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‘11.6m have ability to pay taxes’

DCCI unveils Tax Guide 2022-23

  • Special Correspondent
  • 4 December, 2022 12:00 AM
  • Print news
‘11.6m have ability to pay taxes’

At least 11.6 million people in Bangladesh have the ability to pay taxes, said a senior NBR official.

Mohammad Jahid Hasan, Member of Tax Information Management & Services, National Board of Revenue (NBR), told this at a workshop on “Customs, VAT and Income Tax management” organised by Dhaka Chamber of Commerce & Industry (DCCI) as the chief guest on Saturday.

He also said that businessmen are the partner of NBR and NBR is relentlessly working on reforms and modernisation of various regulations to ease doing business in the country.

Last year, only 25.30 lakh out of 8.3 million ETIN holders submitted their returns, “which is unsatisfactory,” Hasan said. 

 The workshop was organised 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 systems so that people can easily access the services without hassles.

He asked for ensuring compliance in the books of accounts to reduce litigations. NBR is also working on issuing a “one time return” system so that non-TIN holders also can get different facilities, he said.       

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 systems through SROs and as an entrepreneur a businessman has to have a clear knowledge on these issues.

He said,”In FY 2022-23, we have seen a few changes like increasing cash transaction limit, mandatory return submission for 38 categories, central VAT registration system, 5 percent VAT exemption on locally produced chemicals.”

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 harmony between the taxpayers and tax collectors. He urged the NBR to widen the tax net to increase the revenue collection.