Contact:

MM& Co.
Cost & Management Accountants
Cell: 01721871775

Scope of Work
A. Accounting and Retainer Services
A1. Monthly Accounting services
 MMC will initially draft the chart of accounts of “CLIENT” depending on the briefing about the
organization and the nature of income and expenses of “CLIENT”.
 “CLIENT” will be primarily responsible for maintaining daily cash and bank payment including other
day to day activities.
 “CLIENT” will keep record of all supporting documents including all daily registers.
 MMC will update the ledgers periodically upon receiving the documents from “CLIENT”.
 MMC will prepare monthly accounts for “CLIENT” on MMC’s internal accounting software based on
the supporting documents provided by “CLIENT” and provide monthly report to “CLIENT”.
 MMC will also report internal control related observation along with the monthly report that come
across during the work process.
 The vouchers will be updated by MMC after finalizations of the monthly report.

A2. Quarterly and Annual services

 MMC will prepare FDI report which “CLIENT” will submit on quarterly basis to the concerned bank.
 MMC will also prepare the annual financial statement.
 MMC will liaison with the external auditor for statutory audit if required.

B. Taxation Retainer Services

B1. Direct Tax Retainer Services
 MMC will review the transactions (excluding salary) as to whether taxes are deducted at source as
per chapter VII of the Income Tax Ordinance, 1984 on a monthly basis.
 MMC will also review the transactions as to whether VAT is deducted at sources as per VAT Act,
2012.
 MMC will prepare a monthly tax and VAT schedule and identify the amount of Tax/VAT to be
deposited to the Government exchequer, prepare Tax/VAT challan and submit the same for
“CLIENT”.

Submission of various returns

 MMC will prepare & submit the monthly statement u/r 18 of ITR 1984.
 MMC will prepare & submit the monthly statement u/r 21 of ITR 1984
 MMC will prepare & submit the half yearly return u/s 75A* of ITO 1984
  MMC will prepare & submit yearly salary tax return u/s 108 of ITO 1984, based on salary and salary
tax information provided by “CLIENT”.
 MMC will review & submit the yearly salary tax return u/s 108A of ITO 1984 based on information
provided by “CLIENT”.

*If 75A return is selected for audit u/s 75AA, a separate engagement will cover such scope.

B2. Indirect Tax (VAT) Retainer Services

 MMC will liaison with “CLIENT” for timely deposition of VAT amount to the Government exchequer.
 MMC will prepare the VAT return on the basis of information provided by “CLIENT” and the monthly
Tax/VAT schedule prepared by MMC.
 MMC will liaise with “CLIENT” for submission of VAT return (Mushak-9.1) to the VAT authority in
due time.

C. Taxation Annual & One-off Services

C1. Preparation and submission of Corporate tax return
 Computation of advance Income Tax
 Preparation of the income tax computation as per Income Tax Ordinance 1984
 Communication of the same along with a letter summarizing our observations, opportunities etc to
the management of the client for approval
 Preparation and submission of time extension prayer as per prescribed format, if required
 Submission of the Income Tax Return to the concerned authority u/s 82BB of the ITO, 1984 and
sharing the acknowledgement of return submission with you

C2. Assessment at DCT level (if selected for Audit)

 Review of the documents requisition issued by the DCT

 Attending meeting to discuss on the requisition and advising to arrange the documentation
 Review of the documents prepared by the client to attend the hearing called by the assessing officer
and explaining the position of the client
 Preparation and submission of time extension, if required
 Submission of the documents or evidences required by the DCT
 Finalisation of the assessment up to the assessing officer level
 Collection of the assessment order and advising the client on the acceptability of the order

C3. Appeal against the order of the DCT

 Preparation of appeal documents and assistance in filing of appeal to the appellate authority on
behalf of the client.
 Sending requisition for the documents in support of appeal grounds
 Review of the documents prepared by the company
 Attending meeting to discuss observations (if any) on the documents
 Preparation and submission of time extension, if required
 Attending hearing on behalf of the client and explain the position of the company
 Preparation of written arguments on grounds of appeal and submitting the same before the appellate
authority on behalf of the client.
 Review the appellate order issued by the tax authority and advising on the acceptability of the
appellate order

