The New Nation - Internet Edition

A five-day training course on "Rules & Procedures of VAT & Income Tax" was organised by DBI during June 21-25, at DCCI Business Institute (DBI). DCCI Director Rafiqul Islam Khan, FCA graced the closing ceremony as chief guest on 25 June 2008. He told that under the present competitive global market, the proper knowledge of Income Tax laws, VAT Rules & Regulations are needed for smooth running of Business organisations. He added that VAT has been introduced and imposed on the organisation in Bangladesh in a very short period of time. This has resulted in complicated accountability and financial difficulty for many business organisations, specially SME's. He stressed that evasion of tax is a crime, but avoidance of taxes as per rules & regulations is necessary to become competitive. For this knowledge of different rules & regulations of VAT & Income Tax are necessary for a business.

Khan urged the participants to use the ideas and knowledge, gained through the training course and disseminate the same among their colleagues, management with a view to enhancing skills for calculation and payment of VATI income Tax.

Executive Director, DBI Hossain Ali mentioned that DBI has been offering 40 short-term need based training courses for entrepreneurs and business executives. Ali told that DBI is the only Authorised Examination Body (AEB) of International Purchasing and Supply Chain Management (IPSCM) course of International Trade Centre (ITC), UNCTAD/WTO, Geneva. DBI has been conducting International Certificate/ Diploma Courses & Examinations on IPSCM in Bangladesh and invited all concerned to avail of the opportunity to acquire this most modern knowledge of management. Resource person of the course Lutfor Rahman was also present on the occasion.

The course on VAT and Income Tax aimed at familiarising the following topics:

Introduction to the Value Added Tax (VAT) and Salary Tax systems in Bangladesh; Registration and Record Keeping procedures of VAT; Calculation of VAT (Valuation); Credit Mechanism of VAT System; Return Submission and Demand, Salary Tax Assessment, Company Tax Assessment, Submission of Tax Returns etc. Well-experienced resource persons of OBI conducted the course in which a total of 35 participants from reputed business organisations attended.