CMAs seek certifying authority like CAs

Speakers at a pre-budget discussion Tuesday said cost and management accountants (CMAs) should have the certifying authority like chartered accountants (CAs) under different provisions of tax regulations.
"As both CAs and CMAs are equally recognised in the ITO-1984 and Companies Act 1994, they should be equally entitled to certify a company reporting," said Ranjan Kumar Bhowmik, Director General of BCS (Tax) Academy in his paper presented at the discussion.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organised the discussion with ICMAB member Ranjan Kumar Bhowmik presenting the institution's proposal on the budget.
Nitol-Niloy Group Chairman Abdul Matlub Ahmed was present as chief guest in the absence of designated chief guest Janata Bank Chairman Professor Abul Barakat.
Centre for Policy Dialogue (CPD) Additional Research Director Dr Khandakar Golam Moazzem presented another paper on the budget with Dhaka University Professor of Economics Department Dr AK Monwar Uddin speaking on the occasion.
The ICMAB also sought inclusion of 'cost and management accountants' in the Section 107F after 'chartered accountants'. According to the section 107F of tax regulations, a CA has to furnish a report on an account of international transactions exceeding Tk 30 million.
The CMAs also sought the role of facilitators in any ADR (alternative dispute resolution).
Matlub Ahmad said the government should not change its policy each year through the budget. They should do it after every three years, he added.
He also demanded a lower tax rate as he thinks higher tax causes tax evasions.
He thinks corporate tax should be 27 per cent.
Mr Matlub said government should impose a separate tax rate on small enterprises so that they could graduate to medium enterprises.
ICMAB President Mohammad Selim delivered the welcome address while seminar committee Chairman Mozaffar Ahmed moderated the programme. ICMAB secretary Jamal Ahmed Chowdhury gave the vote of thanks.