The Value Added Tax (VAT) wing of the National Board of Revenue (NBR) has signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of Bangladesh (ICAB) for using the Document Verification System (DVS) to verify audited financial reports.
The MoU was signed at a ceremony held in the Conference Room of Rajswa Bhaban in Dhaka on Tuesday, reports BSS citing a media release.
Mahmudul Hasan Khusru, President of ICAB, and Md Masud Sadiq, Member (VAT Policy) of NBR, signed the MoU on behalf of their respective organisations.
Chairman of NBR and Senior Secretary of the Internal Resource Division of the Ministry of Finance Abu Hena Md Rahmatul Muneem, Vice Presidents of ICAB Md Abdul Kader Joaddar and Maria Howlader, Council members Noor-E-Khoda Abdul Mobin, Gopal Chandra Ghosh, Sabbir Ahmed, Md Moniruzzaman, Md. Mahamud Hosain Mohammed Forkan Uddin and Chief Executive Officer (CEO) Shubhashish Bose were also present on the occasion.
NBR Chairman Abu Hena Md Rahmatul Muneem said, "DVS will bring a massive change in revenue administration. It is a useful tool to ensure single audit report of organisations."
He also said, "Through ensuring transparency in accounting and revenue process, we shall be able to increase the revenue collection to the government's coffer at the same time to reduce the tax burden on tax payers."
ICAB President Mahmudul Hasan Khusru said, "The country's economy is reaping out the benefits from DVS. It will bring good governance in the financial eco-system of the country."
Md Masud Sadiq, Member (VAT Policy) of NBR said that the highest amount of national revenue comes from VAT. "DVS will be helpful to increase it further."
ICAB council member, Mohammed Forkan Uddin also spoke, among others, at the event.