SMP Conference 2017 Permission to train Articled Students Permission to Join as Partner Permission to Start Practice Open New Branch Working Group discussion... and ICAB Discussion Meeting on Audit... under LGSP-III Accountancy Age Report MA Mannan, MP
Transcript
Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh
ICABICAB NEWS BULLETINJune 2017
Number 332
ISSN 1993-5366
Businesses yet to be Aware of New VAT System and its Implementation Process Discussants at ICAB-Prothom Alo roundtable on National Budget 2017-2018
he uniform VAT rate would come into effect, in which multiple rates were not considered. Businesses are yet to be
aware of the new VAT system and the implementation of the law.
Discussants said at a roundtable on the proposed budget for fiscal 2017-18 jointly organised by the Institute of Chartered Accountants of Bangladesh and vernacular daily Prothom Alo at the newspaper's office, CA Bhaban, Dhaka on 8 June 2017.
State Minister for Finance and Planning MA Mannan, MP was present as Chief Guest while country’s renowned economists, business leaders and experts spoke in the
programme. ICAB President Adeeb Hossain Khan FCA made opening remarks and Council
Member & Past President Md. Humayun Kabir FCA moderated the programme.
State Minister for Finance and Planning MA Mannan acknowledged that there is a lack in preparation from the government side for implementing the new VAT law effectively. More training is needed. We are not fully prepared for the new VAT system yet. But we have to start from some points. We need to organise more training sessions to implement the law properly,” he added.
Mr. Mannan said that we have kept most of items out of the purview of VAT so that low income people are not affected. I personally think tax should be imposed on every product except for lifesaving drugs. He further said that people have now come to accept the size of the budget, which is the largest yet, although it appeared 'very big' during the initial days.
T
01
04
06
07
08
09
09
09
09
09
10
10
Businesses yet to be Aware ...Process
Presidents Communica-tion June 2017
Campus News
CRC-ICAB organized CPD.. Tax and VAT’
SMP Conference 2017
Permission to train Articled Students
Permission to Join as Partner
Permission to Start Practice
Open New Branch
Working Group discussion... and ICAB
Discussion Meeting on Audit... under LGSP-III
Accountancy Age Report
ICAB President Adeeb Hossain Khan FCA said, importance has been given in i n f r a s t r u c t u r a l development in this budget. Public opinion should be also reflected in Budget. Precious and very thought provoking opinions from this discussion would help the government to prepare and finalize a pro people budget.
‘Everybody, from top to bottom, is in discomfort on the issue of VAT,’ said Rasheda K Chowdhury, former adviser to c a r e t a k e r
government and the executive director of Campaign for Popular Education, a national coalition of non-governmental organizations working in the field of literacy and education. She went on to seek clarification from the government whether the price level will go up or not once the VAT and Supplementary Duty Act 2012 comes into effect. However, she thanked the government for the allocation for disabled people and the specialized group of people. She expects a full budgetary allocation for education. She expressed concern over the lesser allocation for gender related issues in 12 ministries of the government in this budget.
CPD executive director Mustafizur Rahman said that comparing to size of Bangladesh economy, the size of the total budget is not so big.
Collection of wealth, proper allocation and optimum use of the money are a big challenge, he added. 7.4 GDP
growth target is not quite enough comparing with global economic situation.
M u h a m m e d
Farhad Hussain, a
former president of
ICAB, said in
B a n g l a d e s h
taxpayers are
always being
harassed by the National Board of
Revenue (NBR). He said NBR should
bring Non-Financing Institutions under
tax net. He said that revenue audit,
may be introduced for ensuring proper
revenue collection in Bangladesh tax
rate is much higher than its
neighbouring countries.
“It is important to consider whether the businesses are ready to comply with the VAT law,” said Kamrul Islam FCA, vice- president of Dhaka Chamber of Commerce and Industry. He said the prices of commodities will rise if the businesses cannot maintain records properly, but the flipside is also true.
Mr. Islam said the National Board of Revenue (NBR) claims of training two lakh businesses on online VAT payment, is not true. The number may not be over 20,000, he added. Allocation in Annual Development (ADP) has been increased by 5 per cent, allocation for infrastructure is also increased, which is imperative, he added.
ICAB Council Member and Past P r e s i d e n t Parveen Mahmud FCA said that this budget would create discomfort
among the people. Poor would become marginal poor, she concerned. She also demanded more allocation for women entrepreneurs.
ICAB Council Member AF Nesaruddin FCA said that the tax rates may be decreased to i n c r e a s e
investment. He also urged the government to keep the tax rate at the tolerable limit. Implementation of new VAT law would create hassles; however, its success is depended on proper record keeping.
The VAT law is not at all easy to understand, said Abu Naser, a director of the Federation of B a n g l a d e s h Chambers of Commerce and Industry. It is not possible for a person to run a business if he has to become a chartered accountant to understand the new VAT. Strengthening the monitoring system is necessary to reach the target of infrastructure development. Uniform VAT rate would affect the real estate sector definitely he added. As a result, the prices of construction materials such as rod have already started rising following the announcement of application of uniform 15 percent VAT from July 1. He questioned about exemptions in some 200 items of necessary commodities which exclude food and edible oil, etc.
The government needs to give attention to improve its budget implementation capacity, said Faruq Ahmad Siddiqi, former chairman of
B a n g l a d e s h Securities and E x c h a n g e Commission. He said that g o v e r n m e n t should give proper attention
in wealth creation and skilled manpower as well.
Mustafa Jabbar, president of the B a n g l a d e s h Association of Software and I n f o r m a t i o n S e r v i c e s , e x p r e s s e d satisfaction over the budgetary measures for the ICT sector. He, however, expressed doubts about the implementation of the new VAT law online through the software developed by a Vietnamese firm. The software is very complicated and even the NBR officers do not understand it properly. No ordinary person will be able to use it. It would not be possible to digitise the VAT system without digitising the NBR. Without digitising the NBR, how is it possible to go for online VAT? Jabbar went on to state that the online system may increase harassment for businesses.
Mohammed Nasir, vice-president of the Bangladesh G a r m e n t Manufacturers and E x p o r t e r s Association, said the export growth
is slow and remittance is declining. However, he thanked the finance minister for making corporate tax 15 percent. RMG export has been declining due to sluggish market in Europe and America, he added. He demanded support from the government to boost shipment.
The government has allocated Tk 2,000 crore for the state banks'
capitalisation, a move that was criticised by Kamrul Abedin FCA, Council Member and former president of I C A B . Admin is t ra t i ve framework is required to prevent money laundering, he added. Like in previous years, the government also give scope to whiten black money. As long as this scope is there, bribery and corruption will not stop, he added.
Mentioning Government allocations in some areas ICAB Council Member Md. Shahadat Hossain FCA said
g o v e r n m e n t should revamp the rural economy to expedite the GDP growth. Quality and t i m e l y implementation of A n n u a l
Development Plan(ADP) is also required in this regard, he added.
