Friday, 21 January, 2022

DCCI urges NBR to simplify tax policy for business growth

DCCI urges NBR to simplify tax policy for business growth

Business leaders on Sunday urged the NBR to simplify and update the lax law to expedite local as well as foreign direct investment.

They said the private sector contributes 80 per cent of gross domestic product (GDP) in Bangladesh, so the national board of revenue (NBR) should focus on business friendly tax policy.

The demand came from the leaders of Dhaka Chamber of Commerce and Industries (DCCI) while the NBR Chairman Abu Hena Md. Rahmatul Muneem unveiled the Tax Guide on Sunday.

The DCCI regularly publishes tax guides and distributes to its members in order to encourage the members of the Chamber to pay tax.

The NBR Chairman thanked DCCI for publishing tax guides on a regular basis to help the taxpayers and tax professionals.

He said that NBR is relentlessly working to ease the overall taxation system, tax structure, ensure business friendly, quality service and tax automation.

The more the tax structure will be user friendly, the more people will be encouraged to pay tax, he said.

He also said that NBR regularly sits with the trade organizations including Dhaka Chamber before preparing the budget and NBR always tried to consider recommendations placed from DCCI.

Rahmatul Muneem said that a few working committees on technical, research and business aspects may be formed with the representatives from concerned stakeholders and NBR for the overall development of revenue structure.

Moreover, he underscored the importance of capacity development of NBR and for that he said that NBR needs more skilled manpower to meet the growing demand of rapid economic development.

During the occasion, DCCI President Rizwan Rahman said that the tax policy should be simplified and easy so that the mass people and business community can be encouraged to pay tax.

DCCI is happy to work with the NBR hand in hand to create a tax friendly environment in the country and this effort will be continued in future, Rizwan said.

The NBR members, senior officials and leaders of DCCI’s executive committee, were present, among others.