Staff Correspondent: The Institute of Chartered Accountants of Bangladesh (ICAB) in a seminar demands for reducing VAT on Chartered Accountants bill from 15 percent to 4.5pc like other professionals. The CPD seminar on National Budget 2011-2012 was organized by ICAB on Saturday at ICAB Auditorium in the city. AHM Mustafa Kamal FCA, MP, Chairman, Parliamentary Standing Committee on Ministry of Finance graced the occasion as Chief Guest.

Dr. Nasiruddin Ahmed, Secretary, Internal Resources Division, Ministry of Finance and Chairman, NBR, GoB presented as Special Guest, says a ICAB press release. Md. Aminur Rahman, Member (Income Tax Policy), NBR, GoB and Md. Shahadat Hossain FCA, Vice President, ICAB were present as Panel Speakers. ASM Nayeem FCA, Council Member and Past President, ICAB and Chairman, Professional Ethics and Independence, SAFA conducted the Seminar as Session Chairman.

Akhter Matin Chaudhury FCA, Council Member, Chairman, Editorial Board, ICAB presented the keynote paper. Chief Guest AHM Mustafa Kamal FCA, highly appreciated the performance of National Board of Revenue (NBR), he said an initiative was needed to strengthen the professional and technical capacity of the revenue administration to monitor potential taxpayers, counting tax evasion and transform it into a quality institution to meet revenue needs.

Parveen Mahmud FCA, President, ICAB said that the allocation, which has been given for old age allowance, poor allowance for widow and divorced female, allowance for the insolvent disabled programme, maternity allowance for poor working mothers, underprivileged freedom fighters allowance, fund for acid burnt women, rehabilitation of physically disabled people and fund for women self employment of women are undoubtedly admirable.

However, necessary assistance from professional accountants needs to be taken for proper distribution of those allowances. She also added that ICAB express thanks to NBR for inclusion of some important recommendations in the National Budget 2011-12 from 47 nos. of recommendations, which were forwarded before publication of budget.