Workshop on Customs, VAT and Income Tax management held at DCCI

Dhaka Chamber of Commerce & Industry (DCCI) held a workshop on "Customs, VAT and Income Tax management" Saturday (3 December). 

The workshop was organized with the aim of letting the business community be aware of different changes in the customs, VAT and Tax related issues in the budget, said a press release. 

At least 11.6 million people in our country have the ability to pay taxes but the reality is known to all, said Mohammad Jahid Hasan, Member, Tax Information Management & Services, National Board of Revenue (NBR) in his speech as chief guest. 

He also said that businessmen are the partner of NBR and NBR is relentlessly working on reforms and modernization of various regulations to ease business. Last year only 25.3 lakh taxpayers submitted their returns out of 8.3 million TIN holders which is unsatisfactory. 

Mohammad Jahid Hasan also said that NBR is trying to ensure automation for customs, tax and VAT systems so that people can easily access the services hassle-free. 

He also urged ensuring compliance in the books of accounts to reduce litigation. NBR is also working on issuing "one time return" system so that non-TIN holders also can get different facilities.      

DCCI President Rizwan Rahman in his welcome remarks said that considering various needs and urgency, the government sometimes has to make a few changes in the finance bill, VAT and Tax system through SROs and as an entrepreneur a businessman has to have a clear knowledge of these issues. 

He noted that in FY2022-23 we have seen a few changes like increasing cash transaction limit, mandatory return submission for 38 categories, central VAT registration system, 5% VAT exemption on locally produced chemicals, VAT increase for importing computer accessories, TAX and VAT exemptions for safeguarding local businesses etc. The business community should have knowledge of these changes to maintain their books of accounts, he added.