Md. Humayun Kabir FCA said, ICAB-Pro thom Alo organize the discussion every year as part of their social and e t h i c a l responsibility. The national budget is related to the interest of all people of the country. So the allocation of the budget should be more practical, he added. He further said government is going to introduce new VAT Law this year to collect more revenues. He cautioned that this new law would create complexities in business. However, he advised that the huge revenue expenditure should be for interest of the people and the peoples welfare.
MA Mannan, MP
2
June 2017 No. 332
he uniform VAT rate would come into effect, in which multiple rates were not considered. Businesses are yet to be
aware of the new VAT system and the implementation of the law.
Discussants said at a roundtable on the proposed budget for fiscal 2017-18 jointly organised by the Institute of Chartered Accountants of Bangladesh and vernacular daily Prothom Alo at the newspaper's office, CA Bhaban, Dhaka on 8 June 2017.
State Minister for Finance and Planning MA Mannan, MP was present as Chief Guest while country’s renowned economists, business leaders and experts spoke in the
programme. ICAB President Adeeb Hossain Khan FCA made opening remarks and Council
Member & Past President Md. Humayun Kabir FCA moderated the programme.
State Minister for Finance and Planning MA Mannan acknowledged that there is a lack in preparation from the government side for implementing the new VAT law effectively. More training is needed. We are not fully prepared for the new VAT system yet. But we have to start from some points. We need to organise more training sessions to implement the law properly,” he added.
Mr. Mannan said that we have kept most of items out of the purview of VAT so that low income people are not affected. I personally think tax should be imposed on every product except for lifesaving drugs. He further said that people have now come to accept the size of the budget, which is the largest yet, although it appeared 'very big' during the initial days.
FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD
Dear Fellow Members and Friends,The main focus and point of discussion of June is the National Budget. On the 1st June Finance Minister AMA Muhith placed the budget in Jatiya Sangsad of over Tk. 4.0 trillion targeting an economic growth of 7.4 percent, for the year 2017-18. Bangladesh needs to internalize the ambitious targets with national planning process and allocate necessary funds accordingly. This budget will face different challenges. However, when we are united in the face of challenges, I believe our Nation emerges stronger and better than before. When we work together, there are no limits to what we can achieve.A round table Post Budget Discussion meeting was held jointly by ICAB and Prothom-alo on 8 June 2017. The main focus of the discussion was the changes in Financial Act 2017-2018 compared to previous year. A good number of discussants took part in the discussion which made the program very lively. On 26 June we observed Eid-ul-Fitr, the auspicious occasion of the Muslims all over the world. Eid teaches us about peace, sympathy and brotherhood. After a month-long fast, Eid-ul-Fitr brings messages of pure joy and pleasure for mankind. We should thank Allah, Subhanahu wa Ta’ala, for having been able to experience yet another blessed Ramadaan the month to provide us with an excellent opportunity for personal and spiritual elevation! I hope my dear friends and the fellow members had a very pleasant Eid-ul-Fitr amongst their dear and near ones. May Allah (SWT) accept our devotion and dedication meant for his satisfaction during this month and guide the whole humanity towards prosperity, love and peace.Ameen
Dr. Jamshed S A Choudhury FCA
ICAB President Adeeb Hossain Khan FCA said, importance has been given in i n f r a s t r u c t u r a l development in this budget. Public opinion should be also reflected in Budget. Precious and very thought provoking opinions from this discussion would help the government to prepare and finalize a pro people budget.
‘Everybody, from top to bottom, is in discomfort on the issue of VAT,’ said Rasheda K Chowdhury, former adviser to c a r e t a k e r
government and the executive director of Campaign for Popular Education, a national coalition of non-governmental organizations working in the field of literacy and education. She went on to seek clarification from the government whether the price level will go up or not once the VAT and Supplementary Duty Act 2012 comes into effect. However, she thanked the government for the allocation for disabled people and the specialized group of people. She expects a full budgetary allocation for education. She expressed concern over the lesser allocation for gender related issues in 12 ministries of the government in this budget.
CPD executive director Mustafizur Rahman said that comparing to size of Bangladesh economy, the size of the total budget is not so big.
Collection of wealth, proper allocation and optimum use of the money are a big challenge, he added. 7.4 GDP
growth target is not quite enough comparing with global economic situation.
M u h a m m e d
Farhad Hussain, a
former president of
ICAB, said in
B a n g l a d e s h
taxpayers are
always being
harassed by the National Board of
Revenue (NBR). He said NBR should
bring Non-Financing Institutions under
tax net. He said that revenue audit,
may be introduced for ensuring proper
revenue collection in Bangladesh tax
rate is much higher than its
neighbouring countries.
“It is important to consider whether the businesses are ready to comply with the VAT law,” said Kamrul Islam FCA, vice- president of Dhaka Chamber of Commerce and Industry. He said the prices of commodities will rise if the businesses cannot maintain records properly, but the flipside is also true.
Mr. Islam said the National Board of Revenue (NBR) claims of training two lakh businesses on online VAT payment, is not true. The number may not be over 20,000, he added. Allocation in Annual Development (ADP) has been increased by 5 per cent, allocation for infrastructure is also increased, which is imperative, he added.
ICAB Council Member and Past P r e s i d e n t Parveen Mahmud FCA said that this budget would create discomfort
among the people. Poor would become marginal poor, she concerned. She also demanded more allocation for women entrepreneurs.
ICAB Council Member AF Nesaruddin FCA said that the tax rates may be decreased to i n c r e a s e
investment. He also urged the government to keep the tax rate at the tolerable limit. Implementation of new VAT law would create hassles; however, its success is depended on proper record keeping.
The VAT law is not at all easy to understand, said Abu Naser, a director of the Federation of B a n g l a d e s h Chambers of Commerce and Industry. It is not possible for a person to run a business if he has to become a chartered accountant to understand the new VAT. Strengthening the monitoring system is necessary to reach the target of infrastructure development. Uniform VAT rate would affect the real estate sector definitely he added. As a result, the prices of construction materials such as rod have already started rising following the announcement of application of uniform 15 percent VAT from July 1. He questioned about exemptions in some 200 items of necessary commodities which exclude food and edible oil, etc.
The government needs to give attention to improve its budget implementation capacity, said Faruq Ahmad Siddiqi, former chairman of
B a n g l a d e s h Securities and E x c h a n g e Commission. He said that g o v e r n m e n t should give proper attention
in wealth creation and skilled manpower as well.
Mustafa Jabbar, president of the B a n g l a d e s h Association of Software and I n f o r m a t i o n S e r v i c e s , e x p r e s s e d satisfaction over the budgetary measures for the ICT sector. He, however, expressed doubts about the implementation of the new VAT law online through the software developed by a Vietnamese firm. The software is very complicated and even the NBR officers do not understand it properly. No ordinary person will be able to use it. It would not be possible to digitise the VAT system without digitising the NBR. Without digitising the NBR, how is it possible to go for online VAT? Jabbar went on to state that the online system may increase harassment for businesses.
Mohammed Nasir, vice-president of the Bangladesh G a r m e n t Manufacturers and E x p o r t e r s Association, said the export growth
is slow and remittance is declining. However, he thanked the finance minister for making corporate tax 15 percent. RMG export has been declining due to sluggish market in Europe and America, he added. He demanded support from the government to boost shipment.
