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 proposed harsher punishments for companies hiring foreigners without first availing permission of the appropriate authorities.
While placing budget recommendations, I demanded that the NBR should impose specific fines, scrap tax and bond related facilities of the firms hiring foreign nationals without approval and suggested to the NBR to strictly monitor those foreign nationals who entered Bangladesh with a business visa.
Memorandum of Understanding (MoU) with Bangladesh Securities and Exchange Commission (BSEC); Memorandum of Understanding (MoU) was signed between ICAB and BSEC regarding the use of Document Verification System on 10 March 2021 at BSEC office. I, on behalf of ICAB and Professor Dr. Md. Mizanur Rahman, Commissioner, Bangladesh Securities and Exchange Commission (BSEC), on their behalf, signed a Memorandum of Understanding (MoU). Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC was present during the MoU signing ceremony.
ICAB Vice President Ms. Maria Howlader FCA, immediate Past President Mr. Muhammad Farooq FCA, Council Members, Mr. Gopal Chandra Ghosh FCA, Mr. Sabbir Ahmed FCA, Mr. Md. Moniruzzaman FCA, Mr. Mohammed Forkan Uddin FCA, ICAB Chief Executive Officer (CEO) Mr. Shubhashish Bose, were present on the occasion.
ICAB’s organized programme on Women’s Day 2021; ICAB Women Members Empowerment and Leadership Development Committee organized a programme on International Women’s Day 2021 at CA Bhaban, Kawran Bazar, Dhaka. Dr. Dipu Moni, MP, Hon’ble Minister, Ministry of Education, Government of the People’s Republic of Bangladesh graced the occasion as the Chief Guest. I along with Ms. Maria Howlader FCA, Chairperson, SAFA Women Leadership Committee and Vice President-ICAB, Ms. Afroja Khan, Former Secretary to the Government and Managing Director, Joyeeta Foundation; Ms. Sharifa Khan, Member (Secretary), Planning Commission, Industry and Energy Division, Ministry of Planning, GoB; Ms. Suraiya Zannath Khan FCA, Lead Governance Specialist, FM Global Unit, Washington DC & South Asia Region, The World Bank; and Dr. Mahmuda Akter, Executive President, BICM , ICAB Vice President Mr. Md. Abdul Kader Joaddar FCA and Chief Executive Officer (CEO) Mr. Shubhashish Bose participated in the programme and spoke on the occasion. I am extremely happy that the ceremony was very colourful and held in a befitting manner.
Virtual Members’ Conference; A Virtual Members’ Conference on ‘Impact of Public Financial Reforms in Bangladesh on Public Sector Financial Reporting and Public Sector Auditing’ was organized by ICAB on 20 March 2021.
Mr. Mohammad Muslim Chowdhury, Hon'ble Comptroller and Auditor General of Bangladesh (CAG) and Former Secretary, Ministry of Finance, Government of the People’s Republic of Bangladesh graced the Conference as the Chief Guest. Mr. Md Humayun Kabir FCA, Member Council and Past President of ICAB presided over the Members’ Conference as the Session Chairman. I delivered address of welcome in the conference.
Mr. Toufique Shafiqul Islam, BCS (Audit & Accountant) Implementation Support Consultants of Strengthening PFM to Enable Service Delivery (SPFMS), Finance Division, Ministry of Finance and Former Director, Research & Development, Office of the CAG and Mr. Sk. Ashik Iqbal ACA, CPA Partner, Nurul Faruk Hasan & Co., Chartered Accountants jointly presented the keynote paper.
Mr. Md. Ekhlasur Rahman, Additional Secretary, Finance Division, Ministry of Finance, GoB; Ms. Bilquis Jahan Rimi, Joint Secretary (currently on Lien), Finance Division, Ministry of Finance, GoB and Mr. Winston P O Cole, Lead Governance Specialist, Financial Management, The World Bank joined the conference as panelists.
Meeting with Economic Reporters’ Forum (ERF); For the first time, ICAB Office Bearers led by me held a view exchange meeting with the Leaders of Economic Reporters’ Forum (ERF) on 20 March 2021 at Council Hall, CA Bhaban, Dhaka.We discussed various issues related to business reporting in print & electronic media. We also discussed as to how we can work together on the intricate national issues. The meeting was very interactive and fruitful.
Training on ‘Acceptance Procedures, Audit Planning and Preparation of working paper files’ was organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on 4, 7,9 & 11 March 2021, through online. The resource persons of the training were Mr. Mohammad Salahuddin Chowdhury FCA, Assistant Professor (Department of Finance), University of Dhaka; Mr. Sk. Md. Tarikul Islam FCA, Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants; Mr. Sk. Ashik Iqbal ACA, CPA (USA); and Mr. Sukanta Bhattacharjee FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants.
Training on ‘Audit of Banks and NBFIs’ through both online and in person at its Training Room, was held by ICAB on14, 16, 18 & 21 March 2021. The resource persons of the training were Mr. Sabbir Ahmed FCA, Member Council-ICAB & Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants; Mr. Mohammad Monowar Hossain FCA, Financial Controller, Standard Chartered Bank; Mr. Shaikh Hasibur Rahman FCA, Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants; and Mr. Joydeb Samadder FCA, Associate Director, Audit & Advisory Services, Rahman Rahman Huq, Chartered Accountants.
ICAB celebrated 26 March Independence Day and Golden Jubilee of Independence of Bangladesh with due solemnity and held discussion session on the occasion where lead speakers were Dr. Atiur Rahman, Professor (Honorary), Department of Development Studies, University of Dhaka and former Governor, Bangladesh Bank and Mr. AAMS Arefin Siddique, Former Vice Chancellor, University of Dhaka.
Ajit Kumar Sarkar, eminent journalist and researcher presented the keynote paper on স্বাধীনতা ও মুক্তির দিশারী বঙ্গবন্ধু
Among others spoke on the occasion were, ICAB Vice President Mr. Md. Abdul Kader Joaddar FCA, and ICAB Chief Executive Officer (CEO) Shubhashish Bose and Secretary of Dhaka Regional Committee-ICAB Md. Hasib Swadagor FCA. CA Bhaban was illuminated on this occasion.
ICAB observed 17 March 2021 and ICAB organized a discussion meeting and sliced cake marking the birth anniversary of Bangabandhu Sheikh Mujibur Rahman on 17 March 2021. We spoke on the eventful life of Bangabandhu. Among others spoke on the occasion were ICAB Vice President Mr. Md. Abdul Kader Joaddar FCA, Council Members Mr. Md. Moniruzzaman FCA, Mohammed Forkan Uddin FCA and CEO-ICAB Mr. Shubhashish Bose.
Dear members, our heart goes out to the bereaved families who have lost their dear ones in this month. We all pray for the salvation of the departed souls.
No more today
May the Almighty help us sail through this challenging time.
Mahmudul Hasan Khusru FCA