Training organised on income tax act, finance act for international NGOs in Bangladesh

In a collaboration between IFASEF- INGO Forum of Bangladesh and SMAC HRS Limited, a training event was held today, focusing on the ITA (Income Tax Act) 2023 and FA (Finance Act) 2023, said a press release.

The session, which garnered participation from more than 30 distinguished INGO organisations, witnessed a turnout of 110 engaged participants.

The event, spanning a full day, provided a comprehensive overview of the indispensable ITA 2023 and FA 2023 frameworks, instrumental in fostering robust financial practices within the nonprofit sector.

According to the media release, the IFASEF (INGO Admin, Finance and Security Forum) serves as a forum representing International NGOs in Bangladesh, with the objective of facilitating coordination among the staff of INGOs' Finance, Admin, and Security departments. 

The forum aims to foster knowledge sharing, disseminate lessons learned, promote best practices, and facilitate mutual learning. This collaborative effort aims to bolster professional capacities, set high standards in Finance, Admin, and Security operations, and enhance organisational efficiency in resource management, while ensuring compliance with the country's laws and regulations. Additionally, it aims to promote accountability and transparency to both regulatory bodies and stakeholders.

Snehasish Barua FCA, director of SMAC HRS Limited, spearheaded the training event as the distinguished trainer.  

The session delved into key aspects of the ITA 2023 and FA 2023, providing attendees with a thorough understanding of the latest advancements, regulatory updates, and best practices in financial management for INGOs. Through a blend of lectures, case studies, and interactive discussions, the training event empowered participants with actionable insights to elevate their organisational financial practices.

"We are thrilled to have played a part in this collaborative endeavour, uniting the expertise of IFASEF- INGO Forum of Bangladesh and SMAC HRS Limited. This training event has served as an invaluable platform for INGOs to gain a comprehensive overview of ITA 2023 and FA 2023, equipping them with the knowledge necessary to navigate the evolving financial landscape," said Pervej Sajjad, head of Finance & Administration at WaterAid Bangladesh. 

The event's resounding success was evidenced by the active participation and enthusiasm displayed by the attendees, underscoring the importance of such initiatives in fortifying the financial sustainability of INGOs operating in Bangladesh.