The government has allocated Tk 2,000 crore for the state banks'
capitalisation, a move that was criticised by Kamrul Abedin FCA, Council Member and former president of I C A B . Admin is t ra t i ve framework is required to prevent money laundering, he added. Like in previous years, the government also give scope to whiten black money. As long as this scope is there, bribery and corruption will not stop, he added.
Mentioning Government allocations in some areas ICAB Council Member Md. Shahadat Hossain FCA said
g o v e r n m e n t should revamp the rural economy to expedite the GDP growth. Quality and t i m e l y implementation of A n n u a l
Development Plan(ADP) is also required in this regard, he added.
Md. Humayun Kabir FCA said, ICAB-Pro thom Alo organize the discussion every year as part of their social and e t h i c a l responsibility. The national budget is related to the interest of all people of the country. So the allocation of the budget should be more practical, he added. He further said government is going to introduce new VAT Law this year to collect more revenues. He cautioned that this new law would create complexities in business. However, he advised that the huge revenue expenditure should be for interest of the people and the peoples welfare.
Adeeb Hossain Khan FCA
Rasheda K Chowdhury
Kamrul Islam FCA
Muhammed Farhad Hussain FCA
Mustafizur Rahman
Parveen Mahmud FCA
3
June 2017No. 332
he uniform VAT rate would come into effect, in which multiple rates were not considered. Businesses are yet to be
aware of the new VAT system and the implementation of the law.
Discussants said at a roundtable on the proposed budget for fiscal 2017-18 jointly organised by the Institute of Chartered Accountants of Bangladesh and vernacular daily Prothom Alo at the newspaper's office, CA Bhaban, Dhaka on 8 June 2017.
State Minister for Finance and Planning MA Mannan, MP was present as Chief Guest while country’s renowned economists, business leaders and experts spoke in the
programme. ICAB President Adeeb Hossain Khan FCA made opening remarks and Council
Member & Past President Md. Humayun Kabir FCA moderated the programme.
State Minister for Finance and Planning MA Mannan acknowledged that there is a lack in preparation from the government side for implementing the new VAT law effectively. More training is needed. We are not fully prepared for the new VAT system yet. But we have to start from some points. We need to organise more training sessions to implement the law properly,” he added.
Mr. Mannan said that we have kept most of items out of the purview of VAT so that low income people are not affected. I personally think tax should be imposed on every product except for lifesaving drugs. He further said that people have now come to accept the size of the budget, which is the largest yet, although it appeared 'very big' during the initial days.
ICAB President Adeeb Hossain Khan FCA said, importance has been given in i n f r a s t r u c t u r a l development in this budget. Public opinion should be also reflected in Budget. Precious and very thought provoking opinions from this discussion would help the government to prepare and finalize a pro people budget.
‘Everybody, from top to bottom, is in discomfort on the issue of VAT,’ said Rasheda K Chowdhury, former adviser to c a r e t a k e r
government and the executive director of Campaign for Popular Education, a national coalition of non-governmental organizations working in the field of literacy and education. She went on to seek clarification from the government whether the price level will go up or not once the VAT and Supplementary Duty Act 2012 comes into effect. However, she thanked the government for the allocation for disabled people and the specialized group of people. She expects a full budgetary allocation for education. She expressed concern over the lesser allocation for gender related issues in 12 ministries of the government in this budget.
CPD executive director Mustafizur Rahman said that comparing to size of Bangladesh economy, the size of the total budget is not so big.
Collection of wealth, proper allocation and optimum use of the money are a big challenge, he added. 7.4 GDP
growth target is not quite enough comparing with global economic situation.
M u h a m m e d
Farhad Hussain, a
former president of
ICAB, said in
B a n g l a d e s h
taxpayers are
always being
harassed by the National Board of
Revenue (NBR). He said NBR should
bring Non-Financing Institutions under
tax net. He said that revenue audit,
may be introduced for ensuring proper
revenue collection in Bangladesh tax
rate is much higher than its
neighbouring countries.
“It is important to consider whether the businesses are ready to comply with the VAT law,” said Kamrul Islam FCA, vice- president of Dhaka Chamber of Commerce and Industry. He said the prices of commodities will rise if the businesses cannot maintain records properly, but the flipside is also true.
Mr. Islam said the National Board of Revenue (NBR) claims of training two lakh businesses on online VAT payment, is not true. The number may not be over 20,000, he added. Allocation in Annual Development (ADP) has been increased by 5 per cent, allocation for infrastructure is also increased, which is imperative, he added.
ICAB Council Member and Past P r e s i d e n t Parveen Mahmud FCA said that this budget would create discomfort
among the people. Poor would become marginal poor, she concerned. She also demanded more allocation for women entrepreneurs.
ICAB Council Member AF Nesaruddin FCA said that the tax rates may be decreased to i n c r e a s e
investment. He also urged the government to keep the tax rate at the tolerable limit. Implementation of new VAT law would create hassles; however, its success is depended on proper record keeping.
The VAT law is not at all easy to understand, said Abu Naser, a director of the Federation of B a n g l a d e s h Chambers of Commerce and Industry. It is not possible for a person to run a business if he has to become a chartered accountant to understand the new VAT. Strengthening the monitoring system is necessary to reach the target of infrastructure development. Uniform VAT rate would affect the real estate sector definitely he added. As a result, the prices of construction materials such as rod have already started rising following the announcement of application of uniform 15 percent VAT from July 1. He questioned about exemptions in some 200 items of necessary commodities which exclude food and edible oil, etc.
The government needs to give attention to improve its budget implementation capacity, said Faruq Ahmad Siddiqi, former chairman of
B a n g l a d e s h Securities and E x c h a n g e Commission. He said that g o v e r n m e n t should give proper attention
in wealth creation and skilled manpower as well.
Mustafa Jabbar, president of the B a n g l a d e s h Association of Software and I n f o r m a t i o n S e r v i c e s , e x p r e s s e d satisfaction over the budgetary measures for the ICT sector. He, however, expressed doubts about the implementation of the new VAT law online through the software developed by a Vietnamese firm. The software is very complicated and even the NBR officers do not understand it properly. No ordinary person will be able to use it. It would not be possible to digitise the VAT system without digitising the NBR. Without digitising the NBR, how is it possible to go for online VAT? Jabbar went on to state that the online system may increase harassment for businesses.
Mohammed Nasir, vice-president of the Bangladesh G a r m e n t Manufacturers and E x p o r t e r s Association, said the export growth
is slow and remittance is declining. However, he thanked the finance minister for making corporate tax 15 percent. RMG export has been declining due to sluggish market in Europe and America, he added. He demanded support from the government to boost shipment.
The government has allocated Tk 2,000 crore for the state banks'
capitalisation, a move that was criticised by Kamrul Abedin FCA, Council Member and former president of I C A B . Admin is t ra t i ve framework is required to prevent money laundering, he added. Like in previous years, the government also give scope to whiten black money. As long as this scope is there, bribery and corruption will not stop, he added.
Mentioning Government allocations in some areas ICAB Council Member Md. Shahadat Hossain FCA said
g o v e r n m e n t should revamp the rural economy to expedite the GDP growth. Quality and t i m e l y implementation of A n n u a l
Development Plan(ADP) is also required in this regard, he added.
