E

A
S
ETHICAL
ACCOUNTANTS’
SOCIETY
NETWORKING HUB
FOR ACCOUNTING PROFESSIONALS

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 Table
of Contents
Message from the Booklet Publication &
02 Presentation Committee - EAS
03 Welcome Message
Vision 04
Mission 04
05 About the Ethical Accountants Society (EAS)

Message from the EAS 09

Message from selected
professional accountants 12
14 Organogram & Operating structure of Society

18 Aims & Objectives

Current activities of EAS 19

Planned activities of EAS 24
25 Forecast of Membership

29 Membership

Highlights of Finance Act 2019 30

35 Membership Form (Detachable Document)
Message
from the Booklet
Publication & Presentation Committee - EAS
It is a matter of great pleasure for the Booklet
Publication & Presentation Committee to put
forward its first publication on behalf of the Ethical
Accountants Society (EAS). The society has been
introduced with the unyielding efforts of numerous
ACCA Affiliates, Members & Fellows to promote the
accountancy profession and its professionals. The
formation of the Society has been, in effect, to bring
their existing activities into a more formal and
comprehensive umbrella of activities.
This publication seeks to introduce the EAS and its
planned activities as well as share some of its past
achievements in promoting the accountancy
profession. We have also incorporated the latest
changes in Finance Act 2019 with the hope of
making this document of some use for our
professionals.
I would like to take this opportunity to convey my
gratitude to all the voluntary members for their
dedicated commitment in organising the “Meet the
Members” event.
On behalf of the EAS and the Booklet Subcommittee
I wish all of you a warm welcome to tonight’s “Meet
the Members” event and hope a prosperous journey
for the EAS!
understand accounting
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02
Welcome Message
I am pleased to extend my greetings to all our ACCA
fellow members. We, members’ community,
together make ACCA successful in Bangladesh
through our work and presence in the profession.
I am delighted that our members are making
personal and collective initiatives for conducting
quite a few members’ engagement events. I express
my sincere appreciation for their valuable endeavor.
I will be happy to participate in the forthcoming
event, “Meet the Members” at RAOWA Club on 24th
October, 2019. My heartfelt gratitude and thanks to
the members for leading and organizing such great
initiatives in order to get the members’ community
closer to each other.
Md. Arif Al Islam, FCCA
Bangladesh is on the verge of huge economic Managing Director & CEO
transformation from developing country to a Summit Communications Limited
middle-income country. It is one of the world's
fastest growing economy in terms of high GDP
growth rate. Also other socio-economic parameters
Mazed Ahmed Abdullah look very promising consistently over quite a years.
”
FCCA, ACA (ICAEW)
According to World Bank and other national and
Chief Producer and Editor
global institutions’ research reports, we will require
a huge number of professional accountants. This
required number of accountants will be few times
more as compared to all the qualified accounting My heartfelt gratitude
professionals present today in the country. We need and thanks to the
”
to meet the anticipated need of the business
community in this newly emerged country.
members for leading
and organizing such
Hence, new ACCA professionals have two-fold great initiatives in
You have to opportunities. One is to take a leading role in
accounting and finance sector for this emerging
order to get the
members’ community
economy through our leadership, professionalism
and you have to and competence. And the other is to encourage closer to each other.
understand the students and young professionals to join ACCA route
nuances of in order to expand size of ACCA community to meet
the growing demand. In this new era, for accounting
accounting. It's the and finance field, we believe ACCA is the best suited
language of business qualification.
Warren Buffett Regardless, each one of us, as brand ambassadors of
ACCA, need to demonstrate our height of
capabilities and professional ethics in order to
enhance the reputation of ACCA community in
Bangladesh.
Wish you all the very best in your forthcoming
journey !
STEVEN ALEXANDER
03
 Vision To be the premier society
for accounting professionals
The Ethical Accountants Society (EAS) has been
established under the Societies Registration Act,
1860 on 16 June 2019 with the object to promote
professional accountants in the Country.
ABOUT
The Ethical Accountants Society (EAS) is designed to
work as a hub for developing business network,
facilitate knowledge sharing & dissemination of
knowledge, promote employability of professionals
and arrangement of training/ knowledge sharing
sessions on contentious issues for the development
of its members.

