ICAB congratulates, urges reconsideration of the 'Cashless Company' tax
Bussiness Desk
The Institute of Chartered Accountants of Bangladesh (ICAB) congratulated the interim government on the announced budget of FY2025-26, praising its strategic and timely approach amid global and domestic economic challenges.
While commending several key initiatives, ICAB also highlighted areas requiring further consideration, particularly regarding the tax rate for "cashless companies."
Maria Howlader FCA, President of ICAB, stated, "We thank the Finance Minister for declaring such a strategic and time-befitting budget by paying attention to the details and by thorough analysis considering economic turmoil."
ICAB welcomed the budget's overall size, amounting to Tk7.9 lakh crore and specifically lauded the ambitious development budget of Tk2.3 lakh crore, describing it as "a very encouraging step to move forward for a developing economy like ours" despite prevailing international conflicts, internal political shifts, high inflation, and global uncertainties.
A significant positive noted by ICAB is the emphasis on expanding the tax net to enhance the tax-to-GDP ratio. The institute expressed confidence that the joint initiative between the NBR and ICAB in implementing the Document Verification System (DVS) will "facilitate significantly to achieve the targeted revenue."
