The Institute of Chartered Accountants of Bangladesh on Monday said the National Board of Revenue should be more careful in promulgating any provision under its act or ordinance so that it would not contradict the financial reporting framework.
The ICAB made the plea at its members’ conference held at its office in the city with its president Abdus Salam in the chair.
Parliamentary standing committee on the finance ministry chairman AHM Mustafa Kamal, NBR members Firoz Shah Alam and Rahela Choudhury attended the meeting, among others.
Former ICAB president AK Chowdhury presented the keynote paper focusing different inconsistencies in the recent amendments to the value-added tax act and income tax ordinance.
Speaking on the occasion, Kamal said people from various quarters were raising questions about the activities of the ICAB.
Chartered accountants are being regulated by the persons of the same profession and that is a key problem, he said adding that the ICAB should form different body for their regulation comprising persons of other professions who would take actions against irregularities.
He said the ICAB should cancel the licence of the chartered accountants who had audited Hallmark.
The ICAB president requested Kamal to support the organisation in preventing government from enacting the financial reporting act.
Salam said the NBR should reduce the VAT on audit fees to 12.50 per cent from 15 per cent.
NBR member Firoz Shah Alam alleged that it was seen that different companies prepared more than one audit reports to submit to Bangladesh Bank, NBR and other regulatory bodies which creates problem for the government to collect revenue.
Firoz also asked the ICAB to take strict actions against the practice.
-With New Age input