The EAS has been introduced against the backdrop

of consistent requests for a local representation of
the ACCA Affiliates, Members & Fellows to
safeguard their requirements and promote the
profession to a wider stakeholder group. The EAS
envisions to become the “Voice” for professional
accountants in Bangladesh and the accountancy
profession and to support its members in
actualisation of professionals goals.

The EAS has been set up initially by 22 (twenty two)

voluntary founder members comprising of 20
(twenty) ECM (Executive Committee Members)
which will be replaced by a democratically elected
Executive Committee comprising of members of the
EAS.

Mission
Establish a strong platform of professional accountants
EAS at a glance
Name of Society The Ethical Accountants Society
Establish foothold as a key stakeholder group in the
financial and economic sector Registered Office 14, Purana Paltan (10th Floor) Dur-Us-salam
Arcade, Paltan, Dhaka.
Be a centre/hub for skill development and job
placement Date of Registration 16 June 2019
Work as a pressure group with various regulators in Nature of Society
promoting the accountancy profession Non-profit, non-government, non-political,
voluntary and charitable society

Governance Registered under the Societies Registration

Act, 1860 and governed by the
“Memorandum of Association” and “Rules &
Regulations” of the EAS

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05
 Issue No. 129663 Date:16/06/2019
ECM (Executive Committee Member)
of the EAS (Ethical Accountants Society)
Position in the EAC Position Held by Professional Career
President Mohammad Aminul Islam Mintu Head, Internal Control & Compliance – Bank
Asia Limited
1st Vice President Anisur Rab Chowdhury Finance Controller – Echotex Group

Certificate of Registration of Societies 2nd Vice President M. Hasan Haider PPP Advisor, Ministry of Finance –
Government of Afghanistan
(under Act XXI of 1860)
Managing Director – Invesco Global Limited
Secretary General Muraheb Malik Chowdhury Partner - Masih Muhith Haque & Co.,
Chartered Accountants
Director- RSM Bangladesh Consulting Limited
No. S-13138/2019 Member Affairs
Secretary
Riaduzzaman Ridoy Managing Director - Padma Bank Securities
Limited
Director, Finance & Business Development –
Canadian University of Bangladesh
Organising Secretary Md. Kamruzzaman General Manager – Desh Group of
Companies
Learning & Skill Seezan Mumith Choudhury Partner – ACE Advisory
I hereby certify that The Ethical Accountants Society has duly been filed and Development
registered in this office under the Societies Registration Act, 1860. Secretary
Treasurer Anowar Parves Principal Officer – Janata Bank Limited
Senior Member & Maruf Hasan Chairman – Invesco Global Limited
Honorary Secretary Managing Partner- Fernhill Consulting
Given under my hand at Dhaka, this Sixteenth day of June two thousand House
and nineteen. Senior Member & Jakir Hossain Chief Financial Officer (CFO)- American &
Honorary Secretary Efird (BD) Limited
EC Member Md. Shahidul Islam Finance Controller & Company Secretary-
By order of Brenntag Bangladesh Ltd.
Registrar EC Member Palash Chandra Roy Head of Internal Control – Gentle Park
EC Member Nasif Karim Sunny Partner & Co-Founder – ACCLECO
Assistant Registrar EC Member Md. Zulfikar Rahman Bahar Head of Finance and Operations, NewsCred
Registrar of Joint Stock Companies & Firms
EC Member Md. Shariful Islam Senior Assistant Manager – Radiant
Bangladesh Pharmaceuticals Limited
EC Member Mohammad Kamrujaman Assistant Manager, Finance – Coca-Cola
International Beverages Private Limited
EC Member Md. Noor Nabi Commercial Manager – Archroma
(Bangladesh) Limited
EC Member Shamol Sharker Executive Director – Musketeers Idea
Limited
N.B. This certificate is digitally signed. Please find the soft copy to verify
EC Member Md. Faisal Kabir Asst. Manager – Avery Dennison
the signature.
Bangladesh Limited
Chairman – Musketeers Idea Limited
EC Member Md. Mahamudul Islam Senior Officer – Radiant Pharmaceuticals
Limited
General Member Md. Faisal Hasan Head of Internal Audit – Rangs Group
General Member Md. Zakiur Rahman Chief Financial Officer – Azim & Sons (Pvt.)
Limited

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07
 Message from the President – EAS
It is indeed a great pleasure for all of us to join
“Meet the Members” at RAOWA Club on 24th
October, 2019. I believe that this get-together will
enhance the bonds among the accounting
professionals.

I believe that professional accountants are playing

an effective and meaningful role to develop,
promote and regulate the ethical practice in the
society. To accomplish the objectives an ethical
accounting society is much needed. We can work
together and build strong relationship in the
upcoming years of existence.

I am sure the accounting profession has been

contributing for the development of the economy of Md. Aminul Islam Mintu
our great country by striving to ensure good FCCA, ACA
governance and sustainable development.
I would like to take this opportunity to congratulate
members and professionals for organizing the
event.

I wish the program a grand success.

Message from the 1st

UNIVERSAL HOSPITALS LTD.
An Upcoming 250 bed Hospital
23 Green Road , Dhaka.
Contact no: 02-9663421
E-mail: info@uhsrl.com
Vice President - EAS
It is my immense pleasure to be part of a
professional organization that has finally come to
reality from our long cherished dream. I believe this
will be a good platform to enhance professionalism
and fraternity among us. Since Bangladesh is
growing with a strong economic foothold, it needs
lot of professionals including accountants. I feel this
organization will open a good opportunity to cope
with the growing demand of the country. I am
looking forward to the success of this organization
with our wholehearted team spirit. Good luck to our
endeavour.
Anisur Rab Chowdhury
FCCA

A Concern of

STEVEN ALEXANDER
09
Message from the 2nd
Vice President – EAS
I believe that - a group of people with similar
skill-set and mind-set can generate a great power if
it is guided by a well organised platform. This power
can be transformed into various objectives for the
betterment of the society people. Our members
have enough merit, but seventy percent of the
merits turn into waste due to lack of correct plug in
problem. The Ethical Accountants Society is the
angel and spirit for us to mitigate the issues. We
have been demanding to form this society since a
decade and I am really happy to see the light. I
would like to thank from core of my heart to all our
enthusiastic team members of the executive
committee and other Non-EC members, who have
dedicated their valuable time to make this society
formation success and for the past events arranged M. Hasan Haider
by the society. I would also request all affiliate and FCCA, FCMI
members to join willingly into the society to make it

Message from Senior Member

& Honorary Secretary - EAS
Many congratulations! to EAS team for their
wonderful effort during last many months if not
years to form this formal ‘Ethical Accountants
Society (EAS)’ an umbrella for fine qualified
accountants to share their knowledge, journey and
experience to shape up this noble profession to the
utmost global standard. This world particularly our
beloved country needs more fine accountants to
tackle growing economy and I genuinely believe
with our dedication, honesty and hardworking
attitude members of EAS can and will play vital role
in this ever-changing finance profession and bring
true difference towards business houses. May I
request you to join us at ‘EAS’ to feel the sense of
unity, you are not left alone.
Jakir Hossain
FCCA, ACA(ICAEW) Heartiest wishes to all existing and future members
of ‘EAS’. Let’s make it successful!”

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 Message Organogram
President
Being a professional accountant, it is a pleasure for
me to see that so many are interested to be 1st Vice President 2nd Vice President
accountants. The road to achieving professional
accountancy qualification is not easy but it is a
wonderful experience. For a rapidly advancing Advisory Board
country like ours, we need more enthusiastic
accounting professionals to take in new challenges
of ever developing economy. So congratulations to Secretary Treasurer Honorary Member Organising Learning & skill EC Members
all those who have come together to organise this General Secretary Affairs Secretary development
society. I hope this society will keep on encouraging Secretary secretary
more and more people to join in and become
accountants. (General Members)

Tahid Ahmed Chowdhury, FCCA

Managing Director
EBL Investments Limited
Operating structure
Governance Run by the Executive Committee
Composition of EC Minimum 10 (ten) to a maximum of 25 (twenty five) EC Members
Eligibility Criteria of EC Any member of relevant professional accountancy body in good standing

”
Tenure of EC 2 Years
Meetings At least quarterly
The soul of humanity is at risk if we wipe away Meeting Notice 7 (seven) days
thousands of our fellow earth species”
Quorum At least 50% of the EC present in the meeting
Ethics also means integrity and the members of the
profession need to ask themselves whether the Annual General Meeting Within 180 (one hundred and eighty) days of each financial year end
sustainability that they and their businesses are
pursuing is congruent with their conduct in their AGM/ EGM Notice 14 (fourteen) days before the AGM/ EGM
personal lives.
Election Every 2 years with the option for any member to tender for the Executive
When last did we share our feelings with the less Committee
privileged specially gifted children who have nothing Position Elected EC Members shall select the 8 (eight) positions from amongst
but us? themselves
I truly believe that professional accountants will be Audit 30 June of each year/ period
able to establish their role in this world of Bank Account Maintained with any scheduled commercial bank under joint signature of:
Nayeema Zareen Bashar, FCCA differences. President/ Secretary General;
Finance expert, DDCL
Either of the Vice-Presidents/ Treasurer/ any other authorised person
The way you approach a challenge is exemplary. Bank Account Details A/C Name: The Ethical Accountants Society
May you make it happen … A/C No.: 1402730545001
Bank Name: The City Bank Limited
GOOD LUCK! Branch Name: Kawran Bazar Branch
Payments to the EC No provisions for any pecuniary benefit or otherwise
Amendments Any amendments to the Bye-Laws of the Society may be done through the
EGM/ AGM with at least 2/3 of the voting membership forming the
quorum
Notice period – 30 (thirty) days

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13
Roles
ECM (Executive Committee Member)
of the EAS (Ethical Accountants Society)
Position in the EAC
President
Responsibility
Constitutional head & Chief Executive of the Society
Chairman of the meetings & tiebreaker vote for meetings
Aims & Objectives
Supervise the functions of EC and subcommittees Promote strong presence of accounting professionals in
Responsible for administration and management of society’s affairs context of general employability.
Vice Presidents Assisting the President in discharging his/her duties Promote accounting professionals to business leaders to
Act as President in the event of any vacancies ensure trainees get adequate scopes of professional
Ensure smooth transition for vacancies created in the post of President experience.
Secretary General Act as the primary contact person for the Society Organize seminars/ events/ training on recurring basis to
Take minutes of meeting proceedings and coordinate of its achievement facilitate learning & professional development.
Administer the society in accordance with applicable rules & regulations
Facilitate knowledge sharing and dissemination of knowledge,
Member Affairs Secretary Administration of new members specially in regards to developments in Accounting Standards,
Administration & management of current member affairs Legal & Taxation framework, Industry practices, Use of IT etc.
Organising Secretary Brainstorming & organising events, networking gatherings, PR, etc. Develop & maintain strong collaboration with tuition providers
Coordinate the day-to-day activities of the Society and ensure a healthy trainee pool is always available to
Communicate with business community & prospective employers contribute to the profession.
Learning & Skill Arrangement of CPD sessions Coordinate trainings, workshops To publish periodic newsletters/ magazines on recurring
Development Secretary and knowledge sharing sessions professional issues.
Treasurer Oversee the finance function of the Society
Maintain books & records of EAS
Conduct statutory audits of its books & records
Preparation of annual financial budget
Special Committees The EC may establish any sub-committee it sees fit to ensure implemen
Formation tation of the objectives of the society
Advisory Board An Advisory Board with at least 3 (three) senior ACCAs/ FCCAs from
Formation outside the EC
Role Recommend of policy level decisions to the EC
Act as an independent oversight body to the EC
Tenure 3 (three) years
May be re-nominated/ re-elected without tenure limit

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Current activities of EAS CPD
The current members of EAS (Ethical Accountants
Society) has been working diligently to bring the
professional members of ACCA (Affiliates, Members &
(Continuing Professional Development)
Fellows) together for a long time and this is reflected by
some of its past activities like The community contributors have also commenced in
arranging CPD (Continuing Professional Development)
sessions on contentious issues pertaining to the
profession in the Country to assist in professional
development.

Get together functions

The members have arranged
get-together events consistently for the
past few years in an attempt to
strengthen the ACCA community and to
assist the newly qualified affiliates to
enhance their professional networks.

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19
 Annual Picnic

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STEVEN ALEXANDER
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new year celebration benevolent activities

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23
Planned activities of EAS Forecast of Membership
The EAS envisions to bring its various activities into a
more formalised structure to better contribute
towards the development of accountancy
profession. The planned activities of the EAS are as
follows:

Leadership
Online forums
Brainstorming hub for technical issues
Subsidized trainings

Policy Advocacy
Pre-Budget Discussion & Suggestions
Working as Pressure Groups

Networking Student Support

Members Directory
Meet the Members Event Conduct revision classes before exams
Promote Employability & soft skills training

Professional Development Newsletters & Magazine Source of Fund

Continuing Professional Development Research papers
Library & Members Corner Updates on changes in regulators Membership fees
Seminars/ conferences Newsletters on the activities of EAS and its Regular subscriptions
Partnership with business for better Donations received from members of the society
members Earnings through publication of journals, booklets,
employability of accountancy Periodic magazine newsletters, etc.
professionals Earnings through trainings/ CPDs
Earning through investment properties of EAS
Community Development
Programs
Celebration of festivals
Charitable programmes
Relief programmes for disaster recovery
Blood bank

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25
ed Foreigners
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 Membership
ACCA Member or Affiliate

No

Member of other Professional Body?

51% of EAS is ACCA? Not eligible for membership

Yes Yes No

No

No
Proposed by 1 (one) member

Seconded by 1 (one) member Apply for Membership Approval by Membership Affairs Commi ee

No

STEVEN ALEXANDER
70% of vote from EC
Approval by EC

Member of EAS Pay Membership Fee

OUR IT SERVICES
One-off Membership Fee
Fellows : Tk. 2,500
Members : Tk. 2,000
Affiliates : Tk. 1,500

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Subscription Fee
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Members : Tk. 2,000
Affiliates : Tk. 1,500
**Subscription fee is payable on annual basis.

