Chartered Secretaries call for better visibility on tax policy

The Institute of Chartered Secretaries of Bangladesh (ICSB) has called for sustainable tax policies for at least three-five years so that the investors get better visibility on taxes.

The professional community – promoting corporate governance – made the call on Saturday in the online discussion "Finance Act 2020 and Its Impact on The Business."

The professionals also called for conducting an impact assessment study before the government makes any major change in tax policy.

Visibility on taxes enables individuals and businesses to know the true cost of transactions. It also enables them to see what their total tax liability is and to which level of government it is being paid to.

While speaking as the chief guest, Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) President Nihad Kabir said that 35 percent value chain was disrupted due to the virus spread and the economic recovery demands supportive policies.

She emphasised the capacity building of the National Board of Revenue; conducting research and study, and impact assessment study before bringing any change in the fiscal policy.  

Mohammad Sanaullah, immediate past president and current chairman of Professional Development Committee of ICSB, chaired the session while ICSB President Muzaffar Ahmed welcomed the guests.

Chartered Secretary and also Chief Financial Officer of Lafarge Holcim Bangladesh Limited Mohammad Iqbal Chowdhury presented the keynote paper that discussed changes in value added tax (VAT) over the years. 

He also talked about the impacts of recent changes in the tax policy.

Other discussants who called for stable and practical tax policy included Kazi Ashiqur Rahman, ICSB member and also senior manager of corporate affairs at Singer Bangladesh Limited, and Md Kausar Alam, chief financial officer and company secretary at Seven Circle Bangladesh Limited.

Many members of the institute who are working at different leading companies of the country also attended the programme.

Md Nazrul Islam Chowdhury, member secretary of ICSB Professional Development Sub-Committee, delivered the vote of thanks on behalf of the institute.