President’s Communication : June 2019
Dear Fellow Members
Assalamu Alaikum, my dear Professional Colleagues, greetings to you all
Dear members, as President of the Institute I have already passed six months of my tenure. During this time, we have tried to give momentum in ICAB’s activities in view of the rapid changes of business environment and technological transformation, so that our members can effectively continue to contribute to the economic development of the country. Many important trainings and workshops were held in June, although we had few working days because of Eid vacation. With a determined stand to grow along with the nation, ICAB and CA profession have transformed themselves from being the anchor of our country’s fiscal prudence and play the role of partners in nation building. For the first time ever, ICAB organized post budget roundtable discussion in association with The Daily Star on National Budget 2019. It was a unique event, thought provoking ideas and suggestions/ recommendations were emanated from this session for a pragmatic budget and the Finance Bill 2019.
My dear members of this fraternity, we are pleased to inform you that the NBR has brought amendment to Section 130 of the VAT and Supplementary Duty Act 2012 following our appeal and now the concerned Chartered Accountant will not be required to sit for exam but will be required to apply for VAT practicing license instead. I express my heartfelt thanks to NBR Chairman for his prudence and wisdom.
Let me now update the activities of the Institute during the month of June 2019.
For the first time ever, “ICAB-The Daily Star Post-Budget Discussion 2019” was organized jointly by ICAB and The Daily Star at The Daily Star Centre on June 15, 2019 to analyse the proposals in the budget. Planning Minister Mr. MA Mannan, MP was the chief guest of the event. Country’s renowned economists, businessmen and professionals also spoke in the program. Among them were Mr. Ahsan H Mansur, Executive Director, PRI, Mr.Syed Mahbubur Rahman,Chairman, ABB, Mr.Abul Kasem Khan, Former President, DCCI, Dr Nazneen Ahmed, Senior Research Fellow, BIDS, Mr. Mohammad Ali Khokon President, BTMA, Mr.Rakibur Rahman, Former President, DSE and Mr. Shahedul Anam Khan, Acting Editor, The Daily Star. I gave a brief overview of the budget in my introductory speech while Council Member & Past President Mr. Md. Humayun Kabir FCA moderated the session. Council Member Mr. Md. Shahadat Hossain FCA and Fellow Member Mr. Snehasish Barua FCA jointly presented the key-note paper on National Budget which provoked thoughts and ideas for discussion. ICAB Council Member Prof. Dr. Md. Salim Uddin FCA also spoke on the occasion.
I, along with Council Member Mr. Sabbir Ahmed FCA participated in CAW’s events in Dubai on 17 & 18 June 2019. Council Member Mr. Sabbir Ahmed FCA participated as a speaker at the Chartered Accountants Worldwide (CAW) panel discussion: ‘The Future of Trust: new technology meets old-fashioned values’ followed by a networking event held on 17 June at the Boulevard’ Hotel, Dubai. It was well attended by the CEOs of the member institutes from Chartered Accountants Worldwide along with selected senior business and finance professionals.
The debate focused on the importance of trust in finance and business exploring global perspectives on a number of relevant topics including technology, ethics, the impact of A.I. on the profession and the regulators and the skills of tomorrow’s business leaders with the aim of providing insightful solutions to inform future planning and strategy.
ICAB organized a workshop on ‘Special Audit on Imports and Exports of Selected Five State Owned Banks’ on 25 June 2019 at CA Bhaban. I along with Vice President Mr. Md. Moniruzzaman, Council Member Mr. Muhammad Farooq FCA and Acting Secretary-ICAB & Director (Technical) Mr.Mahbub Ahmed Siddique FCA were present in the inaugural session of the workshop. The state owned banks were Sonali Bank Limited, Janata Bank Limited, Agrani Bank Limited, Rupali Bank Limited and BASIC Bank Limited.
Mr. Md. Yusuf Ali, Deputy Managing Director, Agrani Bank Limited, Mr. Md. Ismail Hosssain, Deputy Managing Director, Janata Bank Limited and Mr. A.K.M Masudur Rahman, General Manager, Basic Bank Limited delivered lectures and took part in panel discussion as the guest speakers.
Among others Mr. Ajit Kumar Paul FCA, Additional Secretary, Financial Institutions Division, Ministry of Finance, GoB, were the resource persons.
ICAB organized a members’ conference on ‘Salient Features of Finance Bill 2019-‘20’ on 16 June 2019 at CA Bhaban. Mr. Mosharraf Hossain Bhuiyan, ndc, Senior Secretary, Internal Resources Division (IRD) & Chairman, National Board of Revenue (NBR), Ministry of Finance, Government of the People’s Republic of Bangladesh was present as the Chief Guest. I gave welcome speech. Fellow Member Mr. Snehasish Barua FCA and Council Member Mr.Md. Shahadat Hossain FCA jointly presented the keynote paper. ICAB Council Member & Past President Mr. Md. Humayun Kabir FCA moderated the session as session chair of the conference. In his speech NBR Chairman assured that the Section 130 of the VAT and Supplementary Duty Act 2012 and SRO 202-Law/2019/59-VAT dated 13 June 2019 would be replaced by the provision of VAT act 1991. We instantly lauded his visionary remarks. Prof. Dr. Md Salim Uddin FCA rendered vote of thanks.
An Advance Level Certificate Course on ‘International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS) was started on 22 June and would continue till 3 August 2019. A total number of participants were 43. Another training program on ‘International Financial Reporting Standards (IFRS) for Bangladesh Bank Official’ was started on 23 June and would continue till 5 August 2019. A total number of 50 participants ranked Deputy Director and joint Director are participating in the program.
Mr. Dewan Hanif Mahmud, Editor of the daily Bonik Barta paid a courtesy visit at ICAB on 25 June 2019. We discussed different issues regarding Budget and Fiscal policies. The Editor also expressed interest to undertake joint initiative for holding roundtable discussion.
Meetings of Council and Standing & Non-standing Committees
The following meetings of the Council, Non-Standing Committees of ICAB were held during the month of June 2019:
- 5th Meeting of the Taxation and Corporate Laws Committee (TCLC) was held on 13 June 2019 at 4:00 pm.
- 3rd Meeting of the Editorial Board Meeting was held on 17 June 2019 at 5:30 pm.
- 4th Meeting of the Continuing Professional Development Committee (CPDC) was held on 26 June 2019 at 6:00 pm.
- 2nd Meeting of the International and Regional Affairs Committee was held on 30 June 2019 at 6:30 pm.
Wish you all the best.
A F Nesaruddin FCA