Speakers at a workshop on Sunday said streamline tax mechanisms will promote better understanding, easier compliance and reduce time, visit and cost in business.
They said tax calculation for the corporates should be in line with the accounting standards and to encourage, compliant businesses can be rewarded in some cases.
Dhaka Chamber of Commerce and Industry (DCCI) organised the seminar at its Motijheel office.
Ashraf Ahmed, president of the DCCI presided over the workshop titled "Customs, VAT and Income Tax Management", organised to inform various changes in the relevant acts came in the latest budget 2024-25 to the professionals of its member organisations.
While speaking, DCCI President said automation will also reduce discretionary measures and reduce leakages. Regarding compliance, he said a compliant business entity never faces any hassle.
"A transparent and accountable revenue system will expedite tax net as well as reduce hassle," the President added.
Commissioner (Customs, excise and VAT Commissionerate, Dhaka East), NBR Md Zakir Hossain, Adviser to the DCCI standing committee on Customs, VAT and NBR related issues Snehasish Barua, FCA, and Vice-president of ICAB MBM Lutful Hadi, FCA presented the papers.
There are a good number of positive things in the VAT act, Income tax act andc customs act, he continued and therefore suggested to practice those in practical.
Md Zakir Hossain said no fundamental changes have been made in the new VAT act, but two changes have been made in regard to the working procedure of the NBR.
He said with a view to increasing the revenue collection target, the pressure on all categories of tax payers including VAT paying companies will slightly increase to some extent, but to avail various rebate facilities in the existing VAT act, he requested businesses to have better understanding of the VAT act.
Snehasish Barua, FCA said the NBR's revenue collection target for the current fiscal year is Taka 4 lakh 80 thousand crore, which is about 17 percent more than the previous fiscal year. He said, in order to expedite industrialisation across the country, the import duty should be reduced to boost the economy.
He emphasized on ensuring a sustainable revenue system considering the overall condition of the country's economy. Vice-president of the ICAB MBM Lutful Hadi, FCA said the new Customs Act is introduced to reduce the cost of doing business and urged the government to implement the act properly.
About 90 representatives of DCCI's member organisations participated in the workshop and they have got a clear understanding regarding new changes of rules and procedures that would help their respective organisations to calculate according to the law.
DCCI Vice-president Md. Junaed Ibna Ali, Directors Kamrul Hasan Tuhin and M. Mosharraf Hossain were also present during the time.
