A notice was served on the Institute of Chartered Accountants of Bangladesh (ICAB) asking It to get registered under VAT (Value Added Tax) net. reports UNB.

Customs. Excise and VAT department issued the notice on the institute on August 4. although the ICAB is not a business firm and does not do any audit and accounts work.

"ICAB is an institute engaged in educational activities. It conducts the examinations of the articled students working tn CA firms," said its president A N Altaf HusSain Siddiqui.

Addressing a press conference here today (Wednesday), he said this proves that "the whdle revenue mechanism is absolutely in the dark about audit and accounts system and activities."

The imposition of 15 per cent VAT on the audit and accounting firms was proposed in the finance bill placed in the parliament and expected to become law within short time.