Business Report :
The Dhaka Chamber of Commerce & Industry (DCCI) urged the government to streamline the tax mechanism in order to improve the understanding of taxpayers, make compliance easier, and reduce time and costs.
“Tax calculation for corporates should be in line with accounting standards. In order to encourage compliant businesses, they can be rewarded in some cases,” said DCCI President Ashraf Ahmed.
He spoke at a workshop on customs, VAT and income tax management at the DCCI auditorium to inform the business community about the changes brought into the relevant acts in the budget 2024-25.
The DCCI chief said automation would cut discretionary measures and reduce leakages.
Regarding compliance, Ahmed said that a compliant business entity never faces any hassle. “A transparent and accountable revenue system will expedite tax net as well as reduce hassle.”
Ahmed also said that there are a good number of positive things in the VAT Act, the Income Tax Act, and the Customs Act. He, therefore, suggested businesses practise them.
Md Zakir Hossain, commissioner for customs, excise and VAT commissionerate of Dhaka East at the National Board of Revenue (NBR), said that no fundamental changes have been made in the new VAT act, but two changes have been made about the working procedure of the NBR.
He said that with a view to attaining the revenue collection target, the pressure on all categories of taxpayers, including VAT-paying companies will slightly increase.
The NBR’s collection target for the current fiscal year is Tk 480,000 crore, which is about 17 percent more than the previous fiscal year.
Snehasish Barua, adviser of the DCCI standing committee on customs, VAT and NBR-related issues, and a partner of Snehasish Mahmud & Co, said in order to expedite industrialisation across the country, the import duty should be reduced to boost the economy. He emphasised ensuring a sustainable revenue system considering the overall condition of the country’s economy.
MBM Lutful Hadi, vice-president of the Institute of Chartered Accountants of Bangladesh, said the new Customs Act is introduced to reduce the cost of doing business.