C4. Appeal filed by the assessee against the order of the CT (Appeal)
 Preparation of appeal documents and assistance in filing of appeal to the appellate authority on
behalf of the client.
 Sending requisition for the documents in support of appeal grounds
 Review of the documents prepared by the company
 Attending meeting to discuss observations (if any) on the documents
 Attending hearing on behalf of the client and explain the position of the company
 Preparation of written arguments on grounds of appeal and submitting the same before the appellate
authority on behalf of the client.
 Review the appellate order issued by the tax authority and advising on the acceptability of the
appellate order

C5. Appeal filed by the department against the order of the CT (Appeal)
 Sending requisition for the documents in support of appeal grounds
 Review of the documents prepared by the company
 Attending meeting to discuss observations (if any) on the documents
 Attending hearing on behalf of the client and explain the position of the company
 Preparation of written arguments on grounds of appeal and submitting the same before the appellate
authority on behalf of the client.
 Review the appellate order issued by the tax authority and advising on the acceptability of the
appellate order

C6. Revised assessment at DCT level after set aside by CT (Appeal)/TAT

 Review of the documents prepared by the company to attend the hearing called by the Assessing
officer and explaining the position of the company
 Submission of the documents or evidences required by the DCT
 Finalisation of the assessment up to the assessing officer level
 Collection of the assessment order and advising the company on the acceptability of the order

C7. Assisting client in filing reference application against the order of the Taxes
Appellate Tribunal
 Assisting the lawyer in reference application to the High Court Division of the Supreme Court.
 Assisting the lawyer by arranging the documentation and clarification on grounds of appeal for
onward submission to the High Court Division of the Supreme Court.

C8. Alternative Dispute Resolution (ADR)

 Preparing an application for submission to the concerned appellate authority to obtain permission to
initiate ADR process
 Obtaining permission from the concerned appellate authority
 Preparation and submission of ADR application to the concerned appellate authority with supporitng
documents
 Follow up with the authority on regular interval
 Review of the documents prepared by the company and submission of the same to the authority
 Attending meeting or teleconference to discuss the observations (if any) on the documents
 Drafting written arguments for submission to ADR (if required)
 Attending meetings/hearing at ADR on behalf of the company and explaining the position of the
company
 Follow up with ADR in regular interval
 Meeting with Department Representative or his assigned person with explanation on submitted
documents
 Collaborating in signing the ADR agreement
 Collecting the copy of agreement and communicating the same to your company

C9. Transfer Pricing

C9.1. Preparation of 107EE statement (Transfer Pricing return)

MMC will be responsible for -

 Identifying the international transactions, forming subject of return.
 Examining the international transactions, and related accounts & records of the Company from an
arm’s length justification perspective.
 Indicating any potential risks that the company might be exposed to, owing to the current pricing
methodology and advising the company on modes and methods for resolving such issues, wherever
and to the extent practicable
 Filing up the relevant information in the prescribed statement.

C9.2. Preparation of Study Report on Transfer Pricing

Step 1: Business Review -This would include understanding and mapping of:

 The organization structure,

 Business operations, and
 The market and industry in which “CLIENT” operates.
Step 2: Identification and analysis of the activities at a transaction level:

 Review of the existing agreements/arrangements in place for all inter-company transactions from
transfer pricing (TP) perspectives best practices.
 Understanding of the activities at the transactional level by conducting functional interviews with
personnel directly engaged with these transactions to capture the 'as-is' scenario of the transactions

Step 3: Functional Analysis and risk assessment:

 An analysis of the functions performed (taking into account assets used and risks assumed) by
associated enterprises in controlled transactions and by independent enterprises in comparable
uncontrolled transactions

 Local Industry & Business Model

 Services and benefits received
 Assets eployed and risks assumed
 Assist in documenting the functional, asset and risk (FAR) profile of all the group companies in
connection with the proposed transactions

Step 4: Assist in documenting the appropriate Transfer Pricing methodology as per the Bangladesh TP
Regulations:

 Based on the understanding of the transactions, we will determine the most appropriate transfer
pricing methodology as enshrined under Bangladesh TP Regulations
 Assistance in documenting the manner and applicability of most appropriate method to test inter-
company international transactions adhering to the arm's length requirement as per the Ordinance.
 Evaluating the applicability of other methods for the purpose of international transactions.
 Exploring the possibility of applicability of more than one transfer pricing method for the purpose of
robust transfer pricing analysis.

