DHAKA, July 14, 2024 (BSS) - Dhaka Chamber of Commerce and Industry (DCCI)
has urged the government to streamline tax mechanisms which will promote
better understanding, easier compliance and reduce time, visit and cost.

"Tax calculation for the corporates should be in line with the accounting
standards and to encourage, compliant businesses can be rewarded in some
cases," Ashraf Ahmed, president of the DCCI, said while speaking at a
workshop on "Customs, VAT and Income Tax Management" at DCCI office in the
capital, said a press release here today.

DCCI organised the workshop to inform various changes in the relevant acts
came in the latest budget 2024-25 to the professionals of its member
organisations.

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.
 
Ashraf Ahmed 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.

There are a good number of positive things in the VAT act, Income tax act and
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.