Amend inconsistencies in present laws on VAT, income tax: ICMAB

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) thinks there are some inconsistencies in the present laws on value-added tax and income tax.

The institute came up with the remarks in its post-budget press conference at its Ruhul Quddus Aditorium in Dhaka yesterday.

These inconsistencies should be amended and some justifications need to be done for advance tax, the cost and management accountants said.

The tax rate for one-person company has been reduced to 25 per cent in the proposed national budget for 2021-22 fiscal year, which is quite logical, they said.

ICMAB welcomed the declarations to make health services available in places outside cities and give 10-year tax exemption to 250-bed general hospitals and 200-bed specialised hospitals.

They also believe if financial statements are audited by the cost and management accountants, cost efficiency will then be increased and expenses will be reduced, which will leave significant impact on the overall economy. 

ICMAB Vice-President Md Munirul Islam, Secretary Kazi Muhammad Ziauddin and Treasurer AKM Kamruzzaman were also present.

The programme was moderated by ICMAB Vice-President Md Mamunur Rashid and ICMAB President Abu Bakar Siddique presided over the event.