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National Board of Revenue chairman Abu Hena Md Rahmatul Muneem on Thursday said that they would prepare tax measures for the forthcoming national budget for the fiscal year 2021-22 to support the local industry, increase productivity and reduce import dependency.
Tax measures related to customs duty and value-added tax will focus on the development of local industry to strengthen the overall economy of the country, he said at a pre-budget discussion held virtually with the Economic Reporters’ Forum.
Tax officials are now conducting analyses to identify probable benefits for different sectors, he said.
Muneem said that the revenue board was now working to establish digital integration with city corporations and the Bangladesh Road Transport Authority to get taxpayers’ data from the agencies for bringing people having taxable income under the tax net.
The NBR has already signed a memorandum of understanding with the BRTA in this regard and is in the process of doing the same with the city corporations, he said.
The move has been taken to strengthen the collection of taxpayers’ information from secondary sources instead of conducting a door-to-door survey which is problematic and annoying both for taxpayers and tax officials, he said.
At the meeting, the ERF suggested that the revenue board should increase the tax-free income limit for individual taxpayers to Tk 4 lakh from current Tk 3 lakh considering the income and job loss amid the COVID-19 outbreak.
It also suggested that the NBR should bring necessary reforms in the tax administration to facilitate trade and investment and smooth services to taxpayers.
The Forum also recommended formation of a public-private committee to solve complexities related to the issuance of statutory regulatory orders and clarifications of budgetary measures proposed in the budget.
It also demanded imposition of penalty in addition to regular tax for legalisation of undisclosed money instead of offering tax benefit for the purpose.
NBR member (income tax policy) Alamgir Hossain, ERF president Sharmeen Rinvy and general secretary SM Rashidul Islam, among others, spoke at the meeting.