Step 5: Undertaking benchmarking analysis for assisting in framing a policy:

 For the purpose of determining whether the international transactions undertaken by all the group
companies are in compliance with the arm's length standard as prescribed by the Ordinance,
proper benchmarking of all the transactions will be required. In relation to the same, our services
shall include:
 Analysis of least complex party for the purpose of undertaking benchmarking analysis based on the
outcome of the functional analysis
 Evaluating the existence of internal uncontrolled comparable transactions for the purpose of
determining arm's length price
 Review of segmental profitability statements prepared for the purpose of determining
profitability from the relevant transactions
 Assistance in Undertaking the benchmarking analysis which would assist the company to
identify comparable uncontrolled transactions and determine arm's length price (For the
benchmarking activity and selecting suitable external comparable, KVA shall heavily rely on the
 databases and external information to be subscribed to/gathered by your team, from local sources in
Bangladesh)

Step 6: Assisting in listing of documents to be maintained from a transfer pricing perspective:

 Assisting in identification of documents to be maintained by the Company to corroborate the

international transactions
 Assisting in identification of the documents to be maintained by the Company to establish the
applicability of most appropriate method

Step 7: Issuance of a Report:

 We would issue a detailed Transfer Pricing Study Report covering our study. This report would
appropriately document the work undertaken by us and would assist the Company in maintenance of
the TP documentation prescribed by the TP legislation

**TP certificate issued by Chartered Account (if required)

C10. Declaration of input output Co-efficient

 MMC will collect Bill of Materials (BOM) and supporting documents from “CLIENT”.
 MMC will prepare Mushak-4.3 (Input & output co-efficient) and send the documents to “CLIENT” for
review and sign off.
 Upon receiving signed documents from “CLIENT”, MMC will submit it to the VAT authority.

C11. Notice issued from the Commissioner of Customs, Excise & VAT
Commissionerate

 Reviewing the notices issued from the authority

 Attending meeting with ‘“CLIENT”’ to discuss on the subject matter of the notice and advising to
arrange the documentation (if required)
 Reviewing the documentation and working prepared by you and giving further guidance (if any),
 Preparation of written explanation in support of the law and the factual documentation,
 Discussion with you on the risk and benefits prior to attending the hearing with the authority,
 Drafting time extension and submission of the same to the VAT authority (if required),
 Attending hearing(s) on your behalf,
 Maintaining regular follow up with the authority on the progress of the work, and
 Review the order issued by the VAT authority and advising on the acceptability of the appellate
order.

C12. First Appeal to the to the Commissioner of Customs, Excise & VAT (Appeal)

 Prepare Grounds of Appeal, Memorandum of Appeal for filing appeal to the Commissioner of Taxes
(Appeal) and to the Commissioner of Customs, Excise & VAT (Appeal).
 Sending requisition of documents to ‘“CLIENT”’ based on the grounds of appeal
 Review of appeal documents prepared by ‘“CLIENT”’ in support of grounds of appeal and written
arguments on the grounds of appeal to attend the hearing.
 Attending meeting to discuss observations (if any) on the documents and attending the hearing.
 Following up Commissioner of Taxes (Appeal)/ Commissioner of Customs, Excise & VAT (Appeal) on
progress of the order.
 Attending meeting at Commissioner of Taxes (Appeal)/ Commissioner of Customs, Excise & VAT
(Appeal) for approval of the order
 Review the appellate order issued by the Tax/VAT authority and advising ‘“CLIENT”’ on the further
course of action.

C13. Appeal filed by the assessee to the VAT Appellate Tribunal

 Prepare Grounds of Tribunal Appeal, Memorandum of Tribunal Appeal for filing appeal before the
Tribunal.
 Sending requisition of documents to ‘“CLIENT”’ based on the grounds of appeal
 Review of documents prepared by ‘“CLIENT”’ in support of grounds of tribunal appeal and preparing
the written arguments to attend the hearing.
 Attending meeting to discuss observations (if any) on the documents and attending the hearing.
 Following up Taxes Appellate Tribunal and VAT Appellate Tribunal on progress of the order.
 Attending meeting at Taxes Appellate Tribunal and VAT Appellate Tribunal for approval of the order
 Review the Tribunal order issued by the Tax/VAT authority and advising ‘“CLIENT”’ on the further
course of action.

