The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has required the implementation of financial audit as well as cost audit to bring transparency in the accounting system.

ICMAB President Md Mamunur Rashid said it has been made mandatory in various countries including neighboring India, UNB reports.

At the same time, if the cost of goods sold statement can be audited by CMAs, the overall economy will benefit as it will ensure profitability through proper cost management, said while briefing reporters on the reactions of the organization to the recently unveiled national budget. 2022-23 at the Economic Reporters Forum (ERF) auditorium in the capital on Saturday.

He said that while many practical and business-friendly steps have been taken in the VAT law this year, further steps should be taken by incorporating CMAs to make doing business easier, more transparent and increase revenue. .

For the adjustment of the reduced tax deducted at source, the period is extended to three years instead of the following one. It is suggested to allow a full financial year for such an adjustment as the accounts are prepared at the end of a year.

For a proper and transparent accounting system and to increase revenue, accounting statements should have cost of goods sold certified by CMAs.

“If the input-output coefficient (Mushok 4.3) is certified by the CMAs, VAT will be collected on the correct price. These certifications from the CMAs will also ensure that no re-audit requirements on the price of the product will be required except in certain specific cases. This clause can be accepted as a pilot project,” he said.

The ICMAB Chairman pointed out that the proposed budget is with a total deficit of 2.45 trillion taka, where proposed expenditure is 680 billion taka against revenue of 4.33 trillion taka.

“Achieving this huge budget in the post-Coronavirus period is a huge challenge for the government, but it is not impossible,” he said.

ICMAB, as a professional accountancy body under the government’s Department of Commerce, wishes to extend its support to the government in achieving this budget.

The President of ICMAB said that for an individual taxpayer, he proposed that the upper limit of non-taxable income should be Tk 400,000 while it should be Tk 500,000 for women and the elderly over the age of 65 years.

He requested that the withholding income tax deduction of fees for services such as consultancy, consultancy, professional, technical, etc. be considered as a final tax.

Elderly people whose sole source of income is pension and interest on savings certificates should be exempt from reporting.

He proposed to increase budget allocation for food security, agricultural security, medical and health security, national disaster response, industrialization, business expansion and capital market development, facilities. for the clothing sector, special installations for the transport industry and the aeronautical industry.

The cost of travel has increased a lot, the tax exempt limit on travel allowance for individual taxpayers should be increased from Tk 30,000 to Tk 60,000.

In addition, authorized investment sectors should be expanded to provide investment tax refunds. Not everyone understands the stock market, so the DPS limit should be increased from 60,000 Tk to 120,000 Tk.

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 Dhaka Branch Council Chairman also spoke on the occasion.

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