Two proposed Acts on Direct Tax and VAT

ISSN 1993-5366 ICAB News BulletinNo. 259 Monthly News briefing from the Institute of of Bangladesh MEMBER OF: International Federation of Accountants (IFAC) International Accounting Standards Board (IASB) South Asian Federation of Accountants (SAFA) New Direct Tax Act to facilitate Tax Collection and Tax Administration NBR officials say at ICAB Seminar Confederation of Asian and Pacific Accountants (CAPA) IN THIS ISSUE CPD Seminar CAPA events at Korea President's Communication CPD Seminar Monthly Activities Achievement Admission as Associate Admission as Fellow Permission to start Practice Permission to train Articled Students Permission to join as Partner Change of Address DRC events BOCB appoints new Director NAC elects new Chairman Two proposed Acts on Direct Tax and VAT will greatly benefit the taxpayers of the country through simplification of the existing processes, National Board of Revenue (NBR) officials told a seminar on Draft Direct Tax Act and Draft VAT Act organized by the Institute of of Bangladesh (ICAB). The Seminar was arranged to present a comparative analysis of the proposed changes and put forward the recommendations of ICAB for consideration by NBR before promulgating the new Acts. Dr. Nasir Uddin Ahmed, Chairman, NBR was the Chief Guest at the Seminar organized by ICAB on 11 at the ICAB Auditorium, CA Bhaban, while Mr. Aminur Rahman, Member (Income Tax Policy) was the Special Guest. Past Dr Nasir Uddin Ahmed delivering his speech as the Chief Guest of the Seminar. Dr Nasir Uddin Ahmed Chief Guest President and Council Member, Mr. M J Abedin, FCA, acted as the Session Chairman. The proposed Direct Tax Act 2011 is planned to be promulgated from July 01, 2012. The keynote papers were presented by Mr. Md. Shahadat Hossain FCA, Vice President ICAB, Mr. Chitta Ranjan Mazumder FCA, Partner, Saha Mazumder & Co., and Mr. Abdul Khalek FCA, Director-(Finance) & Company Secretary, Berger Paints Bangladesh. The NBR Chairman and Member urged the chartered accountants to help the government check tax evasion. They said CAs can play important role in cooperating with the government in increasing collection of taxes. We ll seek your (chartered accountants) opinions in finalizing the

proposed laws on Tax and VAT, said the NBR chief. Explaining the two proposed laws, he said that they have tried to ensure adjustment/coordination between the tax policies and the tax collection process in the draft laws. The existing law only emphasizes increasing tax collection and ignores the collection process. The new Acts will focus on easier process of tax payment, the NBR chairman noted. Ms. Parveen Mahmud FCA, President, ICAB, while delivering the address of welcome, said that income tax rates are high in our country. There should be rationality in fixing the tax rates so that income tax net is increased. Corporate tax rates should be revised and reduced to encourage taxpayers. For banks, insurance and Parveen Mahmud FCA President-ICAB financial institutions, the tax rate should be 40% instead of 42.5%. She also mentioned that the Institute of of Bangladesh has made a set of recommendations on income tax, corporate tax, VAT, capital market and other issues, for consideration in the upcoming National Budget for the financial year 2011-2012. About deposit of withholding tax, President said that the NBR should allow deposit of income tax deducted at source within next calendar month of the date of deduction or collection. Ms. Parveen said tax rebate for giving dividend should be eligible for all publicly traded companies. About the Value Added Tax (VAT) on audit fee related to alternative cash assistance (i.e. cash incentive) provided by Bangladesh bank, President suggested that a clear guideline should be given by the NBR mentioning that the VAT will be added with the audit fee and ultimately paid by the service receiver (i.e. beneficiary incentives). About VAT payment by the manufacturer/ importer on behalf of their