DHAKA, Feb 16, 2022 (BSS) - A Dialogue on "Structural Reforms of VAT 
system" was held yesterday in the present context of appropriate VAT 
collection, structural reforms of VAT management, widening of the VAT net and 
compliance with the VAT law.  

  The dialogue was held at the auditorium of the Institute of Cost and 
Management Accountants of Bangladesh (ICMAB) in the capital.  

  The Director General of the Department of Customs Intelligence and 
Investigation Dr. Md. Abdur Rauf was present as the Chief Guest while 
relevant committee members formed by the National Board of Revenue (NBR) were 
present as discussants in the dialogue, said a press release.  

  The dialogue was presided over by Md. Mamunur Rashid, President of ICMAB. 
In his speech, the President of ICMAB said, "Cost audit is not a mere audit 
of expenses and financial accuracy; it is an audit of performance, efficiency 
and financial morality".  

  He emphasized to add Cost of Goods Sold statement with company return after 
getting certification from Cost and Management Accountants.   

  As a result, the revenue of the NBR will be increased. He mentioned that 
Bangladesh is now an emerging country to invest in South Asia. In that case, 
the VAT law and regulations should be business friendly.  

  Dr. Md. Abdur Rauf said that Value Added Tax System is a tax system based 
on accounting.   

  He agreed that Cost and Management Accountants in particular have a huge 
role to play in controlling production costs in the process of value addition 
and production.   

  In order to make the Value Added Tax Act more modern, up-to-date and 
realistic, the recommendations will be taken into account.  

  Md. Mashiur Rahman, Deputy Project Director, National Single Window 
presented paper on the subject. Kazi Muhammad Ziauddin, Additional 
Commissioner, Customs, and Council Member, ICMAB, conducted the program.   

  Abdus Sattar Sarkar, Jayant Kumar Poddar and Md. Saifur Rahman were present 
as discussants.

  Md. Ali Haider Chowdhury, Treasurer of ICMAB gave the welcome and closing 
remarks. A large number of members of the Institute participated in this 
dialogue.