Economy
DCCI President Advocates Automation to Boost Tax Revenues
The Dhaka Chamber of Commerce & Industry (DCCI) organized a workshop titled “Income Tax Act 2023: Corporate Tax Challenges and Opportunities” at its headquarters in the capital city. The event, attended by around 60 participants from diverse corporate entities, aimed to enhance awareness among tax professionals regarding the new tax regulations.
DCCI President Ashraf Ahmed addressed the workshop, expressing concern about the relatively low number of taxpayers in Bangladesh. He emphasized that a country with a population of 170 million should ideally have a higher taxpayer base than the current four million.
The workshop focused on familiarizing participants with the intricacies of the Corporate Tax system outlined in the recently enacted “Income Tax Act 2023.” President Ashraf suggested that automating the taxation system could streamline processes, remove obstacles, and ultimately boost tax revenues.
Snehasish Barua, Advisor to the Standing Committee on Customs, VAT, Taxation & NBR Related Issues of DCCI, presented the keynote paper. Wakil Ahmed, Joint Commissioner of Taxes, Tax Zone-15, Dhaka, highlighted the increasing trend of taxpayers utilizing the e-TIN service, with over 4 lakh taxpayers in 2023 compared to 2,50,000 the previous year.
Murad Ahmed, Joint Commissioner of Taxes, Taxes Zone-4, Dhaka, encouraged the business community to utilize e-TDS services. Bapan Chandra Das, Second Secretary of Tax Education, Advertisement, and Tax Legal at NBR, also shared insights during the workshop, which was attended by members of the Board of Directors of DCCI.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
