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The 7th Annual General Meeting of the Institute of Chartered Secretaries of Bangladesh (ICSB) was held on Saturday, August 19, 2017 at BIAM Auditorium, Dhaka.

Mr. Mohammad Sanaullah FCS, President of the Institute presided over the Meeting and tabled the Council Report of the Institute. Mr. Nazmul Karim FCS, Treasurer of the Institute placed the Audited Accounts of the Institute for the year ended December 31, 2016. The Members approved the Council Report and Audited Accounts of the Institute.

The President in his speech highlighted the major activities and achievements of the Institute. He expressed his gratitude towards the Hon’ble Minister for Commerce, Mr. Tofail Ahmed MP and Hon’able Commerce Secretary, Mr. Shubhashish Bose for their continuous support and directions as the administrative guardians of ICSB. He also urged upon the Members to participate actively in all development activities of the Institute.
Senior Vice President, Mohammad Bul Hassan FCS and Vice President Md. Selim Reza FCS and Secretary in Charge of the Institute, Kazi Mafizur Rahaman were also present at the meeting.

A large number of members present in the meeting and highly appreciated the performance of the Institute, and congratulated the Council for working successfully. They also put their valuable suggestions towards the development of the Institute.

From the Right to left: Nazmul Karim FCS, Treasurer, Mohammad Sanaullah FCS, President, Mohammad Bul Hassan FCS, Senior Vice President, Md. Selim Reza FCS, Vice President and Kazi Mafizur Rahaman, Secretary in Charge of the Institute

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ICSB organized a CPD Seminar on ‘National Budget 2017-18 and Finance Act, 2017’ on August 5, 2017 at Hotel Purbani International, Dhaka.

Mr. M A Mannan, MP, Hon’ble State Minister of Finance and Planning, Govt. of Bangladesh graced the occasion as the Chief Guest while Barrister Jahangir Hossain, Member (VAT Policy)  and Mr. Parvez Iqbal, Member (TAX Policy), NBR  graced the occasion as Special Guests. The Keynote Paper was presented by Mr. Sadhan Chandra Das FCA, FCS, Partner, Sadhan Das & Co. Chartered Accountants. Mr. Mohammad Asad Ullah FCS, Chairman, Professional Development Sub- Committee, Immediate Past President and Council Member of ICSB presided over CPD Seminar, delivered the address of welcome and summed up the session.

 Mr. Mohammad Sanaullah FCS, President of ICSB in his speech mentioned that since, the Members of ICSB are professionally fit to practice as ITPs, the National Board of Revenue (NBR) should make necessary amendments to the Section 174(2) (e) of Income Tax Ordinance, 1984 and Rule 37 of Income Tax Rules, 1984. He also mentioned that the Members of ICSB are professionally fit to practice as Mushak (VAT) Agents and necessary amendments should also be made to the Value Added Tax and Supplementary Duty Rules, 2016 so that the Chartered Secretary professionals could make significant contribution to the national economy.

Mr. Mohammad Asad Ullah FCS, Chairman, Professional Development Sub- Committee, Immediate Past President and Council Member of ICSB said that he would sincerely expect that the Hon’ble State Minister of Finance and Planning and Members of NBR will take necessary positive steps to include our members and profession as ITP and Mushak Agent in the Income Tax Ordinance and VAT law by issuing necessary SRO(s). He also urged upon the NBR to reduce the highest ceiling of the individual tax rate from 30% to 25% and exempt the surcharge on the individual assets. For achieving the target Tax and VAT fixed by the Govt. NBR should undertake all effective measures to extend its Tax and VAT net and bring minimum 10% of the total population under Tax and VAT net by 2041.

The Chief Guest Mr. M A Mannan, MP appreciated the profession of Chartered Secretaries who are working to ensure good governance in the corporate sector and assured that he will take all out measures to include the profession of Chartered Secretary as Income Tax Practitioner (ITP) and Mushak Agent who can provide services to their clients professionally.

Special Guest Barrister Jahangir Hossain Member (VAT Policy) also assured to look into the issue positively.

Mr. Parvez Iqbal Member (Tax Policy), NBR assured to take all out efforts to include the profession of Chartered Secretary as Income Tax Practitioner (ITP).

A large number of Professionals, Qualified Chartered Secretaries and Corporate Executives from the leading corporate houses of Bangladesh will also attend the programme.

