At least 11.6 million people in Bangladesh have the ability to pay taxes, said Mohammad Jahid Hasan, Member, Tax Information Management & Services of the National Board of Revenue (NBR).
He told this at a workshop on “Customs, VAT and Income Tax management” organized by the Dhaka Chamber of Commerce & Industry (DCCI) as the chief guest held in the capital on Saturday.
Jahid also said that businessmen are the partner of NBR while NBR is working relentlessly on reforms and modernization of various regulations to ease business.
In the last year, only 25.30 lakh tax payers submitted their returns out of 8.3 million TIN holders which is not so satisfactory.
The workshop was organized with an aim to let the business community aware of different changes in the customs, VAT and Tax related issues in the budget.
Mohammad Jahid Hasan also said that NBR is trying to ensure automation for customs, tax and VAT system so that people can easily access the services without any hassle.
He also stressed on ensuring compliance in the books of accounts to reduce litigation. NBR is also working on issuing “one time return” system so that non-TIN holders also can get different facilities.
DCCI President Rizwan Rahman in his welcome remarks said that considering various needs and urgency, the government sometimes has to make few changes in the finance bill, VAT and Tax system through SROs while as an entrepreneur, a businessman has to have a clear knowledge on these issues.
He informed that in FY2022-23, they have seen a few changes like increasing cash transaction limit, mandatory return submission for 38 categories, central VAT registration system, 5% VAT exemption on locally produced chemical, VAT increase for importing computer accessories, TAX and VAT exemptions for safeguarding local businesses.
Rizwan said the business community should have knowledge of these changes to maintain their books of accounts.
DCCI Senior Vice President Arman Haque chaired the workshop and said that there should be a harmony between the tax payers and tax collectors.
Moreover, he urged NBR to increase the tax net to increase the revenue collection.