From the filing of the return to the acknowledgment of its receipt, information on tax deducted at source, information on advance tax deduction and unpaid tax will be provided through the process. Apart from this, ICAB welcomed the initiative of launching PSR.ĭigitalization of tax system and integration of various relevant departments will revolutionize the tax department. ICAB's national budget proposals on income tax were on raising revenue and income tax ordinances reducing discrepancies and loopholes in the laws and ensuring transparency in the application of the law Value Added Tax and Supplementary Duties Act Customs Law and related regulations.ĭST provision is being introduced for digital services of all global companies having presence in Bangladesh. ICAB vice president MBM Lutful Hadee, council member NKA Mobin, Mohammed Forkan Uddin, Maria Howlader and chief operating officer Mahabub Ahmed Siddiqui were also present. Humayun Kabir, council member and former president of ICAB and chairman of Taxation and Corporate Laws Committee, ICAB. The question and answer session of the press conference was conducted by Md. ICAB member Snehasish Barua, Partner, Snehasish Mahmud & Co., Chartered Accountants gave details of ICAB's budget proposals through a power-point presentation. Moniruzzaman gave a summary of its proposals. The ICAB leaders said this at a press conference today at the Institute after submitting their proposals for the next budget for FY24 before the NBR today, said a press release.Ĭhief executive officer of ICAB Shubhashish Bose gave a welcome speech at the press conference while ICAB president Md. The National Board of Revenue (NBR) has set a target of raising the tax-GDP ratio from 7.8 percent to 9.5 percent by 2026 through collecting additional revenues of Taka 2.34 lakh crore, although this target is difficult to achieve. They said according to the Vision 2041, the government has set a target of raising the tax GDP ratio to 21.9 percent. Furthermore, we examined audit fees paid by other industries and found that only the banking industry pays higher expected audit fees than other industries, although the amount wasn’t sufficient in comparison to the industry's complexity.DHAKA, Ma(BSS) - The leaders of the Institute of Cost and Management Accountants of Bangladesh (ICAB) today said that there would be no alternative for the government to generate internal resources to increase the tax GDP ratio. Nonetheless, the status of compliance in the manufacturing business remains unsatisfactory, as the study also reveals that most manufacturing companies paid less than half to eighty percent of projected audit expenses. However, the annual reports for the previous three years were not available since some of their websites were out of current in that case, we didn't follow up on the problem and received incorrect information as a result, we skipped that firm. According to the findings of the study, the majority of firms did not follow the ICAB's standards, while a minority did and paid audit costs in accordance with the rules. The compliance state of the firms with the ICAB criteria, which we discovered on their website, was determined using the annual reports of the immediate three preceding fiscal years of a selected manufacturing company. Secondary data was gathered for this purpose from the websites of a few firms. Users of this report will be able to see where this industry is in terms of compliance in this way. In addition, it is an attempt to determine whether or not the firms are adhering to the audit fee guidelines. The amount of fees earned by auditors for their professional services is determined by a variety of criteria, including the complexity of the services, the level of competence, and many others. The goal of this study is to show that the manufacturing industry in our country is in accordance with the ICAB's audit fees guidelines.
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