distributors, necessary orders /amendments should be made so that the manufacturers/importers are allowed to pay VAT considering the distributors selling price, and the distributors are not required to maintain detailed books & records like big manufacturers. This will also result in timely collection of revenue from VAT. She added. NBR Member Income Tax Policy, Mr. Aminur Rahman said many private companies hardly provide any dividend to their shareholders but they purchase luxury cars for their chairmen and managing directors. There are instances that a company having a paid up capital of 5 lakh taka purchased a car worth 2 crore taka, he said. Around 200 BMW cars have been sold Aminur Rahman Special Guest in the last one year and most of them were purchased for companies, not individuals, only to dodge taxes. He requested the chartered accountants to help unearth such instances of tax evasion by some private companies, he added Mr. Rahman said the government is considering to provide tax holiday facilities for longer term in the infrastructure sector and the next budget will contain a proposal for this. The existing tax holiday facilities will expire in June 2011 and the NBR has decided in principle to extend the facility. It might be extended for 3 to 5 years in the face of demand from businessmen and industrialists. He also mentioned that NBR values the opinions of ICAB very highly and had included official representation of ICAB in A section of audience of the seminar. the high powered Committee to draft the new Acts. ICAB is considering the impact of the changes and their rationality in the context of present and future business practices and provide comments and recommendations on the changes Mr. C R Mazumder, FCA explained his views while presenting the paper on Comparative Study of the Draft Direct Tax Act, 2011 and The Present Income Tax Ordinance 1984. Mr. C R Mazumder FCA said that several new measures, e.g. new tax on property and capital assets, transfer pricing, withdrawal of statutory deduction for repairs of buildings, taxation of life insurance p r e m i u m s, withdrawal of allowability of interest on house building loans, etc. will greatly increase the burden on CR Mazumder FCA taxpayers. On the Paper Presenter other hand, there were some positive measures also, including introduction of alternative dispute resolution to facilitate out of court settlements, recognition of IFRS, etc. which have made the proposed Act forward looking and tax payer friendly. He urged the tax authorities to take these views into consideration while framing the new Act. Mr. Md Shahadat Hossain, FCA, presented his paper on Recommen-dations of ICAB on Draft Direct Tax Act-2011. He said that on behalf of the Institute of 2

C h a r t e r e d Accountants of Bangladesh (ICAB) this Draft Direct Tax Act 2011 has been reviewed and made some recommendations. The Shahadat Hossain FCA Paper Presenter objective of the recommendations is to assist NBR to make the Act both tax payer and revenue friendly through making the Act more understandable removing any conflict with other laws and accounting standards. All the recommendations are made with necessary logic/justifications. Mr. Shahadat Hossain FCA in his paper said some changes have been proposed in the draft Tax Act about the tax on assets. But everything must be made clear to the taxpayers so that they do not have any confusion and they are not given any wrong signal about it. In consideration of the background of general tax payers, penalty and punishment should be relaxed particularly for SMEs, said Mr. Abdul Khalek, FCA Director of Finance and Company Secretary, Berger Paints Ltd. Mr. Khalek presented the paper on Draft VAT Act, 2011. In his paper he explained that business experience, knowledge of VAT laws and accounting are essential criteria for a person to plead Abdul Khalek FCA Paper Presenter VAT issues professionally. He appreciated the provision of giving awards to VAT payers. He termed the move a taxpayer-friendly