The Institute of Chartered Accountants of Bangladesh (ICAB) has underscored the essential role of digital accounting in boosting the country’s revenue generation.
In a pre-budget discussion held on Thursday, ICAB President NKA Mobin said that the transition to digital accounting is not just an option but a necessity for ensuring transparency, efficiency, and a future-ready economy.
The discussion, titled “Digital Accounting and Revenue Generation,” was jointly organised by ICAB and The Financial Express. It brought together policymakers, professionals, and business leaders to explore how digital accounting could improve Bangladesh’s revenue collection, reduce financial risks, and strengthen governance.
Mobin emphasised that as Bangladesh moves towards a more digitally integrated financial system, adopting modern accounting practices is crucial for both corporate and government institutions.
He explained that digital accounting provides greater accuracy, real-time reporting, and better accessibility to financial data, which can help identify and eliminate revenue leakages.
Mobin also acknowledged the National Board of Revenue’s (NBR) ongoing digitalisation efforts to modernise tax collection, assessment, and auditing processes.
He highlighted that the introduction of digital platforms and automation at NBR would improve tax collection efficiency and promote economic transparency and governance.
However, Mobin pointed out several challenges, including a lack of digital literacy, cybersecurity risks, and the need for improved infrastructure. He stressed that coordinated efforts between policymakers, industry professionals, and stakeholders are crucial to create an environment conducive to digital transformation.
The event also featured a paper by Sabbir Ahmed, ICAB Council Member, who discussed integrating digital accounting with Bangladesh’s broader economic policies and tax systems.
ICAB has long advocated for reforms in the country’s tax and financial systems, and Mobin reiterated that adopting digital accounting methods would be a game-changer for boosting revenue generation.
He also highlighted ICAB’s role in advising the government on issues such as income tax, VAT, and customs policy, with a focus on improving tax compliance and closing revenue gaps.
As Bangladesh moves towards a digital future, ICAB believes that embracing digital accounting will improve financial management and contribute to the country’s sustainable economic growth.
