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Workshop on Customs, VAT and Income Tax Management

At least 11.6 million people in our country have the ability to pay taxes but the reality is known to all, said Mohammad Jahid Hasan, Member, Tax Information Management & Services, National Board of Revenue (NBR). He told this at a workshop on “Customs, VAT and Income Tax management” organized by Dhaka Chamber of Commerce & Industry (DCCI) as the Chief Guest on 3rd December 2022. He also said that businessmen are the partner of NBR and NBR is relentlessly working on reforms and modernization of various regulations to ease business. Last year only 25 Lakh 30 thousand tax payers submitted their returns out of 8.3 million TIN holders which is unsatisfactory.

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 hassle free. He also urged 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 facility.

DCCI President Rizwan Rahman in his welcome remarks said that considering various need and urgency, government sometimes has to make few changes in the finance bill, VAT and Tax system through SROs and as an entrepreneur a businessman has to have a clear knowledge on these issues. He informed that in FY2022-23 we 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 etc. The business community should have knowledge of these changes to maintain their books of accounts, he added.

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.

Published on: 2022-12-03