Md. Humayun Kabir FCA said, ICAB-Pro thom Alo organize the discussion every year as part of their social and e t h i c a l responsibility. The national budget is related to the interest of all people of the country. So the allocation of the budget should be more practical, he added. He further said government is going to introduce new VAT Law this year to collect more revenues. He cautioned that this new law would create complexities in business. However, he advised that the huge revenue expenditure should be for interest of the people and the peoples welfare.
Faruq Ahmad Siddiqi
Kamrul Abedin FCA
Md. Humayun Kabir FCA
AF Nesaruddin FCA
Abu Naser
Mohammed Nasir
Mustafa Jabbar
Md. Shahadat Hossain FCA
4
June 2017 No. 332
Dear Fellow Members,
Assalamu Alaikum and greetings to you all.
I hope all of our members had a blessed Eid-Ul Fitr with near and dear ones. As Ramadan and Eid Ul Fitr fell in the month of June, we had to reduce the working hours of the Institute and our activities in this period. . Let me highlight the activities which were held in the month of June 2017.
A roundtable on the proposed budget for fiscal 2017-18 was jointly organised by ICAB and daily Prothom Alo at CA Bhaban, Dhaka on 8 June 2017 where our members, business leaders and other experts including economists offered their valuable insights. Every year ICAB and Prothom Alo organise this event. This time it was held following the presentation of Budget in the Parliament rather than being the Pre-budget discussion.
State Minister for Finance and Planning Mr. MA Mannan, MP graced the event as chief guest. Our Council Member & Past President Mr. Md. Humayun Kabir FCA moderated the programme. I made opening remarks. All participants gave valuable input on the Budget then
recently proposed. I thank the hon’ble State Minister Mr. MA Mannan for his presence and participation in the programme.
My deep appreciation to CPD executive director Prof. Dr. Mustafizur Rahman, Mr. Kamrul Islam, vice-president of Dhaka Chamber of Commerce and Industry, Mr. Abu Naser, a director of the Federation of Bangladesh Chambers of Commerce and Industry, Mr. Faruq Ahmad Siddiqi, former chairman of Bangladesh Securities and Exchange Commission, Mr. Mustafa Jabbar, president of the Bangladesh Association of Software and Information Services, Mr. Mohammed Nasir, vice-president of the Bangladesh Garment Manufacturers and Exporters Association and Ms. Rasheda K Chowdhury, former adviser to Caretaker Government and the Executive Director of Campaign for Popular Education, for their attendance and comments, which made the programme a success.
Chittagong Regional Committee (CRC) of ICAB organised a CPD Seminar on ‘A Review of Budget 2017-18 and Proposed Changes in Income Tax and VAT’ on 9 June 2017 at the Conference Hall of ICAB-Chittagong
Regional Office, Chittagong following the budget session in Jatia Sangsad (JS) .
Mr. Moddassar Ahmed Siddique FCA, Vice President (Technical), ICAB and Group CFO, KDS Group conducted the seminar as Session Chairman. Mr. Mohammad Arif FCA, Chief Financial Officer, BSRM Steels Limited and Mr. Shaju Barua ACA, Manager, HodaVasi Chowdhury & Co, Chartered Accountants presented a series of papers on proposed changes in Income Tax Ordinance as per Finance Act.
Mr. M R Dey FCA, Mr. S K Basak FCA, Sidhartha Barua FCA, Mr. Saifur Rahman Mazumdar FCA participated as panelist.
A discussion meeting on Audit of Union Parishad under LGSP-III was held on 18 June 2017 at ICAB training room. The discussions included learning points from LGSP II and way forward for LGSP III. Besides me, Vice President (F&A), Secretary and Director (Technical) of ICAB spoke at the programme.
SMP Conference 2017 was held at CA Bhaban on 10 June 2017 with a view to enhance the capacity of practicing members of the Institute. I inaugurated the conference while Council Member Mr. Md. Shahadat Hossain FCA, who is also the Chairman SMP Committee, Secretary and Director (Technical) FCA were present.
For the first time ICAB organised such an event. A good number of practicing members participated at the conference. The major deliberations of the conference were on audit documentation, compliance required for practice, findings of QAB and IDC, audit guide of small and medium enterprises(SME) and computer assisted audit techniques and tools (CAATT), etc. I heartily congratulate Mr. Shahadat Hossain FCA on this wonderful initiative.
Working group discussion meeting between OCAG and ICAB was held on 18 June 2017 at ICAB Council Room, CA Bhaban, Dhaka. ICAB is expecting that OCAG, the supreme audit Institution (SAI) of Bangladesh Government, would contribute significantly towards the economic development of the nation and to achieve the desired objectives for strengthening the accountability, transparency and bringing discipline in the financial management of the country.
The members of the OCAG Working Group are Mr. Md Zahurul Islam, Director, General Commercial Audit Directorate, Mr. Mohammad Zakir Hossain, Deputy Comptroller and Auditor General (A&R), Mr. Farmeen Mowla, Director, FIMA and Mr. Saifur Rahman Jamali, Assistant Comptroller and Auditor General (Audit).
The nominated working group members from ICAB are Vice President Mr. Md. Mahamud Hosain FCA, Council Member
& Past President Mr. Muhammed Farhad Hussain FCA, and Council Members Dewan Nurul Islam FCA and Mahmudul Hasan Khusru FCA.
Meetings of Council and Standing & Non-standing Committees and Sub-committees
The following meetings of the Council, Standing and Non-standing Committees and Sub-committees of ICAB were held during the month of June 2017:
Standing Committees:
- 3rd Meeting of the Board of Studies (BoS) was held on 10 June 2017 at 11:00 am.
- 3rd Meeting of the Articled Students Committee (ASC) was held on 10 June 2017 at 3:00 pm.
- 4th Executive Committee Meeting (EC) was held on 15 June 2017 at 2:00 pm.
- 10th Meeting of the Council was held on 19 June 2017 at 1:30 pm.
- 2nd Meeting of the Quality Assurance Board (QAB) was held on 21 June 2017 at 2:30 pm.
Non-standing Committees:
- 3rd Editorial Board Meeting was held on 1 June 2017 at 3:30 pm.
- 3rd Meeting of Information & Communication Technology Committee (ICTC) was held on 7 June 2017 at 5:30 pm.
- 1st Meeting of ICAB-ICAEW Coordination Committee was held on 21 June 2017 at 3:30 pm.