initiative. He suggested reducing the extent of penalty on VAT related offences. Mr. M. J. Abedin FCA said VAT is a tax based on accounts. Therefore, accountants can help policymakers in formulating VAT law and realizing VAT. He suggested that M J Abedin FCA Session Chairman Md Abdus Salam FCA Vice President, ICAB the proposed tax law should have comprehensive explanation of the tax year which has been included in the draft. Offering vote of thanks Mr. Md. Abdus Salam FCA, Vice President thanked the NBR Chairman and Member for giving ICAB the opportunity to express our views on the proposed Acts and looked forward to close collaboration between the two bodies. The seminar was attended by a large number of members of the Institute. A seminar on the same topic was also held at Chittagong on 28. ICAB team attends CAPA events at Korea Team from the Institute of of Bangladesh (ICAB) is seen with others at CAPA Board Meeting. Ms. Parveen Mahmud FCA, President of the Institute of of Bangladesh (ICAB) attended the CAPA Conference, CAPA Board Meeting, AGM and Committee Meeting held on 19-21 at Seoul, Korea. A 2-member ICAB delegation including Mr. M Farhad Hussain FCA and Mr. Anwaruddin Chowdhury FCA, Council Members and Past Presidents, ICAB accompanied the ICAB President. CAPA staged a conference on "Improving Public Sector Financial Management" in Seoul, Korea on 19. This Conference was organized with the assistance of many stakeholders, with the Korean Institute of Certified Public Accountants (KICPA) taking the lead. The Conference focused on strengthening the accounting in the public sector, providing and overview of IPSAS, as well as case studies and experiences of those transitioning from cash-based accounting to accrual-based accounting. An array of high quality, influential and international individuals were invited to speak at the Conference, including representatives from the Korean, Japanese, and Chinese governments, the IPSAS Board, and leading organizations such as the New Zealand Institute of Chartered Accountants, ACCA, the World Bank, and the Asian Development Bank. 3

President's Communication Dear Fellow Members, Greetings to you all! Today I would like to share with you the major activities and initiatives we have undertaken in. Academic Campus Visit Mr Abdus Salam, VP- Education, Dr Mahfuzul Haque, Director, Learning and Education and myself visited Academic Campus, Dhaka on May 02, 2011. Recently, few new and some replacing old equipments and logistics for education have been provided., e.g, microphones, laptop and white boards, dias etc. We had a discussions with students of each classrooms. We will do the needful for the betterment of the students. Seminar of BCS(Taxation) Association Attended seminar on: Review and thoughts on proposed IT Law 2012 on May 17, 2011 organized by BCS Association at BIAM. Dhaka Stock Exchange (DSE) Certificate Giving Ceremony I have attended as the chief guest in the certificate giving ceremony after completion of training course on of the DSE on May 10, 2011. Meeting with MOC Mr. Md. Shahadat Hossain FCA, Vice President, ICAB had a meeting with Ministry of Commerce. They discussed about amendent of Company Act 1994. Battala Bazzar Alongwith Sculptor Ms Ferdousi Priyabhashini, I have inaugurated Battala Bazar, 5th initiative of Mr Shamiron Dutta, on wooden crafts at Shilpangon Gallery, Dhanmondi. His specialty is that he creates outstanding wooden pieces out of green wastages around. Farewell at PKSF As you all know I have served PKSF in various capacities for over a decade and resigned recently. I have been released from May 01, 2011. I was given formal farewell on May 11th. At the moment, I have decided to fully dedicate my time for ICAB. Hopefully, through our exemplary teamwork, we shall be able to uphold ICAB s image and integrity. Dhaka Regional Chapter (DRC) Attended the DRC AGM on May 15, 2011. I have informed in the AGM, that we are going to hold convocation on October 02, 2011. And for the