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The National Board of Revenue should focus on adoption of automation systems and coordinating with other entities to widen the tax net at the root level to boost revenue generation and minimise the tax burden for regular taxpayers, said stakeholders.
They made the remarks at an event arranged by the National Board of the Revenue on Tuesday marking the National Income Tax Day 2021.
Law minister Anisul Haque attended the event as chief guest and appreciated the moves taken by the NBR for forming a new tax policy and vowed to ensure the necessary support from his ministry.
He also suggested that the revenue board should focus on enhancing directed taxes.
Although the government has offered tax benefits during the Covid outbreak to minimise the economic crisis in the country but which had somewhat impacts on revenue generation, he hoped that the board would smartly handle the situation.
NBR member (tax audit intelligence and investigation) Sams Uddin Ahmed presented the keynote presentation on the role of income tax in reconstructing Bangladesh as a developed country within 2041.
NBR chairman Abu Hena Rahmatul Muneem presided over the event.
The NBR chairman said that the revenue board had been adopting the global standard tax policy aimed at manipulating the import mechanism to minimise the dependence on imports and had also offered facilities to promote local exporters to achieve the Vision 2041.
The revenue board has also identified possible scopes of enhancing the tax net and promoting the tax-to-GDP ratio, he added.
The NBR chairman also added that to promote the ‘Made in Bangladesh’ brand, they had offered tax facilities to make the local industry more productive to meet the demand of local consumers which would play a key role in boosting indirect revenue and reducing the dependency on import.
‘We have also offered several tax incentives to foreigners to promote the “Made in Bangladesh” brand globally,’ he added.
The chairman said, ‘We should ensure income deductions so that we can easily track income generation and reduce tax evasion.’
Federation of Bangladesh Chambers of Commerce and Industry president Jashim Uddin said that attending such an event as a representative of the private enterprises community was a sign of a collaborative approach with government entities that would be playing a significant role in boosting national revenue in the coming days.
He also suggested that the revenue board should widen its tax net at the root level to achieve the tax revenue goal and minimise the burden on regular taxpayers.
He also urged that a transfer audit system and tax relaxation for local enterprises should be offered.
Institute of Chartered Accountants president Mahmudul Hasan Khusru said that the ICAB and the NBR had been jointly working together to bring transparency in the audit data verification system.
He also appreciated the NBR’s moves on adaptation of automation systems that would play a significant role in reducing the nonperformance tax and minimising the risk of transfer pricing crises.
Former ICAB president Jamal Uddin Ahmed attended the event and appreciated the efforts made by tax officials for their roles in the creating a progressive growth in direct income tax generation.
He stressed on enhancing the empowerment of the revenue board and also extending their activities at the district and upazila levels.
He also suggested that the NBR should maintain a minimum 1 per cent growth yearly.
NBR member (policy) Alamgir Hossain said that the revenue board had successfully crossed a 49-year journey and was playing a significant role in the growth of the revenue generation.
He said, ‘We have a roadmap to achieve the milestone of a developed country and also offer tax reduction facilities to more than 55 sectors aimed at promoting domestic goods on the global market.’
(NA)