With best wishes to all
Adeeb Hossain Khan FCA President
President’sCommunication
June 2017
FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD
Dear Fellow Members and Friends,The main focus and point of discussion of June is the National Budget. On the 1st June Finance Minister AMA Muhith placed the budget in Jatiya Sangsad of over Tk. 4.0 trillion targeting an economic growth of 7.4 percent, for the year 2017-18. Bangladesh needs to internalize the ambitious targets with national planning process and allocate necessary funds accordingly. This budget will face different challenges. However, when we are united in the face of challenges, I believe our Nation emerges stronger and better than before. When we work together, there are no limits to what we can achieve.A round table Post Budget Discussion meeting was held jointly by ICAB and Prothom-alo on 8 June 2017. The main focus of the discussion was the changes in Financial Act 2017-2018 compared to previous year. A good number of discussants took part in the discussion which made the program very lively. On 26 June we observed Eid-ul-Fitr, the auspicious occasion of the Muslims all over the world. Eid teaches us about peace, sympathy and brotherhood. After a month-long fast, Eid-ul-Fitr brings messages of pure joy and pleasure for mankind. We should thank Allah, Subhanahu wa Ta’ala, for having been able to experience yet another blessed Ramadaan the month to provide us with an excellent opportunity for personal and spiritual elevation! I hope my dear friends and the fellow members had a very pleasant Eid-ul-Fitr amongst their dear and near ones. May Allah (SWT) accept our devotion and dedication meant for his satisfaction during this month and guide the whole humanity towards prosperity, love and peace.Ameen
Dr. Jamshed S A Choudhury FCA
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June 2017No. 332
Dear Fellow Members,
Assalamu Alaikum and greetings to you all.
I hope all of our members had a blessed Eid-Ul Fitr with near and dear ones. As Ramadan and Eid Ul Fitr fell in the month of June, we had to reduce the working hours of the Institute and our activities in this period. . Let me highlight the activities which were held in the month of June 2017.
A roundtable on the proposed budget for fiscal 2017-18 was jointly organised by ICAB and daily Prothom Alo at CA Bhaban, Dhaka on 8 June 2017 where our members, business leaders and other experts including economists offered their valuable insights. Every year ICAB and Prothom Alo organise this event. This time it was held following the presentation of Budget in the Parliament rather than being the Pre-budget discussion.
State Minister for Finance and Planning Mr. MA Mannan, MP graced the event as chief guest. Our Council Member & Past President Mr. Md. Humayun Kabir FCA moderated the programme. I made opening remarks. All participants gave valuable input on the Budget then
recently proposed. I thank the hon’ble State Minister Mr. MA Mannan for his presence and participation in the programme.
My deep appreciation to CPD executive director Prof. Dr. Mustafizur Rahman, Mr. Kamrul Islam, vice-president of Dhaka Chamber of Commerce and Industry, Mr. Abu Naser, a director of the Federation of Bangladesh Chambers of Commerce and Industry, Mr. Faruq Ahmad Siddiqi, former chairman of Bangladesh Securities and Exchange Commission, Mr. Mustafa Jabbar, president of the Bangladesh Association of Software and Information Services, Mr. Mohammed Nasir, vice-president of the Bangladesh Garment Manufacturers and Exporters Association and Ms. Rasheda K Chowdhury, former adviser to Caretaker Government and the Executive Director of Campaign for Popular Education, for their attendance and comments, which made the programme a success.
Chittagong Regional Committee (CRC) of ICAB organised a CPD Seminar on ‘A Review of Budget 2017-18 and Proposed Changes in Income Tax and VAT’ on 9 June 2017 at the Conference Hall of ICAB-Chittagong
Regional Office, Chittagong following the budget session in Jatia Sangsad (JS) .
Mr. Moddassar Ahmed Siddique FCA, Vice President (Technical), ICAB and Group CFO, KDS Group conducted the seminar as Session Chairman. Mr. Mohammad Arif FCA, Chief Financial Officer, BSRM Steels Limited and Mr. Shaju Barua ACA, Manager, HodaVasi Chowdhury & Co, Chartered Accountants presented a series of papers on proposed changes in Income Tax Ordinance as per Finance Act.
Mr. M R Dey FCA, Mr. S K Basak FCA, Sidhartha Barua FCA, Mr. Saifur Rahman Mazumdar FCA participated as panelist.
A discussion meeting on Audit of Union Parishad under LGSP-III was held on 18 June 2017 at ICAB training room. The discussions included learning points from LGSP II and way forward for LGSP III. Besides me, Vice President (F&A), Secretary and Director (Technical) of ICAB spoke at the programme.
SMP Conference 2017 was held at CA Bhaban on 10 June 2017 with a view to enhance the capacity of practicing members of the Institute. I inaugurated the conference while Council Member Mr. Md. Shahadat Hossain FCA, who is also the Chairman SMP Committee, Secretary and Director (Technical) FCA were present.
For the first time ICAB organised such an event. A good number of practicing members participated at the conference. The major deliberations of the conference were on audit documentation, compliance required for practice, findings of QAB and IDC, audit guide of small and medium enterprises(SME) and computer assisted audit techniques and tools (CAATT), etc. I heartily congratulate Mr. Shahadat Hossain FCA on this wonderful initiative.
Working group discussion meeting between OCAG and ICAB was held on 18 June 2017 at ICAB Council Room, CA Bhaban, Dhaka. ICAB is expecting that OCAG, the supreme audit Institution (SAI) of Bangladesh Government, would contribute significantly towards the economic development of the nation and to achieve the desired objectives for strengthening the accountability, transparency and bringing discipline in the financial management of the country.
The members of the OCAG Working Group are Mr. Md Zahurul Islam, Director, General Commercial Audit Directorate, Mr. Mohammad Zakir Hossain, Deputy Comptroller and Auditor General (A&R), Mr. Farmeen Mowla, Director, FIMA and Mr. Saifur Rahman Jamali, Assistant Comptroller and Auditor General (Audit).
The nominated working group members from ICAB are Vice President Mr. Md. Mahamud Hosain FCA, Council Member
& Past President Mr. Muhammed Farhad Hussain FCA, and Council Members Dewan Nurul Islam FCA and Mahmudul Hasan Khusru FCA.
Meetings of Council and Standing & Non-standing Committees and Sub-committees
The following meetings of the Council, Standing and Non-standing Committees and Sub-committees of ICAB were held during the month of June 2017:
Standing Committees:
- 3rd Meeting of the Board of Studies (BoS) was held on 10 June 2017 at 11:00 am.
- 3rd Meeting of the Articled Students Committee (ASC) was held on 10 June 2017 at 3:00 pm.
- 4th Executive Committee Meeting (EC) was held on 15 June 2017 at 2:00 pm.
- 10th Meeting of the Council was held on 19 June 2017 at 1:30 pm.
- 2nd Meeting of the Quality Assurance Board (QAB) was held on 21 June 2017 at 2:30 pm.
Non-standing Committees:
- 3rd Editorial Board Meeting was held on 1 June 2017 at 3:30 pm.
- 3rd Meeting of Information & Communication Technology Committee (ICTC) was held on 7 June 2017 at 5:30 pm.
- 1st Meeting of ICAB-ICAEW Coordination Committee was held on 21 June 2017 at 3:30 pm.
With best wishes to all
Adeeb Hossain Khan FCA President
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June 2017 No. 332
ICAB Academic Campus NewsThe Pre-examination Classes for Professional Stage-Knowledge Level (16th Batch, Sections: A-H) have started from Monday, 12 June 2017 for Examination Session: November- December 2017. The session will be continued up to 29 August 2017. There are 442 students joining with 113 teachers for the Class Session: June-August 2017.
As a result, the cumulative number of participated students of ICAB under new curriculum has arisen at 13,403, till June 29, 2017.
