Lead Consultant of TRC
As a Lead Consultant of TRC, He made a plane will be a number one Consultancy firm in Bangladesh with in two years. In this regards he has finished 1st staged work by last six months. That is as under:
- He started a Consultancy firm for VAT Tax and Customs in the Month of September -2019 by rent an office at Banani. From the 1st month he doing work as per his commitments. He was doing only special work regarding tax. He did not get any normal personal tax file.
- He started openly written in LINKEDIN regarding NEW VAT ACTS – 2012 and get a big support from his linked and flower. He written only one VAT rate in every sectors of Business.
- He arranged a seminar for importer and Trader regarding their VAT management under VAT acts is more profitable 15% in state of 5%. In the Seminar Chief guest was Mr. Md. Abdul Kafi, Ex. Commissioner, LTU-VAT, CEO, The VAT Solutions. Chief Speaker was Mr. Masud Khan, FCA, FCMA, Chairman GSK. Bangladesh. Mr. Shahriar I. Halim, FCA, CFO, Purbani Group. The Seminar Presented by Mr. Shuvongkor, FCA, The Chair Persons was Md. Masudur Rahman, CS, FCA.
- He has started written CALAM in CORPORATE SHONGBAD on wednesday in every week regarding New VAT acts-2012 and got very much populerity for his written creativity. Now he is well known expelained the acts with exsumpale.
- He written and made a VAT drama NEW DIMENTION OF TRADE VAT WITH TRC, aceting by Dr. Ejaj Ahmed regrading there was no Package VAT and Trade VAT is more effective with 15%. That was a funny and explain the law by presenting his firm’s working plane in future. That Drama was a Milestone of VAT acts in Bangladesh.
- He gives a great ideas Accounting terms used in VAT acts. and filup all Mushok forms by books of maintaining in Accounts records. It was well excepted by Mr. Dr. Abdur Rouf, Commissioner, NBR. He called a meeting and made a plan for making a guide line by december-2020.
- Now he doing work for Traders and Commercial level trade VAT acts separate from main VAT acts. He will try to publish a VAT guide line only two sectors. He will develop a system for maintain all kind of Books of accounts massing with filup MUSHOK form .
BACKGROUND OF PRESENT POSITION
He started his service life from Bashundhara Group in the year 1998 as Executive accounts. He stared VAT Law related work from 2001 in Meghana Cement Mills Ltd. an Enterprise of Bashundhara Group. In the year 2005 left Bashundhara Group as Asstt. General Manager Accounts and Joined Khaled Group of Companies as Chief Accounts Officer in here he started Income Tax related additional responsibility of Accounts Finance and VAT related work. He left the company in the year 2009 for doing own Business and Failed the Business.
Mr. Alimuzzaman again stared his service life in Crown Cement Group as Asstt. Manager VAT at 7th Novembar,2010. From the Belessing of All mighty Allah end his service life in the year June, 2020 as a General Manager (VAT Tax & Customs) and also the highest paid employee in Crown Cement Group. In Crown cement he was 99.99% successful in his work regarding VAT Tax & Customs Department as a Leading person. Some his extra ordinary finished work as under:
SYSTEM DEVELOPMENT FOR MANUFACTURER
- i) He stared reconciliations VAT register stock with actual raw materials, reconciliation Mushok-01 consumtion of raw material with actual production consumtion of raw materials. He proved his management what is the benefits to did business within Law. He make chain in Factory store department with VAT department for doing adjustment if any short or excess within VAT Law.
- ii) He Connected the Commercial Department (Import Section) with VAT department for getting VAT rebate in proper time. Reconciliation Raw materials received by Logestric Department with VAT Department in every week. He made a chain with connecting all department for maintaining a standard inter-department chain system for showed all at actual with VAT register Stock as same. When all VAT related Department came in a one line than he came Head office.
iii) He was proved that the higher benefits in every supply if paid source VAT properly so they started deducted source VAT and Tax within Law and Maintained All Accounts and Finance related Books according as per law.
- iv) He made a chain with accounts, Finance and VAT department and reconciliation VAT sales shown in VAT return with actual sells in software and also reconciliation with amount received in Bank account against Sales.
- v) He always maintained a good relationship with all VAT office from ARO to Member for his good behabeor and doing all work with law. For that reasons Crown Cement Group had no Case in any level from last eight years.
- vi) As per above system development no one can find any quaries in any kind of audit sus as VAT, Tax, External and spesial audit by any Govt. and SEC auditor.