first time, we will try to hold job fair simultaneously. New office bearers of DRC paid a courtesy call on May 25, 2011, and we also held meeting at CA Bhaban. We have discussed various issues of mutual interest and way forward to strengthen mutual cooperation and increase connectivity. CPD Seminar at Dhaka and Chittagong 5th CPD Seminar on Draft Direct Tax Act, 2011 and Draft VAT Act, 2011 was held on May 11, 2011. Dr Nasiruddin Ahmed, Secretary, Internal Resources Division, Ministry of Finance and Chairman, National Board of revenue (NBR), GOB was present as chief guest, Mr Md Aminur Rahman, Member (Income Tax Policy) was special guests. Mr M.J.Abedin FCA, Council member and Past President, ICAB was the session chairman. Mr Md Shahadat Hossain, FCA, Vice President ICAB, Mr Chitta Ranjan Mazumder, FCA, Partner, Saha Mazumder Co., Chartered Accountants and Mr Abdul Khalek FCA, Director Finance Company Secretary, Berger Paints Bangladesh presented the keynote papers respectively. ICAB had interactions with National Board of Revenue (NBR) on Draft Direct Tax Act, 2011, made various recommendations and those are incorporated accordingly. Still, we will formally handover our written comments to NBR soon. On the same topic the 2nd CPD seminar was held on May 28, 2011 in Chittagong as well. Keynote paper presentor was Mr Md Shahadat Hossain, FCA, Vice President ICAB, Mr Chitta Ranjan Mazumder, FCA, Partner, Saha Mazumder Co.,. Chief guest was Mr Md Aminur Rahman, Member (Income Tax Policy). Mr A. K. Chowdhury, FCA, Past President and Partner, Hoda Vasi Chowdhury was the Session Chairman. 6th CPD seminar was held on May 28, 2011 at Dhaka. The title of the paper was Professional Ethics, Conflicts and Auditors Independence. Keynote paper presentor was Mr Sabbir Ahmed, FCA, Director, Hoda Vasi Chowdhury Co, while Mr Shafique Ahmed, Barrister-at-law, Honorable Minister for law, Justice Parliamentary Affairs, GoB was the Chief Guest. Mr ASM Nayeem,FCA, Council Member and Past President was the Session Chairman. Confederation of Asian and Pacific Accountants (CAPA) Conference ICAB attended International Conference on Improving Public Sector Accounting jointly organized by CAPA and Korean Institute of Certified Public Accountants (KICPA) at Seoul, Korea on May 19, 2011. Besides, CAPA held two committee meetings, Board Meeting and AGM on 20-21 May, 2011 at Lotte Hotel, Seoul, Korea. Mr Muhammed Farhad Hussain FCA, Council member, Past President, ICAB member of Audit Committee and Board Member, CAPA and Mr Anwaruddin Chowdhury FCA attended the events. It was a very fruitful trip.we had a great networking with ICAEW and hospitality was great! Orientation Meeting of LGSP External Auditors An orientation meeting with the enlisted auditors appointed for auditing Union Parishads (UPs) under Local Governance Support Project (LGSP} was held at CA Bhaban on May 29, 2011. MOU have been signed between Local Government Division of the Ministry of Local Government, Rural Development and Cooperatives (LGD)and ICAB for the Annual External Audit and Assurance of Union Parishads under the LGSP on January 11, 2007. The project was financed by the World Bank to strengthen UPs as an agency for effective, responsive local service delivery and accountable governance. Comptroller and Auditor General (CAG) has the constitutional mandate for exyernal audit of all public sector entities including Ups. Given the capacity constraint of the CAG the LGD through public- private partnership trying to receive timely financial and social assurances through external audit. Trainings IFRS Training is going to be held soon in Dhaka and Chittagong. If minimum interested participants notify ICAB, then Training will be conducted at Chittagong also. Meeting of IFRS trainers was held on May 28, 2011. Standing and Other Committee Meetings Held The following standing and other committee meetings were held in April: 7th council meeting was held on May 08, 2011 4th meeting of the Executive Committee was held on May 03, 2011. 