The regular classes for the students of Professional Stage-Application Level (15th Batch) & Advanced Stage (14th Batch) would commence from Sunday, 03 September 2017 at ICAB Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has already
been issued in this regard and all the concerned students are advised to enroll the classes by 29 August 2017, and adhere the session accordingly.
On the other hand, day time classes for Knowledge Level (2nd Batch) are going to be held from Tuesday, 1 August 2017 at ICAB Academic Campus. By issuing a-special notice, all practicing members of the Institute entitled to train articled students have requested to kindly notify their students to enroll the classes by 27 July 2017, and permission to the students to present at the day shift classes surrounded by the schedule in the interest of the CA profession.
Within the month of June 2017, the Hon'ble Vice President (E&T)-ICAB, Mostafa Kamal FCA has visited the ICAB Academic Campus on 5, 2, 9, 16 & 21 June 2017, during the class-hour of holy month-Ramadan in the afternoon shift and Fridays' session. He met with the students and faculty members, to
know about the areas needed to improve with a view to make the campus environment, services and activities more congenial for study. He advised all the concerned for proper implementation of the outcomes of his visits as well.
Besides, the refurbishments of ICAB Academic Campus at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215, has mostly been done, and the rest works of mezzanine floor would be completed by July 2017.
The Programme and Session have been organised by the Additional Director & Team at ICAB Academic Campus, under the supervision of the Vice President (Education & Training)-ICAB, Mostafa Kamal FCA, with the guidance and consent of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President of ICAB, Adeeb H. Khan FCA.
Resource Persons: ICAB Academic Campus (June-August 2017)Name of Resource Persons(Sections- A-H of PS-KL-16th Batch, Evening Shift)Abdullah-Al-Mamun FCAMd Al- Amin Siddiki FCA Kamruzzaman FCA Muhammad Aminul Hoque FCAMd Ziaul Alam ACAMd Mahedi Masud ACAAbdul Hamid FCAAfzal Ahmed ACAMd Mahamud Hosain FCAJone Kumer Gupta FCAMd Amirul Islam FCAAbdulla-Al-Mahmud FCAMd Raghib Ahsan FCAGopal Chandra Ghosh FCAMd Kamruzzaman ACAChitta Ranjan Halder FCATasnuva Ahmed ACASayeed Ahmed FCAMuhammed Forkan Uddin FCA Zakir Hossain FCA Nasreen Begum (GT)Mohammad Abdul MatinMohammed Zakaria FCAMuhammad Abu Hanif Meah ACAMohammad Redwanur Rahman FCA G S Ashiqur Rahman Bhuiyan FCA
Faker Ahmed FCAMd Farhad Husain Suman ACAK S Omar Faruk FCA Rajesh Chandra Kuri ACAMahmudul Hasan Khusru FCA Md Mohiuddin Ahmed FCAYasin Miah FCA Md Selim Reza FCAMohammed Ariful Hoque FCAMAKH Hasif Sowdagar FCAMd Amran Hossan ACAShib Pada Dey FCA Anup Kumar Sarker ACAMd Akber Hossain Khan FCA Md Boni Amin ACAMasud Khan FCA-IndiaSujan Kumar Saha ACAShibly Ahmed FCAMd Razib Hossain ACA Dr Jakerul Abedin AHM Ariful Islam FCAMd Ebadat Hossain Bhuiyan FCAAjit Kumar Paul FCA (GT)Mohammad Ibrahim Khalil FCAMd Saifur Rahman ACASarker Nahidul Islam ACA AKM Mesbahul Karim ACAShankar Chandra Karmaker FCAUttam Kumar Saha FCA Ranjan Kumar Bhowmik FCMA
Rakesh Saha FCAWahid Murad FCATanvir Hasan ACANazmul Hussain Siddique ACAMd Fokrul Islam FCANaima Sultana ACAObaidur Rahman FCA Muhammad Kamruzzaman ACAShaheduzzaman Choudhury FCAShahriar Istiaq Halim FCAMohammad Imtiaz Khan FCAMd Arshadul Kabir ACAAKM Mesbahul Karim ACAMd Ali Akther Rezvi FCAMd Shariful Islam ACAMd Din Islam Miah FCAMiltan Bepari FCAPalash MallikMd Mahsudur Rahman FCAMd Kishlur Rahman FCAMohammad Rostam Hosain FCAShah Md Mohin Uddin ACASk. Md Tarikul Islam FCAMd Tareq Kamal ACAMd Abdur Razzaque FCAMaria Howlader FCASyed Adnan Huda, CFA Md Lutfar Rahman FCA S M Rahmatul Mujeeb FCAMohammad Monowar Hossain ACA
Md Reajul Islam FCAMd Jashim Uddin Ahmed Syed Mohammed Kowser HossainDr ASM Hossain Tayiab FCAS M Ashfaqur Rahman ACAMazhar KhanMd Anisuzzaman FCAMd Shihabur Reza ACAAfratul Kawsar ACAS M Ashfaqur Rahman ACAKutub Uddin Ahmad FCA Md Saifur Rahman ACASajib Sarkar ACA Mohammad Abdur Rahim ACAAnup Kumar Mukherjee FCAAmanat Ahmed ACAManish Kanti Sarkar ACAToufique Hossain ACARuhul Amin ACA Md Nasir Uddin ACAAbu Hena Mustafa Kamal FCAMahbub Alam ACASnehasish Barua FCA Badal Chandra Rajbangshi FCARajesh Kumar Yadav FCAMohammad Fakhrul Alam Patwary ACAAbdullah Al Yousuf A.B.M. Ahasan Ullah
Visiting Faculties(for Ongoing Session)
Name of Visiting FacultiesAdeeb H. Khan FCAMostafa Kamal FCAMd Mahamud Hosain FCA Moddassar Ahmed Sidique FCAABM Azizuddin FCAAnwaruddin Chowdhury FCAA S M Nayeem FCA Muhammed Farhad Hussain FCAMd Humayun Kabir FCAMd Syful Islam FCAMd Abdus Salam FCAKamrul Abedin FCAGopal Chandra Ghosh FCA A F Nesaruddin FCAMahmudul Hasan Khusru FCAMasud Khan FCA-IndiaAbdul Khalek FCA Md Amirul Islam FCA Md Akbar Hossain FCA Sabbir Ahmed FCA (E-770) Mohammad Mehedi Hasan FCA Mrs.Nasreen BegumAjit Kumar Paul FCAMd Abdur Rouf Md Abu Bakar FCA Dr. Jakerul Abedin Syed Mohammed Kowser HossainMuhammed Asaduzzaman NurAbdullah Al YousufMd Zakir HossainMd Jehad UddinMd Jashim Uddin AhmedA H Mostafa Kamal Khan
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June 2017No. 332
Announcement(Classes of Next Session)
The New Session (September- November 2017) for the Students of Professional Stage-Applicaation Level (15th Batch) and Advanced Stage (14th Batch) will commence from Sunday, 3 September 2017 at ICAB Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has already been issued in this matter and all the concerned students are advised to enroll the classes by 29 August 2017, and join the session accordingly. Onthe other hand, day time classes for Knowledge Level (2nd Batch) are going to be held from Tuesday, 1 August 2017 at ICAB Academic Campus. By issuing a-special notice, all practicing members of the Institute entitled to train articled students have requested to kindly notify their students to enroll the classes by 27 July 2017, and permission to the stdents to attend the day shift classes within the schedule in the interest of the CA Profession.
