Enact law to police dev consultancy

FE Report | Published: June 02, 2015 00:00:00 | Updated: November 30, 2026 06:01:00

Management consultants Monday urged the government to frame appropriate law, rules and regulations to regulate the consultancy profession in the country.
"Institute of Management Consultants Bangladesh (IMCB) has been pursuing a Management Consulting Act in order to bring this profession under proper regulation so that a recognised and professional group can be created in the country to protect the interest of public and private sector clients," M. Zakir Hossain President of IMCB said at a press conference was held in city.
IMCB, the only national platform of management consultants and development experts in Bangladesh, organised the press conference on the occasion of International Management Consultants Day, which was observed Monday.
IMCB Chairman M Monzurul Haque, Head of Advisory Committee Professor Dr. Rahim B. Talukder, Treasurer Alim Haidar and Executive Committee member Nazmul Islam were also present at the press meet.
Reading out a speech, M. Zakir Hossain called for introducing a minimum level value-added tax on their services in the upcoming budget, as they earn foreign currency like exporters.
"We are earning foreign currency. Consultancy is a form of exports. So, the government should provide some incentives for us," said Mr. Hossain.
He said in most of the developed countries, there is no VAT or Tax on consulting services and in some countries applicable rate is lower than that of Bangladesh.
"As this sector is gradually flourishing, at this stage the existing VAT at the rate of 15 per cent is a burden. If minimum VAT of 2.0 per cent to 3.0 per cent is applied for this sector, the growth of this sector can be increased." he said.
He sought income tax rebate on the foreign currency or remittance earned by the national consultants.
The management consultants also demanded incentives to the management consultants in case of foreign earnings, inclusion of IMCB as a stakeholder in all development programmes, ensuring proper utilisation of local experts under the Private-Public Partnership Program.
Mr Hossain said management consultancy service is yet to be on a solid footing in Bangladesh.
"Without government support, we cannot stand on our feet. We strongly believe that the Management Consulting Industry has significant growth prospect. It can be developed into a large industry if nurtured properly."
"IMCB is taking up assignments outside Bangladesh and our experts have already earned reputation abroad. Our members are working as consultants in a good number of international organisations and also in foreign countries, such as Afghanistan, Cambodia, Vietnam, Myanmar, African region, and the Middle East," he told reporters.
He said without an act and regulations, ethical management consultancy practice within the country cannot be ensured.
IMCB later organised a roundtable on 'Skills Improvement towards Enhanced Competitiveness' at the same venue to observe the day.
Professor Mohammad A Momen of Dhaka University's Institute of Business Administration(IBA), Managing Director of Guardian Life Insurance Limited MM Monirul Alam, Lead Consultant of ZN Consultants Ltd.  Syeda Zakeerin Bakht Nasir spoke at the roundtable with Head of Advisory Committee Professor Dr. Rahim B. Talukder in the chair.
International Management Consultants Day is observed on June 1 every year globally by member countries of the International Council of Management Consulting Institutes (ICMCI).
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