8/3/2023 0 Comments Philippines icab annual report![]() As a result, the ICAB believes, the tax-GDP ratio will increase, he added. The NBR should monitor whether or not the tax, customs and VAT officials are following this procedure effectively. Thanking the NBR for introducing the Document Verification System (DVS), he said a framework has been established for preparation of financial statements. If long-term policies are introduced, importers will get advantage in terms of forecasting, and image of the country will be brighter. From the database it is possible to estimate the proper duty rates and prices of the commodities.īesides, the tariff policy and rates should not be changed frequently. Mr Moniruzzaman noted that the global market provides all information on various commodities, which can be collected to create a database of imported and exported goods in the NBR system. "We can determine the duties correctly by following correct procedures of the tariff act and the currency exchange rate." For this, internal revenue mobilisation will be critical. The ICAB president said the government has targeted to raise the tax-GDP ratio to 21.9 per cent in line with its perspective plan 2041. The ICAB also suggested integrating all relevant stakeholders through proper adoption of information technology (IT). If these companies do not have direct representatives in the country, their legal representatives (VAT agents) could be held liable to pay taxes following the best international practices. Facebook and Google are among such service providers. But, they do not pay corporate tax despite making receivables. He said the non-resident digital service providers currently pay value added tax (VAT) to the public exchequer. In FY 2016, Kyrgyzstan and Ghana deposited their instruments of accession to the Hague Adoption Convention with the Ministry of Foreign Affairs. Mr Snehasish Barua presented highlights of the ICAB's proposals for the upcoming budget of FY 24. ICAB Vice President M B M Lutful Hadee, and its Council Members N K A Mobin, Mohammed Forkan Uddin and Maria Howlader were also present, among others. Humayun Kabir, ICAB Member Snehasish Barua, and Chief Executive Officer (CEO) Shubhasish Bose spoke on the occasion. Moniruzzaman, Council Member and Past President Md. Commerce Minister Tipu Munshi poses with the winners of ICAB National Awards for Best Presented Accounts and Reports for the year 2019, at the. Thanking the NBR for introducing the Document Verification System (DVS), he said a framework has been established for preparation of financial statements. The Institute presented its budget proposals in a press conference - held on the ICAB premises on Wednesday afternoon - following a meeting with the National Board of Revenue (NBR) earlier. ICAB awards 23 corporates for best annual reports. The ICAB also suggested automation of tax regime, integration of all government agencies, defining tax exemption policy, and imposing equal duty on capital machinery import to ensure a level playing field. The agents and liaison offices of the foreign companies could be brought under the purview of the tax law in the upcoming fiscal year (FY), 2023-24, he said, adding that countries like France, Belgium, Singapore and India imposed such tax at different rates - as low as five per cent. "Amendments of the tax law can generate a considerable amount of revenue from this sector," said Snehasish Barua, a member of the Institute of Chartered Accountants of Bangladesh (ICAB). They made the proposal to tap unexplored potential of collecting tax from various tech-giants, including the non-resident ones. The DVS offers the opportunity to match key financial figures such as profit, turnover, asset and liability of a company, the 18-digit document verification code, and the signature of auditors.Īt yesterday's event, NBR Chairman Abu Hena Md Rahmatul Muneem was also present among others.Accounting professionals urged the government to introduce digital service tax (DST) in the upcoming budget - in a bid to net the big online service providers. Later, the Bangladesh Securities and Exchange Commission and the Financial Reporting Council followed suit to protect the interests of investors and improve compliance and transparency in the preparation of balance sheets. In July this year, Bangladesh Bank also asked banks to examine the audit reports of loan applicants through DVS, developed last year to eliminate the scope of submission of manipulated audited financial statements by business to get loans.Įarlier, in December, the NBR asked its field offices of tax to use the DVS to ensure proper amount of corporate income tax coming to the state coffer. ![]() Sadiq said the VAT wing of the NBR will start verifying audited statements to be submitted by firms using the DVS. The NBR move comes as it made submission of audited financial reports mandatory by firms from the current fiscal year of 2021-22. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |