The Nordic Chamber of Commerce and Industry in Bangladesh (NCCI) organized a workshop on the recent changes brought in the Taxation Law by the Finance Act 2014 on Wednesday, 29 September 2014 at LM Ericsson Bangladesh Headquarter, Dhaka. The keynote speaker for the session was Mr. Snehasish Barua FCA, Partner, Snehasish Mahmud & Co, Chartered Accountants.
NCCI Executive Director welcomed all the participants to the workshop, which has featured as an annual program since 2012. The event focuses on providing participants with a high level forum to discuss the key changes brought in the finance act. After the introduction, Mr. Snehasish Barua commenced the keynote presentation.
The presentation covered all the aspects of finance act. Mr. Barua briefed the key changes made this year with regards to Year-wise NBR Budget, Corporate tax, Personal tax, Value Added Tax (VAT) & Supplementary Duty (SD). The income tax featured changes made in the corporate tax rates, Tax rebate for new industry, Changes in withholding tax, Changes in capital market, Tax holiday, exemption and reduction.
The keynote speaker also introduced the Transfer Pricing Regulation which will be effective from assessment year 2015-16. Any organization that has entered into an international transaction shall furnish, along with return of income, a statement of international transaction and file return to the tax authorities.
The participants were informed about the implementation of VAT Act 2015 effective from 01 July 2015. Online VAT registration will commence from 1 January 2015 and Online VAT return Submission will be implemented within 30 June 2015. The major highlight with respect to custom were significant changes made in duties keeping in mind the industrialization and protection of local industries. The changes will affect industries in pharmaceuticals, poultry & livestock, Paper, Ceramic, Furniture, Plastic, Baby Diaper, Electrical and other local industries.
During the presentation, the members exchanged views and interacted on various issues related to taxation. The program was attended by representatives of A-Tex International, Arla Foods, DSV Air & Sea, Bikroy.com Limited, ABB Limited, Jotun Bangladesh, Kappahl Far East, Graphic Associates International, Maersk Bangladesh, IKEA, Damco and Royal Danish Embassy.
About Snehasish Mahmud & Co. Chartered Accountants
Snehasish Mahmud & Co., Chartered Accountants is a professional firm providing Audit, Tax, Consulting and Training services. As professional advisors we help clients solve complex business problems. We aim to enhance their ability to build value, manage risk and improve performance. Our goal is to add value by helping to improve transparency, trust, consistency and capacity of your business. We strive to be the leading company in professional services by providing quality service to a select group of clients who embrace the same high standards of ethics and integrity as ourselves. We believe in growing responsibly so that we can build an institution of international standards. For more information, visit www.smac-bd.com