President’s Communication: March 2021
Dear Fellow Members and Colleagues
Assalamu Alaikum and Greetings to you all,
At the very outset, I pray to Almighty Allah for everyone’s good health and mental well beings. The COVID -19 Pandemic begins its second wave affecting us in a multitude of ways; hospitals are overwhelmed, and again the economy appears to be heading downward.
Nevertheless, we are constantly pursuing our desired goals. Besides regular online committee meetings and other events, we submitted budget proposals to NBR; we also held a CPD (Members’ Conference) through digital platform. The response of the members was praise worthy.
With that let me now update you with the activities of the Institute during March 2021.
ICAB submits budget proposal to NBR on 21 March 2021. In our budget proposals, we urged the government to impose fine, scrap taxes and bond facilities of the firms those are recruiting foreign nationals without the approval of the authority concerned.
A team of ICAB led by its President Mahmudul Hasan Khusru FCA submitted the budget proposals to the National Board of Revenue (NBR) on 21 March 2021 at a pre-budget meeting held at NBR office. NBR Chairman Abu Hena Md Rahmatul Muneem presided over the meeting virtually. We submitted 44 income-tax, 21 VAT related proposals along with five customs related proposals for the upcoming budget of the next fiscal year.
The budget recommendations of the ICAB also included improving the ease of doing business index, reducing the corporate tax rate by 2.5 percent for all listed and non-listed companies except banks and financial institutions, mobile phone operator companies, tobacco manufacturing companies and amendment related to the provision of central registration, existing VAT payment system etc. ICAB