President’s Communication : May & June 2020

President’s Communication : May & June 2020

Dear Fellow Members and colleagues 

Assalamualaikum and greetings to you al,

At the very beginning I pray to Almighty Allah for everyone’s good health and mental well beings. In this time of uncertainity, we need support of one another more than ever. The COVID 19 Pandemic has affected so many us in a multitude of ways; hospitals are overwhelmed, and the economy appears to be heading for a worst recession.


Now after two months’ country wide shutdown, the Institute resumed its offices in May in limited scale in line with government’s instructions. From that very moment, we are constantly pursuing our desired goals.


Besides regular online committee meetings, we held a number of events related to National Budget which went quite well. We also held a number of CPD (Members’ Conference) through digital platform within a gap of less than a month. The response of the members was more than what we expected. More than 700 members in each sessions participated with zeal and enthusiasm. Members were at ease and no doubt learnt a lot as they threw a good number of questions to the paper presenter. It took some time though to sort out IT problems at initial sessions. This was cost effective, largely participatory and offered efficient time management, no doubt.


Now having said so let me update you with the activities of the Institute during May- June 2010.


After the announcement of National Budget 2020, ICAB’s immediate reaction on the Budget was published in national dailies with due importance on 12 June 2020.  We congratulated the Government for announcing the budget equivalent of 17.9% of GDP amounting to Taka 5,68,000 crores which is a response to the panic and uncertainty caused by COVID 19. We gave our specific comments on VAT & Tax policies and provisions. We appreciated saying that the proposed budget of FY 2020-21 has prioritised health, agriculture, social safety net and job creation aiming to mitigate current pandemic. Undoubtedly, revenue targeted Taka 3,78,000 crores will be difficult to collect due to the negative impacts of current pandemic on trade, commerce, industries, import, export and services. However, we should remain optimistic considering the veracity of the situation.


With a hastening move we arranged virtual Press Conference on ‘Post national budget 2020’ through virtual platform on 13 June 2020, where as many as 30 journalists of printing and electronic media participated. Opening remarks was delivered by me and the key points were read on announced national budget. Mr. Md Humayun Kabir FCA, Chairman, TCLC moderated the session. Council Members Md. Shahadat Hossain FCA, Mr. Mohammed Forkan Uddin FCA and the fellow member Mr. Snehasish Barua FCA also spoke and shared their view points.


We responded questions raised by journalists and reporters from media and it was a highly interactive and lively session. We thank the Press and Publication section as the conference got huge media coverage in main stream newspapers and electronic media of the country.


The event subsequently followed “ICAB-The Business Standard Virtual Post-Budget Discussion 2020. This was joint initiative by ICAB and the English daily through Zoom video conferencing on June 14, 2020 where Planning Minister Mr. MA Mannan, MP was the chief guest.. Country’s renowned economists, businessmen and professionals also participated in the session side by side our CA experts.  A brief overview on the budget was given by me in the 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.


ICAB organized the Virtual Members’ conference through Zoom Video conferencing on Finanace Bill and Proposed National Budget 2020-21 on 18 June 2020 where Mr. Md. Alamgir Hossain, Member (Tax Policy), Mr. Ranjan Kumar Bhowmik, Member ( Tax Survey and Inspection) and Mr. Md. Masud Sadik, Member (VAT Policy) of the National Board of Revenue (NBR) attended as Special Guests. ICAB Council Member and Past President Md. Humayun Kabir FCA moderated the session while address of welcome was delivered by me. Mr. Md. Shahadat Hossain FCA, Council Member-ICAB and Mr. Snehasish Barua FCA, Partner, Snehasish Mahmud & Co, jointly presented the keynote paper. The members of the NBR exchanged their views on the budget and the Finance Bill 2020. They expressed their assertiveness on many of the suggestions emanated from the discussion.


At the backdrop of COVID 19 pandemic, ICAB organized a Virtual Members’ Conference on ‘COVID 19 Impacts on Financial Reporting and Audit’ on 20 June 2020 through digital platform where Mr. Muhammed Farhad Hussain FCA, Past President-ICAB  was present as the Chief Guest Mr. Nasir Uddin Ahmed FCA, Member Council and Past President of ICAB acted as the session chairman while Mr. Sabbir Ahmed FCA, Vice President-ICAB presented the keynote paper. Address of welcome was delivered by me. Vice Presidents, Members Councils, Past Presidents and Fellow Members of the Institute actively participated in the conference.


RCOMCC of ICAB held a virtual discussion meeting with North American Chapter (NAC) through zoom video conferencing on 27 June 2020. Chairman of RCOMCC and Council Member Mr. Mahamud Hosain FCA led the discussion. A wide range of issues like creation of email ID in ICAB domain for Chairman and Secretary of ICAB NAC, registration of ICAB NAC in Toronto, Canada, opening of a Bank Account for ICAB NAC in Canada, timing of an ICAB CPD through virtual platform, creating a dedicated ‘Service Desk’ for all ICAB Regional Committees and Overseas Chapters members were sorted out.


Dear fellow colleagues, we have made an understanding with the Japan East West Medical College Hospital, Turag in addition to earlier announced Anwar Khan Modern Hospital, Dhanmondi where members and their families, relatives can have COVID 19 Test on priority basis. Members Service of the institute is working to assist members in this difficult time. We further stand ready to render support to our members within our capacity.


Dear comrades, we are deeply moved by the sudden demise of our 3 CA friends amid this pandemic who could contribute more to the profession and the country. My prayer and deep condolences to those bereaved families. I also pray for others who have lost their close relatives and friends due to this pandemic. 


No doubt, we are feeling shock, denial, or even deep grief and despair right now due to sudden disruption and changing landscape. However, it is important that we remain resolute to our objectives despite eventualities. Rather than being afraid of change or avoiding it, we should try to adjust and view change as an opportunity to excel. Embracing and establishing ‘New Normal’ in all spheres of lives may be the key to our success as individually and collectively in the days ahead.


With these, I would like to wrap up today. We pray to Almighty for His divine blessings to protect us from this pandemic. We pray for everyone’s good health and well beings, once again.


With best wishes to you and all your loved ones.


 Muhammad Farooq FCA 


Update Date : 19/07/2020

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