AAAB debuts 'The VAT and tax playbook' for agencies

To raise awareness and resolve complexities regarding financial management and taxation in Bangladesh's advertising industry, the workshop titled 'The VAT and Tax Playbook: Financial Management for Agencies' was successfully held on February 25 at the Mehfil Hall of Banani Club.

Organised by the Advertising Agencies Association of Bangladesh (AAAB), the workshop saw participation from executives of the finance and accounts departments of over 50 renowned advertising agencies through registration.

The workshop commenced with a speech by Mr Syed Ahsanul Apon, General Secretary of the Executive Committee of the Advertising Agencies Association of Bangladesh (AAAB). In his remarks, he stated, "Founded in 1978, AAAB is a key organisation representing the advertising sector. It is crucial to connect various businesses with their target customers, enhance brand awareness, and drive sales growth. By 2025, the annual
market value of Bangladesh's advertising sector is expected to reach approximately BDT 12,028 crore, directly and indirectly employing over 7.5 million people, of whom nearly 82% are young professionals. However, despite its significant contribution to the national economy, the advertising sector remains largely unstructured and faces multiple challenges. The major obstacles are the absence of a dedicated regulatory authority, inconsistent VAT and tax policies, and lack of industry recognition. As Bangladesh progresses toward economic and legal modernisation, necessary reforms in the advertising sector are essential, along with creating a transparent, structured, and sustainable business environment. To achieve this, a set of recommendations has already been submitted to the Media Reform Commission."

He stated, "AAAB aims to serve as a bridge between agencies and the government, formulating fair policies to strengthen the advertising sector. By incorporating new agencies under a fair VAT and tax structure, we aspire to contribute to the nation's economic prosperity."

The workshop speakers emphasised, "To address the complexities of financial management and taxation in the advertising industry, AAAB will soon present a proposal to the government. We firmly believe that if this proposal is accepted, the barriers facing Bangladesh's advertising sector will swiftly resolve."

Mr. M.A. Maruf, AAAB's Joint Secretary, and Ms. Sarah Ali, its Treasurer, were also present at the workshop.

During the workshop, Mr Achinta Kumar Das, Group Senior Manager, Tax & VAT, ASIATIC 360, discussed various taxation obligations for the advertising industry. He elaborated on key aspects such as Advance Income Tax (AIT), Tax Deducted at Source (TDS), overseas tax payments, mandatory tax returns, and recent amendments.

Following this, Mr Faisal Islam ACA, CIPFA, LLB, Head of Finance at Dot Birth Limited, discussed VAT returns and compliance, covering topics such as monthly VAT returns, VAT rebates, tax deductions at source, common mistakes, and their remedies.

Mr Ramzan Ali ACMA, Deputy General Manager, Accounts & Legal Affairs, FCBBITOPI, spoke on banking, billing, contracts, and ethical practices. He emphasised financial transparency, tax-saving strategies, and ethical business practices, providing valuable insights to participants.

Through this workshop, participants better-understood taxation and VAT-related regulations. AAAB plans to organise more practical seminars to enhance advertising industry's financial management and taxation awareness.