1st meeting of Members Services Welfare Committee was held on May 08, 2011. Committee for Amendment of CA Order Bye Laws held meeting on May 09, 2011. ICTC Sub Committee meeting was held on May 10, 2011 QAB meeting was held on May 12, 2011. On May 15 the following meetings were held: - IDC sub committee meeting. - AGM DRC, ICAB - BOS sub committee meeting - Editorial Board meeting. ICAB ICAEW Coordination Committee Meeting was held on May 19, 2011. BOS meeting was held on May 25, 2011. IDC meeting was held at May 26, 2011. PDIC meeting was held on May 30, 2011. I would like to end today with a request to all our members, interested to discuss any professional issues, please through appointment can have meeting with me at CA Bhaban.. Our members visiting Bangladesh, are requested to be in touch while in Bangladesh. Best Regards, Parveen Mahmud, FCA June 11, 2011 4

CPD Seminar held on Professional Ethics, Conflicts and Auditors Independence Mr. Shafique Ahmed, Barrister-at-Law, Hon'ble Minister for Law, Justice & Parliamentary Affairs, GoB, Chief Guest (centre) is seen with (L-R) Mr. Sabbir Ahmed FCA, Director, Hoda Vasi Chowdhury & Co.,, Ms. Parveen Mahmud FCA, President, ICAB, Mr. ASM Nayeem FCA, Council Member & Past President, ICAB, Session Chairman and Mr. Md. Abdus Salam FCA, Vice President, ICAB. As a lawyer I should maintain a high standard of ethics. As a lawyer I have responsibility to my clients, responsibility to the court and also have responsibility to the lawyer of the other side. Probably the ethics that c h a r t e r e d accountants should maintain are much higher than those of a lawyer or a Shafique Ahmed doctor, Mr. Chief Guest Shafique Ahmed, Barrister-at-Law, Hon ble Minister for Law, Justice & Parliamentary Affairs, GoB observed as the Chief Guest at a Seminar organized by the Institute of Chartered Accountants of Bangladesh on Professional Ethics, Conflicts and Auditors Independence held on Saturday, 28 at 05-30 p.m. at ICAB Auditorium, C A Bhaban, 100 Kazi Nazrul Islam Avenue, Kawran Bazar, Dhaka-1215. Mr. ASM Nayeem FCA, Council Member & Past President, ICAB and Chairman, Professional Ethics and Independence Committee, SAFA conducted the Seminar as Session Chairman. Mr. Sabbir Ahmed FCA, Director, Hoda Vasi Chowdhury& Co., presented the keynote paper. A Chartered Accountant has a duty of care to the general public who rely on the statement that is made in the report of the accounts that is prepared or certified by a Chartered Accountant in accordance with the professionbal standards and the legal framework within which he is reporting. Mr. Ahmed also said that a professional accountant in business may hold a senior position within an organization. The more senior the position, the greater will be the ability and opportunity to influence events, practices and attitudes. A professional accountant in business is expected, therefore, to encourage and promote an ethics-based culture within his organization that emphasizes the importance that senior management places on ethical behavior. An auditor s ethics are the only thing that lies between him/her and the true accuracy of the audited information. Moreover, no amount of procedures, controls and laws can prevent an unethical auditor from reporting incorrect information. The only thing that will count, in the end, is the ethics and moral code that the auditor in question lives by, he added. President, ICAB, Ms. Parveen Mahmud FCA, in her address of welcome said, that the nature of the work carried out by accountants and auditors requires a high level of ethics. Shareholders, p o t e n t i a l shareholders, stakeholders and Parveen Mahmud FCA President-ICAB other users of the financial statements rely heavily on the yearly financial statements of a company as they can use this information to make an informed decision about investment. Business failure is an inherent feature of a market economy. And that failure in today s global context affects people everywhere. Almost all the high profile financial debacles occurred as the result of a combined effect of failures in business reporting. There is little dispute that for good governance, transparency and accountability in an effective economy, auditors play a critical role. Auditors must be fair and must not allow prejudice or bias to override their objectivity. The 5

