Mr. Rakibul Hasan
Managing Director
CMSS Consulting Ltd.
Baridhara, Dhaka
08 September 2020
Proposal for providing professional services relating to i.e. accounting, taxation, advisory and other ancillary works
Dear Mr. Rakibul Hasan
With reference to meeting held with CMSS Consulting Ltd. (hereinafter referred to as CMSS) on 21 March 2020, we would like to outline below our scope of work relating to CMSS Consulting Ltd. i.e. accounting, taxation, advisory and other ancillary services and quote our professional fees to CMSS in this proposal.
Recurring services regarding accounting, taxation, legal and other advisory issues
Accounting Services
Our responsibilities in relation to accounting services are as follows
Recording transactions
Maintaining accounting records through accounting software by providing necessary journal entries to record transactions on weekly basis based on documents provided by CMSS;
Ensuring accrual basis of accounting records by providing necessary adjusting entries ;
Preparing bank reconciliation statement as and when needed by CMSS;
Providing software generated day book, ledger, and trial balance as and when needed by CMSS.
Preparation of yearly financial statements
Assist in Preparation of yearly financial statements of CMSS comprising Statement of financial position, Statement of profit or loss and other comprehensive income, Statement of cash flows and Notes to the financial statements;
CMSS will provide necessary information for providing the above statements. In addition, we will visit your office for providing accounting service in case it is necessary.
Income tax services
Monthly and half-yearly income tax services
Preparation of TR-6 challans (TDS) after receiving the information and deposition of the tax to authorized Bank i.e. Bangladesh Bank/Sonali Bank;
Preparing and filing of monthly statements of TDS on salary under section 50 of the ITO, 1984 (Read with Rule 21 of the Income Tax Rules (ITR), 1984) with the income tax authorities;
Preparing and filing of monthly statement of deduction and collection of tax at source of the CMSS’s as required under Section 58 of the ITO, 1984 read with Rule 18 (7) of the ITR, 1984 with the income tax authorities;
Preparation of half yearly withholding tax return under section 75A of the Income Tax Ordinance, 1984 and submission to the concerned Tax authorities;
Computing withholding income tax on salaries and allowances received by all expatriate and local employees two times in a year (at the beginning of the financial year and at the time of yearly increment);
Advising management of the CMSS on break up of gross salary information;
Advising on rates of income tax deducted at source from various vendors;
Preparing certificate of income tax deducted at source from salaries and vendors.
Corporate annual income tax return/statement
Conducting computation of taxable income and income tax liability of the company;
Preparation and submission of company’s income tax return under universal self-assessment scheme under Section 82BB of the Income Tax Ordinance (ITO);
Collection of acknowledgement receipt of the submitted income tax return;
Collection of income tax certificate of the company;
Preparing and filing of Annual Return of Salary paid to the employees as required under section 108 of the Income Tax Ordinance, 1984 with the income tax authority;
Preparing and filing of 'Statement regarding filing of return of employees' with the income tax authority as required under Section 108A of the Income Tax Ordinance, 1984.
Audit of income tax return submitted by CMSS under universal self-assessment scheme, if done by income tax authority, will stand outside of above mentioned scope. It will be dealt with separately.
Income tax planning management and assessment for Bangladeshi employees
Obtaining TIN Certificate for the Bangladeshi employees;
Income tax planning based on the up to date salary structure for all Bangladeshi employees;
Computing and reviewing the income tax deducted at source on salary for all existing employees for relevant assessment year, giving of course, due relief where possible to minimize the tax burden;
Computing tax for employees for final compensation or settlement;
Advising on various points relating to taxation and other issues.
Any income tax return required to be submitted by the employee of CMSS will stand outside of above mentioned scope. It will be dealt with separately.
Value Added Tax services
The Value Added Tax services will include the following:
Assist in maintaining accounts under Rule-40 of the Value Added Tax and Supplementary Duty Rules 2016: Maintenance of accounts;
Purchase account – Mushak 6.1;
Sales account – Mushak 6.2; and
VAT challan – Mushak 6.3
Assist in deduction of VAT at sources while making payment to vendors and deposit (TR – 6) of the deducted VAT to govt. treasury within prescribed time;
Assist in preparation of certificate (Mushak 6.6) of VAT deducted at sources and submission of the same to VAT authority under Rule 40;
Assist in preparation and submission of VAT return (Mushak – 9.1);
Follow up with customers and collect certificate of VAT deduction at source (i.e. Mushak 6.6); and
Advisory services on rates of VAT deduction at source from payments to vendors.