STEVEN ALEXANDER
29
Highlights of Finance Act 2019
The amount of the credit will be as follows:
Total Income Amount of Credit recognised provident fund, pension, gratuity and
If the total income does not superannuation fund. The limit of perquisites
exceed BDT 1,500,000 15% of eligible payable to an employee is BDT 550,000 during a
amount year and BDT 2,500,000 to any employee with a
Personal Tax If the total income exceeds
BDT 1,500,000 10% of eligible
disability. Any amount exceeding this is disallowed
in the company’s tax assessment.
SCOPE OF INCOME Income Head Limit of Exemption amount
In Bangladesh, personal income tax depends on House Rent Allowance BDT 25K/month or RATE OF CORPORATE TAX
residency. Bangladeshi residents are taxed on their 50% of basic salary Some commonly applicable rates of tax for
companies are as follows:
worldwide income. Non-residents are taxed on
income earned in Bangladesh irrespective of
Conveyance Allowance
Medical Allowance
30K/year
BDT 120K/year or Corporate Tax Type Rate
where the payment is made. An individual is 10% of basic salary
treated as a resident if they have been in Mobile Allowance Tax free for official INTRODUCTION Publicly traded companies (If
Bangladesh for: use A company is defined as a company incorporated such a company transfers at
Any expense under the Companies Act in force in Bangladesh least 20% shares through IPO
An aggregate period of 182 days or more in that tax reimbursement Tax free for official and includes: it will enjoy a 10% rebate on
year, or use • a body corporate established by any law tax in that year) 25%
Some non-cash benefits like office car or rent-free in force; Non-listed companies 35%
90 days or more in that tax year and he/she has housing also attract tax. • any nationalized bank or industrial or Banks, insurance and other
previously been in Bangladesh for an aggregate commercial organization; financial institutions (except
period of 365 days or more, during 4 years RATE OF TAX • any association of combined persons if merchant banks) if not publicly
preceding that tax year. Personal income tax rates are as follows: such persons are registered as a company; listed 40%
Taxable Income Rate • any association or body incorporated Banks, insurance and other
Any trusts, funds or entity controlled or managed under laws of a country outside financial institutions (except
First BDT 250,000 or as applicable Nil Bangladesh;
from Bangladesh. On the next BDT 400,000 10% merchant banks) if publicly listed 37.5%
• any foreign association or body (not
On the next BDT 500,000 15% incorporated under any law) which NBR
TAX DAY & YEAR On the next BDT 600,000 20% TAX DEDUCTED AT SOURCE
Tax Day is the deadline NBR has set for any declares to be a company. Tax on certain income will be deducted or collected
On the next BDT 3,000,000 25%
individual to submit their income tax return for the On the balance 30% at source as advance payment in accordance with
year. Deadline for an individual, other than a A company is considered resident if it is Chapter – VII of Income Tax Ordinance, 1984.
Tax for non-residents Flat 30% incorporated in Bangladesh or if its control of
company, is 30th November of each year or next
working day, if that is a public holiday. The tax year management is situated wholly in Bangladesh. TAX RETURN AND OTHER FILLINGS
MINIMUM TAX
in Bangladesh is from 1st July to 30th June. Minimum tax applicable on individuals is as All companies incorporated in Bangladesh are
INCOME YEAR required to obtain an e-TIN from the authorities.
follows:
TAX EXEMPT INCOME Companies are required to file their tax returns on
Annual income exempted from tax for individuals Location BDT • Newly set up business - from the date of the later date of the following:
Within Dhaka or Chittagong incorporation to the following 30 June.
Taxpayer Type BDT City Corporation 5,000 • Banks, insurance or financial institutions -
General 250,000 • 15th day of the seventh month following
Any other City Corporation 4,000 from 1 January to 31 December. the end of the income year
Females and taxpayers Other than City Corporation 3,000 • Other companies - from 1 July to 30 June.
above 65 years 300,000 • Following 15 September
Disabled taxpayers 400,000 TAX CREDIT/REBATE Provided that the authorities may also allow a
Gazetted Freedom Fighter 425,000 Such Tax returns must be accompanied by:
An individual will be entitled to tax credit if he/she different financial year if the company is a • Audited financial statements
invests in items as prescribed by the 6th Schedule Subsidiary/Branch office/Liaison office of the • Computation of total income with
TAX ON SALARY INCOME (Part B) of Income Tax Ordinance 1984. Eligible company incorporated outside of Bangladesh with
Certain allowances are not taxable and reduce the supporting schedules and other supporting
investment amount to avail tax rebate is calculated a different financial year. documents.
taxable income for salary earners. Some of these as the lower of:
are: Allowable Perquisites
a. Actual investment as per the table
b. 25% of total income Perquisites are any payment made to an employee
c. BDT 15,000,000 by an employer in any form excluding the
following: Basic Salary, Festival bonus, Incentive
bonus, Arrear salary, Advance salary, Leave
encashment, Overtime, Contribution to a