Source: ICAB Campus
Name of Resource Persons(Sections- A-H of PS-KL-16th Batch, Evening Shift)Abdullah-Al-Mamun FCAMd Al- Amin Siddiki FCA Kamruzzaman FCA Muhammad Aminul Hoque FCAMd Ziaul Alam ACAMd Mahedi Masud ACAAbdul Hamid FCAAfzal Ahmed ACAMd Mahamud Hosain FCAJone Kumer Gupta FCAMd Amirul Islam FCAAbdulla-Al-Mahmud FCAMd Raghib Ahsan FCAGopal Chandra Ghosh FCAMd Kamruzzaman ACAChitta Ranjan Halder FCATasnuva Ahmed ACASayeed Ahmed FCAMuhammed Forkan Uddin FCA Zakir Hossain FCA Nasreen Begum (GT)Mohammad Abdul MatinMohammed Zakaria FCAMuhammad Abu Hanif Meah ACAMohammad Redwanur Rahman FCA G S Ashiqur Rahman Bhuiyan FCA
Faker Ahmed FCAMd Farhad Husain Suman ACAK S Omar Faruk FCA Rajesh Chandra Kuri ACAMahmudul Hasan Khusru FCA Md Mohiuddin Ahmed FCAYasin Miah FCA Md Selim Reza FCAMohammed Ariful Hoque FCAMAKH Hasif Sowdagar FCAMd Amran Hossan ACAShib Pada Dey FCA Anup Kumar Sarker ACAMd Akber Hossain Khan FCA Md Boni Amin ACAMasud Khan FCA-IndiaSujan Kumar Saha ACAShibly Ahmed FCAMd Razib Hossain ACA Dr Jakerul Abedin AHM Ariful Islam FCAMd Ebadat Hossain Bhuiyan FCAAjit Kumar Paul FCA (GT)Mohammad Ibrahim Khalil FCAMd Saifur Rahman ACASarker Nahidul Islam ACA AKM Mesbahul Karim ACAShankar Chandra Karmaker FCAUttam Kumar Saha FCA Ranjan Kumar Bhowmik FCMA
Rakesh Saha FCAWahid Murad FCATanvir Hasan ACANazmul Hussain Siddique ACAMd Fokrul Islam FCANaima Sultana ACAObaidur Rahman FCA Muhammad Kamruzzaman ACAShaheduzzaman Choudhury FCAShahriar Istiaq Halim FCAMohammad Imtiaz Khan FCAMd Arshadul Kabir ACAAKM Mesbahul Karim ACAMd Ali Akther Rezvi FCAMd Shariful Islam ACAMd Din Islam Miah FCAMiltan Bepari FCAPalash MallikMd Mahsudur Rahman FCAMd Kishlur Rahman FCAMohammad Rostam Hosain FCAShah Md Mohin Uddin ACASk. Md Tarikul Islam FCAMd Tareq Kamal ACAMd Abdur Razzaque FCAMaria Howlader FCASyed Adnan Huda, CFA Md Lutfar Rahman FCA S M Rahmatul Mujeeb FCAMohammad Monowar Hossain ACA
Md Reajul Islam FCAMd Jashim Uddin Ahmed Syed Mohammed Kowser HossainDr ASM Hossain Tayiab FCAS M Ashfaqur Rahman ACAMazhar KhanMd Anisuzzaman FCAMd Shihabur Reza ACAAfratul Kawsar ACAS M Ashfaqur Rahman ACAKutub Uddin Ahmad FCA Md Saifur Rahman ACASajib Sarkar ACA Mohammad Abdur Rahim ACAAnup Kumar Mukherjee FCAAmanat Ahmed ACAManish Kanti Sarkar ACAToufique Hossain ACARuhul Amin ACA Md Nasir Uddin ACAAbu Hena Mustafa Kamal FCAMahbub Alam ACASnehasish Barua FCA Badal Chandra Rajbangshi FCARajesh Kumar Yadav FCAMohammad Fakhrul Alam Patwary ACAAbdullah Al Yousuf A.B.M. Ahasan Ullah
Visiting Faculties(for Ongoing Session)
Name of Visiting FacultiesAdeeb H. Khan FCAMostafa Kamal FCAMd Mahamud Hosain FCA Moddassar Ahmed Sidique FCAABM Azizuddin FCAAnwaruddin Chowdhury FCAA S M Nayeem FCA Muhammed Farhad Hussain FCAMd Humayun Kabir FCAMd Syful Islam FCAMd Abdus Salam FCAKamrul Abedin FCAGopal Chandra Ghosh FCA A F Nesaruddin FCAMahmudul Hasan Khusru FCAMasud Khan FCA-IndiaAbdul Khalek FCA Md Amirul Islam FCA Md Akbar Hossain FCA Sabbir Ahmed FCA (E-770) Mohammad Mehedi Hasan FCA Mrs.Nasreen BegumAjit Kumar Paul FCAMd Abdur Rouf Md Abu Bakar FCA Dr. Jakerul Abedin Syed Mohammed Kowser HossainMuhammed Asaduzzaman NurAbdullah Al YousufMd Zakir HossainMd Jehad UddinMd Jashim Uddin AhmedA H Mostafa Kamal Khan
CRC-ICAB Organized CPD Seminar on ‘A Review of Budget 2017-18 and Proposed
Changes in Income Tax and VAT’
Chittagong Regional Committee
(CRC) of ICAB organised a CPD
Seminar on “A Review of Budget
2017-18 and Proposed Changes in
Income Tax and VAT” on 9 June 2017
at the Conference Hall of
ICAB-Chittagong Regional Office,
Chittagong.
Moddassar Ahmed Siddique FCA,
Vice President (Technical), ICAB and
Group CFO, KDS Group conducted
the Seminar as Session Chairman.
Mohammad Arif FCA, Chief Financial
Officer, BSRM Steels Limited and
Shaju Barua ACA, Manager, Hoda
Vasi Chowdhury & Co, Chartered
Accountants presented two papers
on proposed changes in Income Tax
Ordinance as per Finance Act.
A discussion panel which includes M
R Dey FCA, S K Basak FCA,
Sidhartha Barua FCA, Saifur
Rahman Mazumdar FCA discussed
the different aspects of the proposed
changes income tax and VAT.
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June 2017 No. 332
SMP Conference 2017The Institute of Chartered Accountants of Bangladesh organised SMP Conference 2017 at ICPE training room on 10 June 2017 with a view to enhance the capacity of practicing members of the Institute.
For the first time ICAB organised such event under the guidence of Md. Shahadat Hossain FCA, Chairman SMP Committee-ICAB. A good number of practicing members participated in the conference. ICAB President Adeeb Hossain Khan FCA inaugurated the conference and Chairman SMP Committee-ICAB moderate the conference, Secretary Maj Gen Imrul Quayes (Retd) and Director (Technical) Mahbub Ahmed Siddique FCA were present.
