The Institute of Chartered Accountants of Bangladesh (ICAB) hosted a virtual seminar on the recent changes to income tax, VAT, and customs laws under the Finance Ordinance 2025. The seminar featured NBR Chairman Md Abdur Rahman Khan as chief guest, with other NBR members addressing critical updates in tax policies.
ICAB President NKA Mobin highlighted the government’s push to increase the tax-to-GDP ratio, focusing on automation and infrastructure to support Bangladesh’s development goals. He stressed the role of chartered accountants in guiding businesses through these reforms, ensuring compliance, and leveraging the new fiscal landscape.
The seminar delved into specific changes, particularly in VAT and customs laws. Key updates include streamlined VAT collection procedures, reducing the time and effort required for VAT deductions at source.
Keynote speakers from Ernst & Young, Rahman Rahman Huq, and ACNABIN discussed important shifts, including VAT exemptions for certain goods and services, as well as the removal of restrictions for transport contractors in relation to the import of manufacturing exportable goods. Additionally, the Finance Ordinance introduced measures to ease VAT compliance for non-resident entities.
Speakers said these changes mark a strategic move towards modernising Bangladesh’s tax system, making it more efficient and business friendly.
The seminar underscored the need for professionals to play a pivotal role in the implementation of these reforms to ensure smoother operations and enhanced regulatory compliance.