current IFAC code contains a significant number of principles, concepts and stringent requirements on ethical standards, threats and safeguards framework for professional accountants, she added. She also said, Internal auditors are no strangers to conflict. Many auditees resent the auditors intrusion into their business and can make it difficult for the audit team to complete its review. In addition, audit findings and recommendations often elicit hostile responses from audit customers. Before trying to resolve any conflict, all affected parties must share a basic understanding of the issues involved. An analysis of the situation, can provide information that is critical to resolution. To ensure their independence, internal auditors must carry out their work freely and objectively. They cannot subordinate their judgment on audit matters to that of others, and they should have the support of senior management, the board of directors and the audit committee, she said. Presenting the keynote paper Mr. Sabbir Ahmed FCA mainly focused on Professional Ethics, IFAC Code of Ethics, Fundamental Principles of IFAC Code of Ethics, Threats and Conflicts, Safeguards to Manage Threats/Conflicts, Independence, ICAB Bye Laws etc. He said, all professions try to regulate their members through voluntarily adopting ethics which usually goes beyond the minimum legal requirements and binding on their members. All over the world various professional bodies Sabbir Ahmed FCA of Accountants, Paper Presenter Engineers, Lawyers, Medical Practitioners have formulated their own professional ethics with an objective to increase public acceptability of their own profession. While summing up the session after a lively floor discussion Session Chairman Mr. A S M Nayeem, FCA said that, professional accountants unlike doctors, lawyers and engineers are in a peculiar situation. Our responsibility lies not only to the ASM Nayeem FCA clients but also to the Session Chairman general public, potential investors, public interest entities, the Government, National Board of Revenue (NBR), the lenders, the creditors, the potential investors and other interested parties. We are working as a sort of trustee. So ethics is very important. He said, mainly there are three objectives of accounting profession: highest standard of professionalism, highest level of performance and to meet public interest requirements. He also discussed on some changes between previous and current IFAC Code of Ethics. Vice President, ICAB, Mr. Md. Abdus Salam FCA, while offering the vote of thanks, said that ICAB has been working relentlessly on Ethics and Independence Md Abdus Salam FCA through two Vice President-ICAB i m p o r t a n t committees to uphold the image and professional standards of the Institute. ICAB has also revised its syllabus putting more emphasis on Ethics and Independence. A large number of participants attended the Seminar. Member's Achievement Date Meetings/Programmes 3.5.2011 Executive meeting and ICTC Sub-committee meeting 5.5.2011 ASC meeting 8.5.2011 MSWC meeting and Council meeting 9.5.2011 Committee for Amendment of CA Order & Bye-Laws meeting 10.5.2011 ICTC Sub-committee meeting 11.5.2011 CPD Seminar on Draft Direct Tax Act, 2011 and Draft VAT Act 2011 12.5.2011 QAB meeting 15.5.2011 4-Member IDC Sub-committee meeting, AGM of DRC 7-Member BOS Sub committee and Editorial Board meeting 19.5.2011 ICAB & ICAEW Coordination committee meeting 25.5.2011 BOS meeting 26.5.2011 IDC meeting 27.5.2011 Written test for the position of DS (P&P), DS (Admin) and Jr. Officer 28.5.2011 Meeting of IFRS Trainer and CPD Seminar on Professional Ethics 29.5.2011 An Orientation