C14. Appeal filed by the department against the order of the Commissioner

 Review of documents prepared by ‘“CLIENT”’ in support of grounds of the department appeal taken
by the department.
 Sending requisition of documents to ‘“CLIENT”’ based on the grounds of appeal
 Prepare written arguments on grounds of appeal taken by the department to attend the hearing.
 Attending meeting to discuss observations (if any) on the documents and attending the hearing.
 Following up Taxes Appellate Tribunal and to the VAT Appellate Tribunal on progress of the order.
 Attending meeting at Commissioner of Taxes Appellate Tribunal and to the VAT Appellate Tribunal
for approval of the order
 Review the Tribunal order issued by the Tax/VAT authority and advising ‘“CLIENT”’ on the further
course of action.

C15. Obtaining VAT Compliance Certificate

 Conduct Kick off meeting with the management of “CLIENT” to collect require information regarding
the VAT compliance certificate.
 Visit VAT office to discuss with VAT authority.
 Maintain continuous follow up with divisional office up until obtaining the certificate.
 Collect additional documents from “CLIENT”, if any, required by the VAT authority.
 Submission of VAT compliance certificate to the management of “CLIENT”.

C16. Income year Maintenance

  Preparing application for Income Year maintenance
 Submitting the said Application to NBR
 Following up with NBR Official(s) for Approval
 Obtaining the approval letter and communicating the same with you

D. Secretarial Services – Company (Registrar of Joint Stock Companies and

Firms)
D1. Annual Return

 Collecting necessary information from client

 Preparation of notice and AGM meeting minutes
 Preparation of Schedule X, Form XII
 Submission of documents to RJSC online system
 Submission of govt. fee in bank
 Attending to the queries, if any, raised by RJSC in this regard
 Passing all the documents with RJSC
 Obtaining certified copy of schedule X

D2. Other Secretarial Services

 Share transfer
 Updating Company Share Registers
 Increase authorized capital
 Increase authorized capital
 Change of Director
 Amendment Articles of Association (AOA)
**These services may be agreed upon depending on the situation, if required

E. Secretarial Services One-off

E1. Drafting Memorandum of Association and Articles of Association

 Submission of the checklist of information required to draft MoA and AoA

 Drafting the MoA and AoA on the basis of the information provided by the proposed company
 Submission of the same for review
 Finalisation of the MoA and AoA

E2. Opening Bank Account

 Preparation of Board Meeting and Minutes

 Preparation of related documents and applications
 Submission of the documents to Bank
 Obtaining Bank Account Number
 Obtaining Encashment Certificate
E3. Incorporation with Registrar of Joint Stock Companies & Firms (RJSC)

 Obtain name clearance

 Preparation of necessary documents and related forms for registration
 Submission of the documents to the RJSC for approval
 Attending to the queries and passing all documents
 Obtaining Incorporation Certificate and certified copies of MOA&AOA and Form XII

E4. ETIN

 Obtain ETIN from Online NBR website

E5. Trade License

 Preparation of related documents and application

 Submission of documents to City Corporation
 Attending to the queries and passing all documents
 Obtaining Trade License book

E6. BIN registration (Mushak-2.1, 2.3)

 Collection the related documents

 Preparation for filing Mushak 2.1 (VAT Registration Form)
 Submission of documents through VAT Online
 Obtaining VAT registration certificate (Mushak 2.3)

E7. IRC Registration (Commercial)

 Preparation of the forms related to the permission

 Submission of the documents
 Attending to the queries
 Collecting permission of Import registration

E8. ERC Registration

 Preparation of the forms related to the permission

 Submission of the documents
 Attending to the queries
 Collecting permission of Export registration

E9. Approval from BIDA Registration

 Preparation of application and related documents for BIDA.

 Submission of application and documents to BIDA
 Attending all queries and passing all documents.
 Obtaining amended registration letter.

