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An effective VAT audit system based on integrated audited accounts may be introduced where CMAs can play a vital role as a catalyst to the taxman.
A comprehensive reform of the value-added tax (VAT) regime and automation can facilitate it for both taxpayers and businesses.
Speakers said this at the concluding ceremony of the two-day workshop styled ‘VAT Compliances: Role of CMAs’ hosted by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) on Saturday evening.
National Board of Revenue (NBR) chairman Abu Hena Md Rahmatul Muneem attended the event as chief guest and FBCCI president Md Jashim Uddin as special guest.
ICMAB president Md Mamunur Rashid, and seminar and conference committee chairman AKM Delwer Hussain, among others, spoke there.
ICMAB council member and past president Abu Sayed Md Shaykhul Islam presented a theme paper of the event.
Mr Muneem says ensuring compliance of the corporations is essential for better operations of businesses and VAT collection.
Widening tax net is also a must for easing tax burden, he adds.
Mr Jashim suggests that the government pay attention to businesses so that they can cooperate with the taxman.
Three technical papers were presented at the workshop.
ICMAB treasurer Md Ali Haider Chowdhury and Mallik Intaqab Ahsan presented a paper on ‘VAT and VAT Accounting’ in the first technical session.
Faruque Sikder presented a paper on ‘VAT and Accounts Automation’ while customs additional commissioner Kazi Muhammad Ziauddin on ‘VAT Reforms’ in the second and third technical sessions respectively.
(FE)