meeting with the Appointed Auditors for Auditing UPs under LGSZP 30.5.2011 PDIC meeting Monthly Activities Md Habibur Rahman FCA Mr. Md. Habibur Rahman Bhuiyan, FCA was promoted to Deputy Managing Director of Islami Bank Bangladesh Ltd. Prior to his promotion he was serving as the Head of Financial Administration Division (CFO). He joined the Bank in 1984 as a Probationary Officer. He also served the Bank as the incumbent of Islampur Branch. He completed his C.A course from M/s Ali, Zahir & Company, in 1983. He visited many countries to attend several seminars, workshops with a view to see the activities of Islamic Banking operations. He also discharged duties as the Honorary Counselor of Islamic Development Bank, Saudi Arabia Scholarship Programme in Bangladesh. 6

Admission as Associates The following members have been admitted as Associates of the Institute with effect from the dates mentioned against their names: Mr. Sujit Kumar Saha ACA (1237) 03 April 2011 33/EiF Satis Sarkar Road 100 Katha, Gandaria, Dhaka-1204 Mr. Sk. Md. Tarikul lslam ACA (1238) 28 April 2011 Manager Hoda Vasi Chowdhury & Co. BTMC Bhaban (8th Level) 7-9, Kawran Bazar, Dhaka -1215 Admission as Fellows The following members have been admitted as Fellows of the Institute with effect from the dates mentioned against their names: Mr. Md. Shariful Alam FCA (911) 31 March 2011 DGM (Audit) Meghna Group of Industries House# 15, Road # 34, Gulshan-1 Dhaka-1212 Mr. Chowdhury Shamim Hasnain Mahdi FCA (925) 10 April 2011 Dom-Inno, Flat B-2 16/9, Rankin Street, Wari Dhaka-1203 Mr. Sadiul Islam FCA (898) 03 DGM (F&A) & Company Secretary Confidence Salt Ltd. Proskov Bhaban (2nd Floor) 110 CDA Res. Area Sholoshahar, Chittagong Mr. Ahmad Dawood FCA (902) 03 Head of Finance & Company Secretary Chittagong Stock Exchange Ltd. 1080, Sk. Mujib Road Agrabad, Chittagong-4100 Permission to Start Practice The following members have been granted permission to start Practice as Public Accountants with effect from the dates as shown against their names. Mr. Md. Liaquat Hossain Chowdhury FCA (638) 10 April 2011 Partner Syful Shamsul Alam & Co. Bashar Square (M Court) (5 th floor) 108, Agrabad, Chittagong Mr. Md. Musfiqur Rahman ACA (1023) 19 April 2011 Partner Mollah Quadir Yusuf & Co. House # 79 (2nd Floor), Road # 12A Dhanmondi, Dhaka-1209 Permission to train Articled Students The following members have been granted permission to train Articled Students with effect from the dates as shown against their names. Mr. Abu Taha Md. Rashiduzzaman FCA (554) 28 April 2011 Proprietor Abu Zaman & Co. Khan Mansion (7th Floor) 107, Motijheel C/ A, Dhaka-1000 Mr. Nasim Anwar FCA (674) 31 March 2011 Partner Syful Shamsul Alam & Co. Basher Square M. Court (5th Floor) 108, Agrabad, Chittagong Permission to join as Partner Mr. Md. Liaquat Hossain Chowdhury FCA (638) has been permitted to form partnership and continue practice under the name and style of M/s Syful Shamsul Alam & Co. 10 April 2010 Paramount Heights (Level-6) 65/2/1, Box Culvert Road Purana Paltan, Dhaka-l000 The other partners of the Firm are: Mr. Md: Syful Islam FCA (615), Mr. AKM Shamsul Alam FCA (584), Mr. Md. Raghib Ahsan FCA (689), Mr. Nasim Anwar FCA (674), Mr. Md. Abdul Majid FCA (428), Mr. Snehasish Barua FCA (894), Mr. Mohammad Saif Uddin FCA (847) and Mr. Md. Liaquat Hossain Chowdhury FCA (638). Mr. Md. Musfiqur Rahman ACA (1023) has been permitted to form partnership and continue practice under the name and style of M/s Mollah Quadir Yusuf & Co. 19 April 2011. House # 79 (2nd Floor) Road # 12A, Dhanmondi, Dhaka-1209 The other partners of the Firm are: Mr. M A Quadir Mollah FCA (73), Mr. Md. Yusuf Choudhury FCA (205) and Mr. Md. Musfiqur Rahman FCA (1023) Change of Address The mailing address of the following member has been changed. The new address is as follows: Md. Forhad Hossain ACA (1178) Manager-Finance & Accounts IPDC of Bangladesh Limited Hosna Centre (4th floor) 106, Gulshan Avenue, Dhaka-1212 7

