The Dhaka Chamber of Commerce and Industry (DCCI) has called on the government to simplify tax procedures to foster better comprehension, ease compliance, and minimize time, effort, and expenses.
“Corporate tax calculations should adhere to accounting standards, and compliant businesses should occasionally receive incentives,” stated Ashraf Ahmed, DCCI President, during a workshop on “Customs, VAT, and Income Tax Management” held at the DCCI office in the capital, according to a press release issued today.
The workshop was organized by DCCI to inform professionals from its member organizations about recent amendments in relevant laws as outlined in the 2024-25 budget.
Prominent Speakers and Insights
The event featured key presentations by Md Zakir Hossain, Commissioner of Customs, Excise, and VAT Commissionerate, Dhaka East; Snehasish Barua, FCA, Adviser to the DCCI Standing Committee on Customs, VAT, and NBR-related issues; and MBM Lutful Hadi, FCA, Vice-president of ICAB.
Ashraf Ahmed emphasized that automation would diminish discretionary measures and curb leakages. He asserted that compliant businesses encounter fewer hassles, adding that a transparent and accountable revenue system would expand the tax base while reducing complications.
Ahmed further highlighted the positive aspects of the VAT Act, Income Tax Act, and Customs Act, urging their practical application.
VAT Act Amendments and Revenue Goals
Md Zakir Hossain clarified that no major changes were introduced in the new VAT Act, but two procedural adjustments were made for the NBR. He acknowledged that to meet increased revenue collection targets, pressure on all taxpayers, including VAT-paying companies, would rise slightly. He encouraged businesses to familiarize themselves with the VAT Act to benefit from existing rebate facilities.
Snehasish Barua noted that the NBR’s revenue collection target for the current fiscal year is Tk4.8 lakh crore, a 17 percent increase from the previous year. He advocated for reducing import duties to stimulate industrialization and economic growth, stressing the need for a sustainable revenue system in light of the country’s economic conditions.
MBM Lutful Hadi urged the government to properly implement the new Customs Act, designed to lower business costs. He underscored the importance of ensuring a sustainable revenue framework.
Workshop Participation and Key Takeaways
Approximately 90 representatives from DCCI member organizations attended the workshop, gaining a clear understanding of the new rules and procedures to aid their respective entities in lawful calculations.
DCCI Vice-president Md. Junaed Ibna Ali, Directors Kamrul Hasan Tuhin, and M. Mosharraf Hossain were also present during the event.
