FBCCI for VAT net extension to meet revenue requirement post-LDC graduation
He also called for full automation of the VAT system
Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Thursday urged the National Board of Revenue (NBR) to ease the tax payment system to meet the additional revenue required after the country's LDC graduation.
"Bangladesh will face some challenges after the LDC graduation, which is why the country needs to increase its business competitiveness, which requires ensuring best utilisation of internal resources, trade and investment friendly tax management and rationalizing tariff, and diversification of the export basket," he said while speaking as the chief guest at a meeting with the NBR Committee on the Formulation of Perspective Plan on Infrastructural Reform in VAT Management, enhancing VAT net.
The FBCCI Chief urged NBR to adopt a strategic plan in order to enhance the VAT net and reduce the rate.
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Calling for full automation of the VAT system, Jashim Uddin said, NBR has implemented partial automations in VAT payment which cannot minimise the harassment of tax officials.
Presiding over the meeting, FBCCI Senior Vice President Mostofa Azad Chowdhury Babu said the formulation of the perspective plan should be participatory, therefore, discussions should take place at the divisional level.
The Convenor of the Perspective Plan Committee and the DG of the Customs Intelligence and Investigation Directorate, Abdur Rouf informed the meeting that the VAT system should be based on automation, simplification, good governance and physical infrastructure.
The main aim of the VAT would be the lowest possible single rate and widest possible coverage.
At the meeting, FBCCI Director Abul Kasem Khan urged for a free mobile app for VAT to smoother implementation of the automation at the marginal level.
Md Naser, director of FBCCI, demanded that the VAT structure should be based on the home-grown development philosophy which enables the local manufacturers to flourish.
Nadia Binte Amin, director of the FBCCI suggested setting the VAT rate between zero to 5% and a VAT code on E-Challan.
Among the others, FBCCI director and President of Narshingdi Chamber of Commerce Ali Hossain Shishir, BKMEA Executive President Md Hatem, FBCCI Secretary General Mohammad Mahfuzul Hoque, Advisor Manzur Ahmed and representatives from other trade bodies, were also present.
