A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) headed by its President Professor Dr. Md Salim Uddin FCMA took part in a pre-budget discussion for the fiscal year 2024-25. Tk 14,305 crore deposited by agent bank outlets: Islami Bank CEO The programme was held at the conference hall of National Board of Revenue (NBR), Agargaon, Sher-e-Bangla Nagar, Dhaka on Sunday. The NBR Chairman and Senior Secretary Abu Hena Md. Rahmatul Muneem listened to the budget proposal of INMAB and exchanged views with the ICMAB delegation. Opportunities galore beckon for young entrepreneurs at Shark Tank Bangladesh Prof Salim presented an overview of suggestions that have an intense probability of increasing revenue income by imposing taxes on untouched fields on the revenue collection side. Whereas, Past President and Council Member of ICMAB Md. Abdur Rahman Khan FCMA presented it in detail. Among others, Treasurer Abdul Matin Patwary FCMA, Council Member Dr. Syed Abdulla Al Mamun FCMA, and Fellow Member HM Mainuddin Ahammed FCMA were present in the meeting from ICMAB. Make more information on banks, banking sector publicly available: Prof. Wahiduddin Mahmud Academicians and researchers from different institutions like ICAB, ICSB, and Bangladesh VAT Forum were present there, said a press release.

Walton has won the Institute of Cost and Management Accountants of Bangladesh (ICMAB) Best Corporate Award 2021 for its contribution to electronic product manufacturing. Also, the company received the honour for fulfilling special criteria, including market capitalisation, good corporate governance, acceptance of information, and credibility as a listed company in the stock market. Sixty-four other companies also achieved bronze, silver, and gold awards under 17 categories in 28 criteria. Commerce Minister Tipu Munshi handed over the award to the representatives of those companies listed in the share market Thursday. Golam Murshed, managing director and chief executive officer of Walton, received the gold award. The Bangladesh Securities and Exchange Commission Chairman Professor Shibli Rubayat Ul Islam and Federation of Bangladesh Chambers of Commerce and Industries President Md Jasim Uddin were also present. Read more: Islami Bank scoops up ICMAB Best Corporate Award  

BAT Bangladesh secured the ICMAB Best Corporate Award-2021 (gold) under MNC Manufacturing Category for the sixth consecutive time. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) awarded the prize for their outstanding performance at a function at InterContinental Dhaka in the capital on Thursday (December 01, 2022). Minister for Commerce Tipu Munshi handed over the award to its Chairperson Golam Mainuddin and Managing Director Shehzad Munim at the programme where Senior Secretary to the ministry of Commerce Tapan Kanti Ghosh was also present. Read more: BAT wins Bangladesh Innovation Award for SDG Inclusion Professor Shibli Rubayat-Ul-Islam, chairman of Bangladesh Securities and Exchange Commission (BSEC) and Md Jashim Uddin, president of FBCCI were also present as special guests there. Along with the government officials, many entrepreneurs, business elites of the country and top executives of different companies were present in the ceremony as honourable guests. The ICMAB National Award is given every year to recognize the invaluable contribution made by the corporate entities in different sectors of the national economy and to encourage increased competitiveness for efficiency.  Read more: PM to provide prize money for all SAFF Champion footballers, houses based on need

Islami Bank Bangladesh has won the Institute of Cost and Management Accountants of Bangladesh (ICMAB) Best Corporate Award 2021 in the private commercial bank (Islamic operation) category. Muhammad Qaisar Ali, additional managing director of the bank, received the award from Commerce Minister Tipu Munshi at a hotel in the capital Thursday (December 01, 2022), according to a media statement. JQM Habibullah, additional managing director and company secretary of Islami Bank, was also present. Read more: Islami Bank opens Islampur branch in Jamalpur Professor Shibli Rubayat Ul Islam, chairman of the Bangladesh Securities and Exchange Commission, Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry, Md Mamunur Rashid, president of ICMAB, and Md Abdul Aziz, chairman of Corporate Award Committee of ICMAB, also joined the event. Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic shariah. Established in 1983 as the first Islamic bank in Southeast Asia, it is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange. Read More: BAT Bangladesh scoops up ‘ICMAB Best Corporate Award’ for sixth time

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) on Sunday signed a Memorandum of Understanding (MoU) with the Government Azizul Haque College, Bogura to promote the CMA profession and offer easy access to CMA program for the aspiring professional accountants. ICMAB President Mamunur Rashid and college Principal Prof Md Shajahan Ali signed the MoU in Bogura, said a media release.  Both the organisations hoped that the partnership will result in mutual benefits for the institutions in developing the human capital of Bangladesh. Read: ICMAB demands implementation of financial, cost audit to bring transparency in accounting system Highlighting several aspects of the CMA profession, the ICMAB president said there is a special need for the CMA degree holders in the administration and other departments including the accounting department of various multinational organisations, businesses and production department of industrial establishments. He said that the enrollment of new students in the study center will start from the next session.