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Institute of Chartered Secretaries of Bangladesh (ICSB), a statutory body under Ministry of Commerce to develop, promote and regulate the profession of Chartered/Company Secretaries in Bangladesh. The Institute celebrated its 20th Anniversary and organised a workshop on Reforms of Companies Act, 1994 on July 22, 2017 at Bangabandhu International Conference Center (BICC), Dhaka. The Institute was established in 1997 under the license from the Ministry of Commerce. In the year 2010, The Chartered Secretaries Act, 2010 was passed in the highest legislative body, the Parliament of Bangladesh under the leadership of Prime Minister Sheikh Hasina. In 2011, The Chartered Secretaries Regulations was promulgated by the Ministry of Commerce.

Workshop on Reforms of Companies Act 1994

A workshop on Reforms of Companies Act, 7994 was held under the Chairmanship of Mr. Shubhashish Bose, Hon’ble Secretary, Ministry of Commerce, Govt. of People’s Republic of Bangladesh.

The key note paper was presented by Mr. Mohammad Sanaullah, FCS Hon’ble President of the Institute. The official discussants of the subject were AKA Muqtadir FCS, N.G. Chakraborty FCS, Mohammad Asad Ullah FCS, M. Naseemul Hye FCS and S. Abdur Rashid FCS. The paper presenter recommended to incorporate the following basic points in the Company Law Reformation:

1. Formation of new company within shorter period/twenty four hours;
2. Mandatory provision for appointing a Company Secretary in a Company having capital more than Taka Five Crore;
3. Provision should be made for secretarial audit to ensure compliance by the companies to the regulatory directives and governance issues.
4. Government Companies should be treated at par with other companies and be subject to a similar compli4nce standards.
5. Regular filing should be made easy efficient and cost effective. Non-filling of documents or incorrect disclosures should be dealt with seriously. Delays in filing should be penalized through non-discretionary late fee relatable to the period of default. There should be a system of random scrutiny of filings of corporate to be carried out by the registration authorities.
6. A Company Law Tribunal should be established consisting of 4 (Four) members for relieving High Court’s burden.
7. Aligning Central Depository System with traditional system and covering various reports and returns for RJSCF.
8. Reforms of Companies Act will be the most extensive reform to react to future development.
9. The Companies Act should, as far as possible, allow the maximum flexibility to use future technology.

The Session Chairman Mr. Shubhashish Bose in his speech said that the reforms of companies Act is very emerging. He also stressed for adequate newer amendments in the Companies Act making it time befitting and corresponding to The Chartered Secretaries Act, 2010. Appropriate provision has to be included for mandatory appointment of Chartered Secretaries in public companies and the companies having paid up capital more than Taka Five Crores.

By the participation of official discussants and representatives of various corporate houses the session was very lively.

20th Anniversary Celebration of ICSB

Mr. Tofail Ahmed MP, Minister for Commerce, Government of the People’s Republic of Bangladesh graced occasion as the Chief Guest and Mr. Shubhashish Bose, Secretary, Ministry of Commerce was attended as the Special Guest. The Minister congratulated the Members of the Institute for achieving this milestone. He reiterated in the congregation that Bangladesh is advancing in the global corporate horizon at a great speed. ICSB is playing an effective and meaningful role to develop, promote and regulate the profession of Chartered Secretaries of Bangladesh. He thanked the Founding Members of ICSB for their visionary thinking and taking initiatives to establish such an Institute.

All the Founding Members- Mr. Muzaffar Ahmed FCS, Late M.S Alam Mia FCS (representative), AKA Muqtadir FCS, Mohammad Sanaullah FCS, Md. Zahangir Alam FCS, Md. Siddiqur Rahman FCS, Md. Saiduzzaman FCS, Md. Yeamin Hossain FCS, Itrat Husain FCS, Sultan-ul-Abedine Molla FCS, Muhammed Abul Hashem FCS, Late Anwarul Afzal FCS (representative) and N. G. Chakraborty FCS were specially honoured by Commerce Minister Mr. Tofail Ahmed.

The past Presidents of the ICSB were also honoured in recognition of their outstanding contribution towards the development of the Institute.

The qualified chartered secretaries of 1’t Batch were also duly honoured.

A beautiful documentary highlighting important historical events of last twenty years was presented in the occasion. An enjoyable cultural program was conferred by prominent singer Mr. Subir Nandi and Mrs. Kanak Chapa. A large number of Chartered Secretaries. Company Secretaries. Corporate Professionals, Corporate Leaders and Executives attended in the august gathering.

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