'Including cost of goods sold statement to company tax returns will help boost govt income'

Adding cost of goods sold statements by professional cost and management accountants (CMAs) to company tax returns will help to increase government revenue, ICMAB President Md Mamunur Rashid has said.

"CMA professionals can leave a great impact by putting their expertise to ensure clarity in various economic aspects," he said at a day-long international workshop on trade finance on Friday, said a press release.  

The cost of goods sold statement (COGS) is the direct cost of making products by a company.  It includes material cost, labour cost, and direct factory overheads.

The Institute of Cost and Management Accountants of Bangladesh (ICMAB), in association with 360tf, Singapore, arranged the event at ICMAB Ruhul Quddus Auditorium, in the capital's Nilkhet area.

ATM Nesarul Hoque, head of Financial Institutions Services at Mutual Trust Bank Ltd, presented a paper on "Introduction to Trade Finance" in the first technical session.

Pinaki Roy, senior adviser of 360tf, Singapore presented a paper on "Digital journey of Trade Finance" while CA Pankaj Mundra, co-founder and chairman of 360tf, Singapore presented paper on "Business Opportunities & Challenges in Trade Finance, 360tf – Enabling Trade Finance Globally" in the second and third technical sessions respectively.

In the three technical papers presented in the workshop, the discussants and paper presenters discussed various aspects of trade financing and transparency of international financial transactions.

Tapan Kanti Ghosh, senior secretary of the commerce ministry, chaired the 3rd Session and graced the concluding session as chief guest, while Ahmed Jamal, deputy governor of the Bangladesh Bank, and Anis A Khan, former managing director and CEO of Mutual Trust Bank Ltd, chaired different sessions.

ICMAB former President & Council Member Abu Sayed Md Shaykhul Islam presented theme paper. ICMAB President Md Mamunur Rashid presided over all sessions.

About 350 Cost and Management Accountants (CMAs) of the Institute attended the workshop and avail the opportunities to meet and get experience with the global business leaders in trade finance.

The objective of the workshop was to build a bridging platform between professionals and global business leaders and to promote the Cost and Management Accounting profession in the country.

Imtiaz Alam, vice president, ICMAB and chairman, Infinity Group of Companies; Md Jabedul Alam, head of Transaction Banking, Brac Bank Ltd, and Mir Shahriar Ahmed, Asia Country Head Bangladesh, 360tf, Singapore attended different technical sessions as discussants.

Chairman of ICMAB Seminar and Conference Committee AK M Delwer Hussain delivered a welcome speech.