Institute of Cost and Management Accountants of Bangladesh (ICMAB) has demanded the implementation of financial audit as well as cost audit to bring transparency in the accounting system. President of the ICMAB Md Mamunur Rashid said this has been made compulsory in various countries including neighboring India. At the same time, if the cost of goods sold statement can be audited by the CMAs, the overall economy will be benefited as it will ensure cost efficiency through proper cost management, said while briefing reporters about the organisation’s reactions to newly unveiled national budget 2022-23 at Economic Reporters Forum (ERF) auditorium in the capital on Saturday. He said that although many practical and business-friendly steps have been taken in the VAT Act this year, further steps should be taken incorporating CMAs to make business easier, more transparent and increasing revenue. For the adjustment of reduced tax levied at source, the term has been extended to three years instead of the next one. It is suggested to allow a full financial year for such adjustment as the accounts are prepared at the end of a year. Read: Focus on extending tax net to enhance Tax-GDP ratio: ICAB For a proper and transparent accounting system and to increase revenue, the accounting statements should have the cost of goods sold certified by the CMAs. “If the input output coefficient (Mushok 4.3) is certified by the CMAs, VAT will be collected on the correct price. These CMA’s certification will also ensure no requirement for re-audit on product price unless for certain specific cases. This clause may be accepted as a pilot project,” he said. The ICMAB president pointed out that the proposed budget is with a total deficit of Tk 2,45,000 crore where the proposed expenditure is of Tk 6,8,000 crore against the revenue of Tk 4,33,000 crore. “Achieving this huge budget in the post Corona period is a huge challenge for the government but it is not impossible," he opined. ICMAB, as a professional accountancy body under the Ministry of Commerce of the Government, wants to extend its support to the government in achieving this budget. The ICMAB president said that for an individual taxpayer, he proposed that the maximum tax-free income limit should be Tk 4,00,000 while it should be Tk 5,00,000 for women and elderly citizens, above 65 years. He demanded that the deduction of income tax at source from service fees like advisory, consultancy, professional, technical etc. should be considered as final tax. Read: Budget: Dr Atiur for reconsidering some tax proposals Senior citizens whose only source of income is pension and interest on savings certificates should be exempted from return submission. He proposed to increase the budget allocation for food security, agricultural security, medical and health security, national disaster response, industrialization, business expansion and capital market development, special facilities for garments sector, special facilities for transport industry and aviation industry. The cost of travel has increased a lot, the tax-free limit on travel allowance for individual taxpayers should be increased from Tk 30,000 to Tk 60,000. Besides, allowable investment sectors should be widened to offer investment tax rebates. Not everyone understands the stock market, so the DPS limit should be increased from Tk 60,000 to Tk 120,000. AKM Delwar Hossain, Advisor, SAFA, and former President of SAFA also spoke on the budget. Md Monirul Islam, Vice President, AKM Kamruzzaman, Secretary, Ali Haider Chowdhury, Treasurer, ICMAB and Chairman of Dhaka Branch Council also spoke on the occasion.

A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB), headed by its President Md. Mamunur Rashid FCMA, called on Comptroller and Auditor General (CAG) of Bangladesh Mohammad Muslim Chowdhury at his office on Sunday. The ICMAB President apprised the CAG of  the role of cost and management accountants on the matters of public interest, financial management, accounting and auditing, said a press release. Also read: ICMAB wants VAT system reform to make it business friendly He also sought cooperation of the CAG for further development of the ICMAB and CMA profession. The CAG of Bangladesh assured them of providing all out support and assistance to the ICMAB. Among others, ICMAB Secretary AKM Kamruzzaman, past president Abu Sayed Md. Shaykhul Islam and Past SAFA and ICMAB president AKM Delwer Hussain were present on the occasion. Also read: ICMAB delegate meets Commerce Secretary