DRC holds its 31st AGM BOCB appoints Parveen as new Independent Director New office bearers of Dhaka Regional Committee (DRC) are seen with outgoing office bearers. The 31st Annual General Meeting (AGM) of the Dhaka Regional Committee of ICAB for the year 2011 was held on 15 at ICAB Auditorium., Dhaka. Mr. M H Khusru FCA was elected Chairman and Mr. Masud Parvez FCA was elected Secretary of DRC who assumed responsibility for the year 2011. The meeting approved the minutes of the 30th AGM of DRC. The Annual Reports and Financial Statements 2009-2010 were discussed, approved and adopted in the meeting. The meeting also discussed the Annual Report placed by outgoing Chairman which after thorough discussion was adopted after necessary correction. The meeting appointed two auditors for the year Mr. M H Khusru FCA and Mr. Masud Parvez FCA were elected as Chairman and Secretary respectively of the Dhaka Regional MH Khusru FCA Committee (DRC) of the Institute of of Bangladesh (ICAB for the year 2011 in 31st Annual General Meeting of DRC held on 15 at ICAB Auditorium. Mr. M H Khusru, FCA was born at Gafforgaon Thana of Mymensingh District. He qualified as a Chartered Accountant in 2010-2011 and fixed their remuneration. Speaking at the meeting Ms. Parveen Mahmud FCA, President, ICAB thanked the outgoing Chairman of DRC-ICAB and his committee for their outstanding contribution during the year 2010. The ICAB President welcomed the newly elected members of DRC and assured them of all out support from the Institute. The newly elected members of DRC-ICAB for the year 2011 were formally introduced in the meeting. New Chairman and Secretary of DRC Mr. M H Khusru FCA and Mr. Masud Parvez FCA also spoke at the meeting. Vice Presidents of ICAB, Past Presidents, Council Members and Members of DRC were also present in the meeting. DRC elects Chairman, Secretary for 2011 2003. He has served in Rangs Group and Transcom Group in key management positions. Currently he is working as Director Finance in Expolanka Group (a member Group of Expolanka-Sri Lanka). Mr. Khusru is also one of the Founding Directors of the Information Systems Audit and Control Association (ISACA)-Dhaka Chapter. Mr. Masud Parvez FCA was born at Dohar Thana of Dhaka District. He qualified as a Chartered Accountant in 2003. He has served in both local and multi-national companies like Bashundhara Group, SMC, Sanofi- Parveen Mahmud FCA Ms. Parveen Mahmud, FCA, President, ICAB and former Deputy Managing Director, Palli Karma-Sahayak Foundation (PKSF), has been appointed Independent Director of BOC Bangladesh Limited (BOCB), a member of the Linde Group in it s 38th AGM held on May 12, 2011 in Dhaka. The board also nominated her for the position of the Chairman, Audit Committee of BOCB. NAC elects new Chairman & Secretary Mr. Md Abdul Wahid FCA was elected Chairman and Mr. Mohammad Atique Ullah was elected Secretary for the Management Committee of North American Chapter (NAC) on 29. The management Committee also elected other members of NAC. These members are; Mr. Moshiur Rahman FCA, Mr. Syed D Bakht FCA and Mr. Zainul Abedin Chowdhury FCA. Aventis. Presently Mr. Parvez is working as Chief Financial Officer in Leads Corporation Limited, a leading IT company Masud Parvez FCA in Bangladesh. Other members of DRC are Mr. Md. Atikur Rahman FCA, Mr. Md. Akbar Hossain FCA, Mr. Md. Golam Kibria FCA, Mr. Imran Ahmed FCA, Mr. AKM Saif Ullah Kowchar FCA, Mr. Mostafa Kamal FCA and Mr. Md.Mahamud Hosain FCA. Published by the Editorial Board of the Council, The Institute of of Bangladesh (ICAB) 100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340, 9137847 Fax: 880-02-8119399 E-mail: secretary@icab.org.bd Website: www.icab.org.bd Chittagong: HBFC Building (3rd Floor), 1/D, Agrabad Com. Area, Chittagong, Bangladesh Tel: 880-31-724674 Fax: 880-31-813579 E-mail: icabctg@spctnet.com UK Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail:hossain@ahmed13.fsworld.co.uk North American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: sarwarchowdhury@hotmail.com 8