The list of certificates of merit winners includes NGO Uddipan, South East Bank, Eastern Bank, City Bank, Janata Bank, Rupali Bank, IPDC Finance, Marico Bangladesh, Orion Pharmaceuticals, MJL Bangladesh, and Paramount Textile Ltd. In integrated reporting, IDLC Finance stood first, LankaBangla Finance stood second and Bank Asia Ltd got the third prize. In the agriculture sector, only Golden Harvest Agro Industries Ltd got the award.Īmong the non-governmental organisations (NGO), Sajida Foundation became the champion, Brac stood second while Ghashful and Community Development Centre jointly received the third prize.įor corporate governance disclosures, Bank Asia and LankaBangla Finance Ltd were the joint champions, while Shahjalal Islami Bank and IDLC Finance jointly stood second and Brac Bank won the third position. Unique Hotel and Resorts Ltd, the company behind Westin Hotel, Dhaka, was the only service sector company to win a prize this year. Of the public sector companies, the Investment Corporation of Bangladesh was first while the Infrastructure Development Company got the second prize. semi-annually one more year, for a total of six reports. Like the previous year, Grameenphone was the lone winner in the communication and IT category. Inter-Country Adoption Board of the Philippines (ICAB) sends a thorough Child Study. Under the diversified holdings category, only ACI Limited got a prize while no conglomerate's annual report satisfied the juries for the previous year. Non-life insurers Reliance Insurance, Prime Insurance and Eastland Insurance got the first, second, and third prizes respectively. As a result, the ICAB believes, the tax-GDP ratio will increase, he added.Summit Power Ltd was the only winner in the fuel and power category. The NBR should monitor whether or not the tax, customs and VAT officials are following this procedure effectively.
PHILIPPINES ICAB ANNUAL REPORT VERIFICATION
Thanking the NBR for introducing the Document Verification System (DVS), he said a framework has been established for preparation of financial statements. If long-term policies are introduced, importers will get advantage in terms of forecasting, and image of the country will be brighter. From the database it is possible to estimate the proper duty rates and prices of the commodities.īesides, the tariff policy and rates should not be changed frequently. Mr Moniruzzaman noted that the global market provides all information on various commodities, which can be collected to create a database of imported and exported goods in the NBR system. "We can determine the duties correctly by following correct procedures of the tariff act and the currency exchange rate." For this, internal revenue mobilisation will be critical. The ICAB president said the government has targeted to raise the tax-GDP ratio to 21.9 per cent in line with its perspective plan 2041. The ICAB also suggested integrating all relevant stakeholders through proper adoption of information technology (IT). If these companies do not have direct representatives in the country, their legal representatives (VAT agents) could be held liable to pay taxes following the best international practices. Facebook and Google are among such service providers. But, they do not pay corporate tax despite making receivables. He said the non-resident digital service providers currently pay value added tax (VAT) to the public exchequer. Mr Snehasish Barua presented highlights of the ICAB's proposals for the upcoming budget of FY 24.
ICAB Vice President M B M Lutful Hadee, and its Council Members N K A Mobin, Mohammed Forkan Uddin and Maria Howlader were also present, among others. Humayun Kabir, ICAB Member Snehasish Barua, and Chief Executive Officer (CEO) Shubhasish Bose spoke on the occasion. Moniruzzaman, Council Member and Past President Md. The Institute presented its budget proposals in a press conference - held on the ICAB premises on Wednesday afternoon - following a meeting with the National Board of Revenue (NBR) earlier. The ICAB also suggested automation of tax regime, integration of all government agencies, defining tax exemption policy, and imposing equal duty on capital machinery import to ensure a level playing field. The agents and liaison offices of the foreign companies could be brought under the purview of the tax law in the upcoming fiscal year (FY), 2023-24, he said, adding that countries like France, Belgium, Singapore and India imposed such tax at different rates - as low as five per cent. "Amendments of the tax law can generate a considerable amount of revenue from this sector," said Snehasish Barua, a member of the Institute of Chartered Accountants of Bangladesh (ICAB). They made the proposal to tap unexplored potential of collecting tax from various tech-giants, including the non-resident ones. Accounting professionals urged the government to introduce digital service tax (DST) in the upcoming budget - in a bid to net the big online service providers.
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