The major deliberations of the conference were on audit documentation, compliance required for practice, findings of QAB and IDC, audit guide of small and medium
enterprises(SME) and computer assisted audit techniques and tools (CAATT), etc.
Vice President Mahmud Hosain FCA discussed on FRA and its implications, Council, Member & Chairman, SMP Committee Shahadat Hossain FCA made a presentation on Small and Medium Practitioners Guide to Audit, Director (Technical) Mahbub Ahmed Siddique FCA spoke on requirements as per BSQC and CA Bye-Laws, Fellow Member Muhammad Aminul Hoque FCA discussed permanent audit file and
current working file contents, Senior Deputy Director Md. Saiful Islam FCA discussed different types of registers, annual return and communications tools, IT Manager Delwar Hossain made a presentation on computer assisted audit techniques and tools(CAATT).
Vice President Mostafa Kamal FCA, ICAB Past President Abbas Uddin Khan and Md Abdus Salam FCA also spoke in the concluding session of the conference.
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June 2017No. 332
Permission to train Articled StudentsThe following member has been granted permission to train Articled Students with effect from the dates mentioned against his name:
Name Effective Date
Krishnendu Deb Roy FCA (1230) 2 January 2017PartnerPinaki &CompanyChartered AccountantsAhsandell2/A, Mymensingh Road (2nd floor)Shahbagh, Dhaka-1000
Permission to Join as PartnerNasim Anwar FCA (674) and Sarwar Uddin FCA (779) have been permitted to form partnership and continue practice under the name and style of:
The other partners of the Firm: M Farhad Hussain FCA (452), AKM Fazlul Haque FCA (1090), Md. Sayeedur Rahman FCA (149), Oishee Labina Hussasin ACA (1341), Esha Nabila Hussain FCA (1397) and Sk. Mahbubar Rahman FCA (396).
Permission to Start PracticeThe following members have been permitted to Start Practice as Public Accountants with effect from the date mentioned against their respective names:
Name Effective Date
Nasim Anwar FCA (674) 2 May 2017Partner Hussain Farhad & Co., Chartered Accountants Yunusco City Centre (9th floor) 807 CDA Avenue, NasirabadChittagong
Sarwar Uddin FCA (779) 2 May 2017Partner & Branch In-ChargeHussain Farhad & Co., Chartered Accountants Yunusco City Centre (9th floor) 807 CDA Avenue, NasirabadChittagong
Open New BranchM/s. Hussain Farhad & Co.," Chartered Accountants has been permitted to open a New Branch at Chittagong with Sarwar Uddin FCA (779) as Partner and Branch-In-charge to practice as Public Accountant. Details are as follows:
Name and Address Effective DateM/s. Hussain Farhad & Co. 2 May 2017Chartered AccountantsChartered Accountants Yunusco City Centre (9th floor) 807, CDA Avenue, NasirabadChittagong
Working Group Discussion Meeting
Between OCAG and ICABWorking group discussion meeting between OCAG and ICAB was held on 18 June 2017 at ICAB Council Room, CA Bhaban, Dhaka. ICAB expects that OCAG, the supreme audit Institution (SAI) of Bangladesh Government, would contribute significantly towards the economic development of the nation and to achieve the desired objectives for strengthening the accountability, transparency and bring discipline in the financial management of the country.
The members of the OCAG Working Group are Md Zahurul Islam, Director, General Commercial Audit Directorate, Mohammad Zakir Hossain, Deputy Comptroller and Auditor General (A&R), Farmeen Mowla, Director, FIMA and Saifur Rahman Jamali, Assistant Comptroller and Auditor General (Audit).
ICAB nominated the working group members are Council Member & Past President Muhammed Farhad Hussain FCA,Vice President Md. Mahamud Hosain FCA, Council Members Dewan Nurul Islam FCA and Mahmudul Hasan Khusru FCA.
Earlier, in a discussion meeting held in World Bank premises on the above project on 19 October 2016 the representatives of OCAG and ICAB agreed to form a joint “Working Group” to build a close professional relation with OCAG to develop understanding and enhance the cooperation of these two Institutes.
ICAB and the Office of the Comptroller of Auditor General of Bangladesh (OCAG) have been working together under a MoU signed in 2012 under a World Bank Project Promoting Public Private Partnership for improved Audit Quality Assurance” with a view to narrow down the knowledge gaps between public and private sector audits.
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June 2017 No. 332
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: +880-2-9125266, E-mail: [email protected], Website: www.icab.org.bd
Accountancy Age Report
FRC Launches Investigation into PwC over BT Audits
The Financial Reporting Council (FRC) has launched an investigation into PwC’s audits of the financial statements of BT Group between the years March 2015 and 2017.
The telecoms giant revealed accounting irregularities in its Italian branch following an internal investigation in which BT Italia was found to be overstating its earnings for several years.
These accounting errors will cost the group £530m. While that number was initially forecast to be £145m in October 2016, the figure dramatically inflated
when a complex web of improper practices was discovered, including improper sales, purchase, factoring and leasing transactions. The fraud extended from complex procedures to simple ones such as moving expenses into the “capital expenditure” column, which is ordinarily reserved for building and acquiring assets.
The accounting watchdog confirmed an investigation was underway following “announcements by BT in relation to accounting issues in its Italian operations.”
The scandal is one of many currently faced by the embattled telecoms group, who recently cut 4,000 jobs as part of an international overhaul. In March, the company was fined a record £42m by
Ofcom for regulatory breaches in the company’s Openreach branch, with further compensation payments of £300m expected.
In June 2017 BT appointed KPMG as its new auditor, terminating a relationship with PwC that began in 1984. The FRC has recently closed an investigation into PwC’s auditing of Tesco.
Price Bailey Records Double Digit Profit GrowthPrice Bailey has announced like-for-like growth of 12% for the year ending 31 March 2017, with the firm generating over £25m in annual rolling fee income for the first time.
When looking at like-for-like growth over the last two years, the firm recorded growth of 25%.
The firm has expanded specialist ancillary services, including legal, corporate finance and tax – investment in which has been supported by a strong performance across its core accounting and auditing services.
Price Bailey said that the growth could be attributed to investment in people, including staff training and employee engagement. The firm offers internal coaching and talent management initiatives to its employees in addition to a flexible working programme and an all employee share scheme.
The firm has made 42 promotions since April this year, with the total number of partners at the firm now standing at 29.
The firm announced a merger with Cambridge-based accountancy firm Sandcroft in May this year.
Discussion Meeting on Audit of Union Parishad under LGSP-III
discussion meeting on Audit of Union Parishad under LGSP-III was held on 18 June 2017 at ICAB
training room, CA Bhaban, Karwan Bazar, Dhaka. The discussion was encompassed with upcoming audit of Union Parishad under LGSP-III. ICAB President Adeeb Hossain Khan FCA, Vice President Mahamud Hosain FCA, Secretary Maj Gen Muhammad Imrul Quayes (Retd.) and Director (Technical) Mahbub Ahmed Siddique FCA spoke in the programme.