F. City Corporation

F1. Renewal of Trade License

 Preparation challan
 Deposit challan to bank
 Submission of documents to City Corporation
 Passing and obtaining up to date Trade License Book along with the Bank Pay-slip from Zone specific
(North / South) Dhaka City Corporation
 Collect Renewal Trade license book

G. Payroll

G1. Payroll services

 Preparation of employees’ monthly salary sheet on the basis of employment contract, fixed benefits,
changes, if any, provided by the company from time to time and communicate through email.
 Computation of individual employee’s annual income tax burden based on his/her emoluments in
compliance with the Bangladesh Income Tax Ordinance 1984.
 Submission the payroll file within agreed upon deadline for approval.
 After approval, preparation of bank advice within agreed upon deadline for each month.
 Allocate monthly salary cost into separate cost category.
 Providing Journal / accounting vouchers in electronic form (spread sheet) suitable to upload data in
client’s global system.
 Preparing monthly reconciliation of salary sheet.
 Preparing salary variance report in comparison with previous month.
 Facilitate online access to designated HR person for HR Dashboard with a unique login ID and
password for generating agreed upon payroll related reports.
 Facilitate online access to all individual employees with a unique login ID and password for
generating payslip.
 Facilitate online access to all individual employees with a unique login ID and password for
generating Individual TDS report.
 Facilitating online access to all individual employee for generating salary certificate which comprises
total salary and allowance to date for the income year and tax deduction amount along with challan
number.
 Final settlement calculation including tax computation at the time of termination of employment, if
required.
 Conducting training session on the salary tax related issues for employees twice in a fiscal year.

G2. Payroll Retainer Service

 Preparation of monthly salary tax challan.

 Deposition of monthly deducted salary tax challan within 10 working days following the date of
deduction.
 Preparation and submission of the statement of salary deduction U/S 50 read with Rule 21 of Income
Tax Rules 1984.
 Preparation of the yearly salary tax return U/S 108 of Income Tax Ordinance, 1984.
 Filling & submission of the yearly salary tax return to the respected tax zone & circle U/S 108 of
Income Tax Ordinance, 1984.
 Preparation and submission of the yearly salary tax return U/S 108A of Income Tax Ordinance, 1984.
 Filling & submission of the yearly salary tax return to the respected tax zone & circle U/S 108A of
Income Tax Ordinance, 1984.

H. Provident Fund & Gratuity Fund Approval

Vetting of Trust Deed and Rules for “CLIENT” Employees Provident Fund and
Gratuity Fund

 Conduct Kick off meeting with management of “CLIENT” for collecting the Trust Deed and Rules of
the “CLIENT” Employees Provident Fund (PF) and Gratuity Fund (GF), including company policy
regarding these Fund
 Review the Trust Deed and Rules in light of Bangladesh Labour law 2006 as amended up to 2018 and
labour rules 2015, Industry Practice and company policy.
 Submission of review notes on Trust Deed and Rules of same for management review
 Attending meeting, if any, required to discussion on the draft trust deed and rules.
 Finalisation of Trust Deed and Rules followed by the discussion.

Obtaining Approval of “CLIENT” Employees Provident fund and Gratuity Fund

from National Board of Revenue (NBR)

 Conduct Kick off meeting with the management of “CLIENT” for collecting require documents
including Trust Deed and Rules regarding the Gratuity Fund.
 Submission of document requisition to management of “CLIENT” for obtaining approval of Provident
Fund and Gratuity Fund from National Board of Revenue (NBR).
 Collection of require document for submitting the Deed of Trust and Rules to the respective circle
and National Board of Revenue (NBR).
 Submission the required documents to the Tax office
 Following up the update of approval.
 Attending the tax office if additional information/hearing required by tax office or any clarification
required.
 Obtaining approval from NBR.
 Submission of approval letter along with approved trust deed and rules to the management of
“CLIENT”.

I. Personal Income Tax

J. Due Diligence Services

K. Consulting Services

L. Customs
M. Setting up of Liaison Office
N. Setting up of Branch Office
O. Clearance/Fire License
P. Work Permit BIDA
Q. VISA Immigration
R. External Audit Liaison