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31
RETURN OF WITHHOLDING TAX
Every company is required to submit this using
prescribed format by 31 January and 31 July.
SALARY RETURN
Every assessee responsible for making payment of
salaries are required to submit a statement in
prescribed format by 31 August and 30 April.
INTEREST PAYMENT RETURN
Every assesse responsible for making payment of
interest are required to submit a statement in
prescribed format by 31 August.
DIVIDEND RETURN
Every assesse responsible for making payment of
dividend are required to submit a statement in
prescribed format by 31 August each year.
MINIMUM TAX
Tax deducted at source from certain income is
considered minimum tax. If tax on these income
sources is calculated using regular rates and is
higher than the minimum tax, the higher amount
shall be payable.
Every firm with gross receipts in excess of BDT
5,000,000 or every company, irrespective of profit
or loss (for any reason) in any year is liable to pay
minimum tax as follows:
Details % of Gross Receipts
Manufacturer of cigarette,
bidi or any other tobacco
products 1.00%
Mobile phone operator 0.75%
Any other cases 0.60%
Industrial undertaking for first
3 income years engaged in
manufacturing of goods 0.10%
TRANSFER PRICING
Transfer pricing refers to the prices charged
between related parties in different tax
jurisdictions for goods, services, assets, and the
right to use intangibles, interest, guarantee fees
and factoring fees. For example, if a subsidiary
company sells goods to a parent company, the cost
of those goods paid by the parent to the subsidiary
is the transfer price. Transfer pricing can be used as
a profit allocation method to attribute a
multinational corporation's net profit (or loss)
before tax to countries where it does business.
Transfer pricing results in the setting of prices
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among divisions within an enterprise.
EXCLUSION FROM TOTAL INCOME
Below is a selective list of income which are not
taxable in Bangladesh:
• Income from ITES business
• Income from Micro-Credit
• Income of a Registered Fund
• Income from Export of Handicrafts
• Income of SME
• Capital Gains
• Distribution of Taxed
• Income from Alternative Investment Fund
Double Taxation Avoidance
The Government of Bangladesh has entered into
agreements (DTAA) with the Governments of other
countries for avoiding double taxation.
These treaties include provision for relief from tax
on income such as dividend, royalty, technical fees,
business profits, etc. Bangladesh currently holds
agreements on avoidance of double taxation with
34 countries.
EXEMPTION ON CERTAIN BUSINESS
NEWLY ESTABLISHED INDUSTRIAL
UNDERTAKINGS
Under certain conditions, income, profits and gains
from any industrial undertaking set-up in
Bangladesh between 01 July 2019 and 30 June
2024 (both days inclusive) shall be fully/partially
exempted from the tax payable under this
Ordinance for the period.
Newly Established Physical Infrastructure
Under certain conditions, income, profits and gains
from physical infrastructure facility, hereinafter
referred to as the said facility, set up in Bangladesh
between 01 July 2019 and 30 June 2024 (both days
inclusive) shall be fully/partially exempted from
the tax payable under this Ordinance for ten years
beginning with the month of commencement of
commercial operation.
Investment in Economic Zones & Hi-Tech Parks
No questions will be asked on the source of any
fund invested by a company incorporated in
Bangladesh for setting up industrial undertaking,
engaged in producing goods or services in any
Economic Zones or Hi-Tech park area, within the
period from 1 July 2019 to 30 June 2024 if tax at
10% is paid on the sum invested before filing the
return.
VALUE ADDED TAX (VAT)
INTRODUCTION OF VAT ACT 2012
The previous VAT legislation, VAT Act 1991, has
been superseded by the VAT & SD Act 2012 from 1
July 2019 issuing SRO170/Law/2019/27-Mushak.
REGISTRATION OR ENLISTMENT
Vat Act 2012 introduces a new guideline of
registration and enlistment for the purposes of VAT
and Turnover Tax respectively. Business entities
having turnover exceeding BDT 5,000,000 will be
required to enlist for Turnover Tax and entities
having turnover exceeding BDT 30,000,000 will be
required to register for VAT.
WITHHOLDING ENTITY
Every withholding entity must obtain 13-digit
e-BIN. Section 2 (sub-section 21) of VAT Act 2012
defined withholding entity as follows:
a) A government entity
b) A non-government organization
approved by the NGO Affairs Bureau or the
Directorate-General of Social Welfare
c) A bank, insurance company or a similar
financial institution
d) An educational institution of secondary
or above level or a limited company.
VAT RATES
The new VAT Act has consolidated the existing
numerous VAT rates into 4 major rates, 5%, 7.5%,
10% and standard rate of 15%. Reduced rates of
5%, 7.5% and 10% will be applicable on the
supplies/services as prescribed by the 3rd
Schedule of VAT Act 2012 and deductions are
applicable in such cases. All other supplies/services
will be subject to a standard rate of 15% VAT and
deductions are not allowed in these cases.
INPUT VAT CREDITS
Every entity subject to the standard rate of VAT is
eligible to claim credit on the input VAT provided
that certain circumstances are complied with as
prescribed by the new VAT Act.
TAX INVOICE
Mushak Form 6.3 (formerly Mushak Form 11) is a
Tax Invoice that needs to be issued along with
invoice to the respective customers. Every
registered supplier is required to issue two copies
of serially numbered Tax Invoice on or before the
date when VAT becomes payable on the taxable
supply/service containing certain information as
STEVEN ALEXANDER
introduced by VAT Act 2012.
Withholding entities are discouraged from
obtaining supply or service from persons who are
not registered for VAT or do not issue a Tax invoice,
Mushak Form 6.3.
FILING OF RETURN
VAT Return, Mushak Form 9.1, is required to be
filed within 15 days following the month end (For
Turnover Tax, following the end of quarter).
The VAT Act 2012 also includes a provision for
Amended Return for clerical error or
computational errors. The Amended Return can be
submitted before completion of 4 years from the
date of filing of the relevant return or before
commencement of audit by VAT authority.
Failure to submit the required VAT returns will
result in certain penalties introduced by VAT Act
2012.
BOOKS AND RECORDS
VAT Act 2012 requires records and accounts to be
maintained for at least 5 years. In case of unsettled
VAT disputes, all the relevant documents and
records shall be kept till the settlement of the
disputes.
VAT SOFTWARE
NBR has made it mandatory for registered entities
having turnover exceeding BDT 50, 000,000 in the
previous financial year to maintain their VAT
related books and records in software prescribed
and approved by the VAT authority. Entities may
also use their own personal software provided it
has the same specifications as prescribed by the
NBR and after obtaining approval from the NBR.
(Courtesy from ACE Advisory)
33