BENEFITS OF THAT SYSTEMFOR INCOME TAX
- i) For maintaining all Books in one order, last seven years for proper documaintion and giving explanation properly within tax DCT could not disallowed more than 0.86% of shown expenses in published annual accounts statement.
- ii) As per Income Tax Law every company should pay average rate of interest of Interproject Current account balance. By giving a proper explanation tax law he allowed no interest will be applicable of Sister concern loan for Crown Cement Group from NBR.
iii) By DCT’s assessment total tax liabilities was less than advance paid Tax for that reason our tax file sand to NBR for final approval. for some reason Member of NBR back our file to the tax Commissioner by giving order physical inspection by another DCT for Five years.
- vi) According the order of member doing audit all papers and documents by another DCT and one Tax Inspector could not change anything from previous order and again send to NBR for approval. All attached documents again justify by the 1st secretary of Tax in NBR and gave approval as previous DCT’s assessment order.
- v) For second time audit the member of NBR reduced advance Income Tax rate from 5% to 2.5% in all import against the refundable Tax after final Tax assessment. This reduced AIT rate only applicable for M.I Cement Factory Ltd.
- vi) For some reason the management of Crown Cement Group appontmented a C.A firm for a year Tax assessment. They summitted return by shown taka 18 crore as refundable. DCT disallowed taka 136 crore and add with income. As per above assessment taka 10 crore tax demanded instate of refund amount taka 18 crore. The management handed over the tax appeal to him. From Appeal Commissioner by he showing his performance and allowed all disallowance by the DCT.
Now he is well known person in Income tax department for giving explanation of Law and every tax officer has done his any work without taking any risk. Every one known him as a man of one word.
BENEFITS OF PROPER SYSTEMFOR VAT RELATED WORK
- i) In the year 2017 He faced a special Audit from LTU-VAT to reconciliation all bank account received amount with Sales shown in VAT return for FOUR YEARS. There are bank received amount 2,789, 3,134, 4,980 and 5,476 Crore against VAT return sales were 675, 780, 876 and 987 Crore respectively without any demand made by VAT department.
- ii) For Development proper system to deducted source VAT any Govt. agency or Audited by VAT authority can not demand any kind of dues source.
iii) For meintaning all kind of proper documentation regarding submitted price approval from VAT Divisional office and also get the price approval as per submitted price. for that need not suit any case or make any appeal in high court or VAT tribunal from last eight years. There was the record in LTU-VAT among twelve big cement company in Bangladesh.
vi) Any VAT authority could not find any kind of unpaid VAT collected from party but not deposited into bank. The did not claim anything for that reason the company had not paid any penalty regarding VAT unpaid VAT for last five years. For the above the company achieved a COMPLAYANCE CERTIFICATE by NBR.
EXTRA ORDIBNARY WORKThat made him special from others
- i) In the year 2017, The were 15 VAT officers Came in Crown Cement Group Head office and 25 VAT officers at factory for surprise visit. They stayed hole day and getting 26 bags of important documents regarding Company’s Accounts, Finance, Stock and Production for Audit purposes. The Commissioner of LTU-VAT made an audit team by 17 officers by chief of an Additional Commissioner VAT. The team audited all papers with relevant register by the duration of three months. After finished the audit they did not find any kind of regularities or any kind of unpaid VAT that was collected from customers. The audit team given a report “THERE ARE NOTHING TO FIND AND NO UNPAID VAT OF THE COMPANY LAST FIVE YEARS. ALL OF 26 BAGS DOCUMENTS CAN BACK TO THE COMPANY”. That was the first time in the history of LTU-VAT commissioner’s office.
- ii) In the HS code of limestone says only cement and lime manufacturer can import it as a raw-materials without giving 30% SD. By giving explanation and faced twelve commissioners with a member and changed it in national budget ” ANY MANUFACTURED CAN IMPORTED LIMESTONE AS RAW MATERIALS WITHOUT GIVING ANY SD”. That is using as raw materials for Crown Cement Ready Mixed factory.
LAST NINE YEARS HE HAD NOT FAILED ANY WORK IN CROWN CEMENT GROUP. WHEN COMPANY NEEDED FOR ANY KIND OF CRETICAL WORK THAN MANAGEMENT DEPENDS TO HIM AND HE BACK IT TO MANAGEMENT SUCCESSFULY. THE MANAGEMENT MADE HIM ASSTT. MANAGER TO GENERAL MANAGER WITH HIGHEST PAYMENT ONLY EIGHT YEARS.