Audit of VAT return submitted by CMSS, if done by VAT authority, will stand outside of above mentioned scope. It will be dealt with separately.
Pay-roll services for the employees
Our pay-roll services will include the following:
Preparing the monthly payroll of CMSS employees’ including pay breakdown (basic pay, house rent and other benefits as per terms of appointment) and employer contributions to provident fund, withholdings/ tax deductions at sources;
Maintain employee wise payroll and related other personalized information in a master database of a payroll system including yearly investment for tax allowances;
Monthly basis update of payroll data base based on changes made during the month regarding employees position i.e. promotion, pay status, increment, deduction for various purposes etc. and any other relevant changes;
Different deductions i.e. leave adjustment, Tax Deduction at Source (TDS) and PF contribution etc;
Prepare computerized payroll statement for the employees of the CMSS and submit those to the management of the CMSS for their review and confirmation for finalization;
Generating monthly payroll-slips for each employee based on the approved and paid payroll documents;
For any outgoing or departing employee, total payable amount will be calculated based on existing database and sent to the management of the branch office for final settlements.
Secretarial services
Annual return to RJSC
Preparing Notice of the Annual General Meeting (AGM) as required to provide in accordance the companies act, 1994 as per order of CMSS;
Drafting minutes of Annual General Meeting (AGM) as held under section 81 of the companies act, 1994 as per order of CMSS;
Drafting schedule- X as required to submit annual return to RJSC in accordance with section 36 of the companies act, 1994;
Drafting form 23B as required to submit annual return to RJSC in accordance with section 210 of the companies act, 1994;
Providing necessary instruction to the management of CMSS to prepare other necessary documents required to submit annual return to RJSC and collecting the same;
Assist in submission of annual return of CMSS Consulting Ltd. to Registrar of Joint Stock Companies & Firms (RJSCF) in prescribed pro forma.
Meeting of Board of Directors
Preparing Notice for the meeting of Board of Directors on receiving necessary instructions of CMSS;
Preparing minutes of the meeting of Board of Directors duly held in accordance with companies act, 1994 as per instructions of CMSS;
Trade License renewal
Preparing and collecting necessary documents for renewal of trade license;
Submitting the required documents to city corporation authority and collecting updated trade license from the same authority.
Our Fee:
Our professional fees is shown here under:
SL
Particulars of services
BDT
Professional fees for providing above mentioned services (Ref. Para A(i) to A (v) above)
BDT 50,000 per month.
(BDT 600,000 for the year starting from 01 July 2019 and ended to 30 June 2020)
The above professional fees are exclusive of Value Added Tax (VAT) which will be borne by CMSS (if required). Currently, VAT rate is 15%
The Government fees, charges and other expenses will be borne by CMSS
Any other service, if required to provide, will stand outside of above mentioned scope. It will be dealt with separately.
Mode of payment:
For the above services rendered, potential claim will be raised against which the payment would be made within 15 days of claim. The claim may include the fee for partial work as well.
Any kind of payment will be made equally to following account.
Account holder Name- Aklima Begum
Account Number-
Bank Name-
Branch Name-
Account holder Name- Nihar Afroz
Account Number- 1511104593043001
Bank Name- BRAC Bank
Branch Name- Mirpur Branch
Change of Scope of Services:
This contract may be reviewed and services may be evaluated from time to time and changes may be introduced whenever found necessary through mutual discussion.
Termination:
Either party is entitled to terminate this engagement at any time by giving sixty (60) days written notice.
Effective Date:
This agreement is effective from 01 July 2019.
If the above engagement letter along with fee quote is acceptable to you, please return to us a copy of this engagement letter after it is duly signed and sealed by you on the letter head of CMSS in page with initial and official seal in each page up to page 05.
Aklima Begum Nihar Afroz
Sign: Sign:
Date: Date:
Acceptance:
I, Md. Rakibul Hasan, Managing Director, CMSS Consulting Ltd. having read and understand the terms and conditions of this offer do hereby convey the acceptance of the same.
Please return to us copy of this letter after duly signed by your authorized officer.
Yours truly,
For and on behalf of
CMSS Consulting Ltd.
Sign:
Date:
Name: Md. Rakibul Hasan
Designation: Managing Director