Standard Bank Limited has been awarded as “Maximum Income TAX Payer Organization” for the TAX- years 2012-13 and 2013-14 consecutively. Managing Director and CEO of SBL Mr. Md. Nazmus Salehin receives the award from Finance Minister Mr. Abul Maal Abdul Muhith in presence of Kazi Akram Uddin Ahmed, FBCCI President and Chairman of Standard Bank Ltd. & Golam Hussain, the then Chairman of NBR.
Finance Minister AMA Muhith presented crests to top taxpayers at a ceremony organized by the National Board of Revenue at Pan Pacific Sonargaon, Dhaka. Golam Hussain, the then chairman of NBR, and Kazi Akram Uddin Ahmed, president of the Federation of Bangladesh Chambers of Commerce and Industry, were also present.
The National Board of Revenue honored 402 top and long-term taxpayers amid calls for a harassment-free atmosphere and accountability of taxmen to boost the tax receipts.
“We want to pay tax but we need the right environment for that,” Kazi Akram Uddin Ahmed, President of the FBCCI & Chairman of SBL. He said many people shy away from paying tax fearing they might be harassed for giving lower taxes the next year due to a drop in their income.“You will get increasing amounts of tax if you have a service-providing mentality. Please hire taxmen who will have that mentality,” said Ahmed, also the chairman of Standard Bank, which received a tax card for sealing a spot among the top 10 taxpaying companies nationally for fiscal 2012-13 and 2013-14.
Finance Minister AMA Muhith handed out the tax cards to 20 individuals and 20 companies that paid the highest amount of taxes to the state coffers in fiscal 2012-13 and 2013-14, at an event at the capital's Pan Pacific Sonargaon. Outside Dhaka, 362 taxpayers from 64 districts and nine city corporations in two categories -- long-time and highest -- were awarded.
Felicitation of the top taxpayers was part of the Income Tax Day agenda, observed by the NBR across the country to create awareness and motivate people to pay tax for financing the state expenses.
The NBR, which has been observing the day since 2008, organized rallies in divisional cities to mark the day.
“It is a matter of pride to be a top taxpayer. I feel good and hope that there will be competition for the recognition,” the Standard Bank chairman said, adding that it is everyone's moral obligation to pay tax if they have taxable incomes.
Muhith said harassment in tax collection and fear of paying tax still prevail, although efforts are ongoing to reduce taxpayers' hassles.
Standard Bank Limited has won the Third Best Corporate award of 2013 from The Institute of Cost and Management Accountants of Bangladesh (ICMAB). The ICMAB awarded Best Corporate Award-2013 at a Ceremony on 27 April, 2014 at Radisson Blu Water Garden Hotel, Dhaka. Finance Minister Mr. AMA Muhith handed over the trophy to Mr. Md. Nazmus Salehin, Managing Director and CEO of Standard Bank Limited for securing Third Position in private commercial banks with traditional operations.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) awarded a total of 38 financial institutions (FIs) and corporate houses in different sectors, including pharmaceuticals, power and multinationals, for their outstanding contribution to establish corporate governance and to the national economic development. Attending as the chief guest, finance minister AMA Muhith distributed the “ICMAB Best Corporate Award 2013” at an award giving ceremony.
“I believe our financial sector is performing quite well but there are some cases of mishaps,” Finance Minister told. “Nationally we’re performing well, not too badly,” he said.
He, however, admitted that the progress in the financial sector was sort of a barometer for uplifting the economic progress of the country.
Like the previous year, the ICMAB had selected best corporate houses in seven sectors banking, non-banking financial institutions, insurance, pharmaceuticals, power, multinational and other sectors.
The award recipients are Rupali Bank Limited in nationalized bank/state-owned bank category, Islami Bank Bangladesh Ltd, Shahjalal Islami Bank Limited, Al-Arafah Islami Bank Ltd in private commercial bank (islamic operation) category, Prime Bank Limited, Eastern Bank Limited, Standard Bank Limited in private commercial bank (traditional operation) category, HSBC Ltd, Standard Chartered Bank and Commercial Bank of Ceylon Ltd in foreign bank category, IDLC Finance Limited, Delta Brac Housing Finance Corporation Ltd, Uttara Finance & Investment Limited in non-banking financial institution category.
ICMAB President Mohammad Salim and chairman of the selection committee Muzaffar Ahmed spoke on the occasion while ICMAB Secretary Jamal Ahmed Chowdhur also attended the function.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) introduced ICMAB Best Corporate Award in 2007 to encourage the corporate world to act more responsibly and publish more informative and transparent annual reports.