Digitisation of NBR activities given more priority

More priority has been given to implementing digital system in the National Board of Revenue (NBR) activities to bring transparency in income tax, VAT and customs administration,  thereby reducing people's suffering and increasing the revenue collection rate, a senior NBR official has said. 

The number of people capable of paying income tax in the country is about 1.16 crore, but a large part of this huge population is outside the tax net of the revenue regulator,  NBR Member (Income Tax Information Management and Services) Mohammad Zahid Hossain said at a workshop on 'Customs, VAT and Income Tax Management' organised by the Dhaka Chamber of Commerce and Industry (DCCI) on Saturday at DCCI auditorium in the capital. 

He added that the NBR has taken initiatives to increase tax zone offices across the country to expand the tax base.

"Work of reforming NBR policies, upgradation and formulating new policies is continuing in consultation with the private sector for the overall development of the country's economy and business environment, and it is an ongoing process," said Zahid Hossain. 

He said that currently, the number of TIN holders in the country is 83 lakh, although only 25.30 lakh income tax returns were submitted in the last fiscal year which is not promising at all. He emphasised on increasing awareness and proactive initiative at individual level regarding the filing of income tax returns.

In his welcome speech, DCCI President Rizwan Rahman said that it is essential to have adequate knowledge about income tax and VAT for the company's revenue management, which plays an important role in the successful management and strategy of an entrepreneur's business activities.

He mentioned that several changeshave been made in the national budget for the fiscal year 2022-23 including mandatory filing of returns in 38 sectors, and central registration of VAT, 6% VAT discount on chemical production at local level, changes in VAT form and increase in duty on imported computer parts to increase revenue. The business community must be aware of such changes, he suggested. 

DCCI president said that, like the previous year, Dhaka Chamber has published 'Tax Guide 2022-23'. The book contains detailed information on Income Tax, VAT and Customs Law, which will be useful for the members of Dhaka Chamber as well as the business community of the country.

Two keynotes were presented at the workshop by DCCI Standing Committee Advisor on Customs, VAT and NBR Snehashish Barua and Joint Convener MBM Lutful Hadi, FCA.