The ICMAB hosted a 'Discussion on National Budget 2024-25" at the ICMAB Auditorium in Dhaka on Friday. Md. Abdur Rahman Khan, Secretary, Financial Institutions Division, was present as the chief guest, and A K M Badiul Alam, Member (Tax Policy) of the National Board of Revenue (NBR), as the special guest. FE Report
Officials at the National Board of Revenue (NBR) should not be entitled to any cash incentives for their good work, rather they should be rewarded with promotion, a senior official at the finance ministry has said.
The ones who failed to discharge their responsibilities should also be punished with demotion, Financial Institutions Division Secretary Md Abdur Rahman Khan told a post-budget discussion on Friday.
"Each of the NBR officers should be accountable to their own actions and has to be rewarded or punished accordingly. There should not be any cash incentives," he said, speaking as the chief guest.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organised the event titled "Discussion on National Budget 2024-25" as part of its Continuing Professional Development programme at the ICMAB Ruhul Quddus Auditorium in Dhaka.
A K M Badiul Alam, NBR Member (Tax Policy), graced the occasion as the special guest while Snehasish Barua, FCA, ACA (ICAEW), Managing Director of SMAC Advisory Services Ltd. & Partner at Snehasish Mahmud & Co. Chartered Accountants, presented the keynote paper.
Mr Khan said many think that cash incentives would make everything right, but there is no limit in getting cash, formal or informal incentives. "If the salary gets increased, the desire for more grows … this is infinite," he added.
The total automation of the tax department is the only way to bring discipline and increase revenue, he said, pointing out that the NBR doesn't have any forecasting model for tax collection.
"So they get an agenda of increasing revenue by a certain percentage and start imposing tax on sectors that are easy to collect," he said
He said the NBR now has deviated from the principle of tax on income. "Income tax now has become an indirect tax."
The keynote paper focused on the salient features of the Finance Bill 2024, highlighting significant changes and their implications.
Key highlights from the keynote presentation included comparisons of the national budget figures, source and allocation of budget, changes in direct and indirect taxes, and specific implications for various sectors.
Dr. Md. Musfiqur Rahman FCMA, Professor of the Department of Accounting & Information Systems at the University of Dhaka, said the government is going for easy-to-collect indirect tax, intensifying the burden of the common people. "This should be reduced significantly."
ICMAB Vice-President Mahtab Uddin Ahmed FCMA presided over the meeting while its Treasurer Abdul Matin Patwary FCMA, and former Presidents Jamal Ahmed Chowdhury FCMA, Rafiq Ahmad FCMA, and Mohammed Salim FCMA were present among others.
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