“Meet the Members”
Organising Committee
Md. Kam ruzzam an
Shahidul Islam
Palash Chandra Roy
Mizanur Rahm an
Moham m ed H asan H aider
Faisal H asan
Muraheb Malik Chowdhury
Shahidul Islam
Faisal Kabir
Md. Tabarok H ossain
Shahriar Mahm ood
Mazed Ahm ed Abdullah
Riaduzzam an Ridoy
Md. Z ulfika r Rahm an Presentation Subco m m ittee
Sajid Mahm ood
Riaduzzam an Ridoy
Anowar Parves
Md. Faisal Kabir
Moham m ad Kam rujam an
Md. N oor N abi
Md. Maham udul Islam
Rajiur Rahm an
Riaduzzam an Ridoy
Website D evelopm ent Subco m m ittee
Sham ol Sarke r
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The Ethical Accountants Society (EAS)
E A
S
ETHICAL
ACCOUNTANTS’
SOCIETY
Registered Office: 14, Puarana Paltan (10th Floor), Dur-Us-Salam Arcade, Paltan
Members' Directory Form
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Seezan Chowdhury
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Muraheb Malik Chowdhury Professional Body
Riaduzzam an Ridoy
Meet the Mem bers
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Md. Kam ruzzam an
Moham m ad Kam rujam an Membership Category ACCA Affiliate, ACCA, FCCA, ACA (ICAB), ACA (ICAEW), etc.
Anowar Parves
B ooklet Subco m m itte Md. N oor N abi
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Palash Chandra Roy
Subscr iption and Collection Com m ittee Employer/ Business
Md. Maham udul Islam
H elal Ahm ed Designation
Sarfaraz N inad
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Shuvra Paul
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Muraheb Malik Chowdhury
Riaduzzam an Ridoy
I hereby authorise sharing of the information furnished in this form
in the Members' Directory.
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 The Ethical Accountants Society (EAS)

E A
S
ETHICAL
ACCOUNTANTS’
SOCIETY
Registered Office: 14, Puarana Paltan (10th Floor), Dur-Us-Salam Arcade, Paltan
EAS Membership Application Form

Personal Information
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Contact No.
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