The Dhaka Chamber of Commerce and Industry (DCCI) organised a workshop on Customs, VAT, and Income Tax Management at DCCI on Saturday, 13th July, to inform professionals from member organisations of DCCI about various changes in the relevant acts introduced in the latest budget for 2024-25.
Commissioner (Customs, Excise, and VAT Commissionerate, Dhaka East), NBR Md. Zakir Hossain, Adviser to the DCCI standing committee on Customs, VAT, and NBR-related issues Snehasish Barua, and Vice President of ICAB MBM Lutful Hadi presented the papers, reads a press release.
DCCI President Ashraf Ahmed urged the government to streamline the tax mechanism to promote better understanding, easier compliance, and reduce time, visits, and costs.
He emphasised that tax calculation for corporations should align with accounting standards and suggested that compliant businesses could be rewarded in some cases.
He also mentioned that automation would reduce discretionary measures and minimise leakages.
Regarding compliance, Ashraf Ahmed stated that a compliant business entity never faces any hassle. A transparent and accountable revenue system will expand the tax net and reduce difficulties.
Ashraf Ahmed also highlighted several positive aspects of the VAT Act, Income Tax Act, and Customs Act, suggesting that these should be practised effectively.
Md. Zakir Hossain, noted that no fundamental changes had been made in the new VAT Act, except for two changes in the working procedure of NBR.
He mentioned that to meet the revenue collection target, the pressure on all categories of taxpayers, including VAT-paying companies, would slightly increase.
However, to avail of various rebate facilities in the existing VAT Act, he requested businesses to gain a better understanding of the VAT Act.
Snehasish Barua stated that the NBR's revenue collection target for the current fiscal year is Tk 4 lakh 80 thousand crore, about 17 per cent more than the previous fiscal year.
He suggested reducing import duties to expedite industrialisation and boost the economy. He emphasised the need for a sustainable revenue system considering the overall condition of the country's economy.
MBM Lutful Hadi said the new Customs Act aims to reduce the cost of doing business and urged the government to implement the act properly.
Around 90 representatives from DCCI’s member organisations participated in the workshop and gained a clear understanding of the new changes in rules and procedures, which will help their respective organisations to comply with the law.
DCCI Vice President Md. Junaed Ibna Ali, Directors Kamrul Hasan Tuhin, and M. Mosharraf Hossain were also present.