The Institute of Cost and Management Accountants of Bangladesh (ICMAB), a concern of the commerce ministry, organized a  dialogue on ‘reformation to VAT system’. The programme focused on the present context of appropriate VAT collection, structural reforms of VAT management, increase in VAT net and compliance with VAT law. The programme was held on Tuesday evening at the ICMAB Ruhul Quddus Auditorium, in the capital. Director General of the Department of Customs Intelligence and Investigation Dr. Md. Abdur Rauf was present as the chief guest while relevant committee members formed by the National Board of Revenue (NBR) were present as discussants in the dialogue. The discussion was presided over by Md. Mamunur Rashid FCMA, President of ICMAB. He said, “Cost audit is not a mere audit of expenses and financial accuracy; it is an audit of performance, efficiency and financial morality”.  He called for adding cost of goods sold statement with company return after getting certification from Cost and Management Accountants, so the revenue of the NBR will be increased He mentioned that Bangladesh is now an emerging country to invest. In that case, the VAT law and regulations should be business friendly. Dr. Md. Abdur Rauf said, VAT System is a tax system based on accounting. He agreed that Cost and Management Accountants in particular have a huge role to play in controlling production costs in the process of value addition and production. In order to make the Value Added Tax Act more modern, up-to-date and realistic, the recommendations will be taken into account. Md. Mashiur Rahman FCMA, Deputy Project Director, National Single Window presented paper on the subject, Kazi Muhammad Ziauddin FCMA, Additional Commissioner, Customs, conducted the program. Abdus Sattar Sarkar FCMA,  Jayant Kumar Poddar FCMA and Md. Saifur Rahman FCMA were present as discussants.

A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) led by its President Md. Mamunur Rashid called on Tapan Kanti Ghosh, Senior secretary, ministry of commerce at his secretariat office on Tuesday. ICMAB President updated the secretary about its activities and particularly about the development issues of CMA profession. Read:Bangladesh now safest, most transparent RMG maker in the world: BGMEA He also sought help of the secretary for further development of ICMAB. The secretary congratulated the newly elected office bearers of the institute and assured them of support and assistance in their activity. Among others Treasurer Md. Ali Haider Chowdhury, Past President AKM Delwer Hussain and Executive Director Muhammad Abdullah were present in the meeting.

Md. Mamunur Rashid FCMA has been elected president of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) for the term 2022 in its council meeting held on Tuesday. The council also elected Md. Munirul Islam FCMA and Imtiaz Alam FCA, FCMA as Vice-Presidents, A.K.M. Kamruzzaman FCMA as Secretary and Md. Ali Haider Chowdhury FCMA as Treasurer of the institute. Prior to his new role,  Mamunur Rashid was its Vice-President for the last two years. READ: Robi wins silver at ICMAB Best Corporate Award Currently Rashid is serving as Deputy Managing Director and Member of the Board of Directors of several sister concerns of X-Index Companies. He is also serving as the Independent Director and Audit Committee Chairman at West Zone Power Distribution Co. Ltd, an enterprise of Bangladesh Power Development Board; Vice President of Bangladesh Ceramics Manufacturers and Exporters Association (BCMEA) and the GB member of Federation of Bangladesh Chamber of Commerce and Industries (FBCCI). He also served in Bangladesh Steel & Engineering Corporation (BSEC), Bangladesh Parjatan Corporation, Bangladesh Power Development Board, BRAC-Aaarong, Rahimafrooz, Summit Power Ltd, Sheba Phone, Kazi Farms Group in different capacities. Read ICMAB delegation meets CAG Rashid earned B.Com & M.Com degrees in 1987 & 1989 respectively.   Md. Munirul Islam is currently working as Executive Director of Human Resources (HR and Admin) at Aristopharma Ltd. He served the institute as secretary for 2020 and Vice President for 2021. Read ICMAB wants VAT system reform to make it business friendly Imtiaz Alam is currently working as Chairman of Infinity Group of Companies & Corporate Support Limited. He served the Chattogram Branch Council of ICMAB as its Chairman. A.K.M. Kamruzzaman is serving as Senior Executive Vice President & Head of Operations at LankaBangla Finance Ltd. He was also the Chairman of Dhaka Branch Council of ICMAB and served ICMAB as its Treasurer for the year 2021. Md. Ali Haider Chowdhury is serving as Managing Director of Aloha Bangladesh and Director & CEO- Unicom Group. He was also the Chairman of Dhaka Branch Council of ICMAB and served ICMAB as its Treasurer for the year 2020. Read ICMAB delegate meets Commerce Secretary