Stakeholders for easy taxation, rate cuts

NBR dialogue on revenue


FE Report | Published: March 03, 2019 23:43:55


Stakeholders for easy taxation, rate cuts

A band of bankers, entrepreneurs and representatives of financial institutions have exhorted the government to make taxation easier and widen the tax net.
They have also called for reducing tax rates to increase revenue collection.
The bankers suggested adopting latest technologies and taking services to customers' doorsteps to make the tax collection process more effective and purposeful.
They made the views at an event styled 'Participatory dialogue on revenue' hosted by Taxes Zone-1 Dhaka under the National Board of Revenue (NBR) at Bangladesh Shilpakala Academy on Sunday.
NBR chairman Md Mosharraf Hossain Bhuiyan was present as the chief guest at the event with Taxes Zone-1 commissioner Nahar Ferdousi Begum in the chair.
Sonali Bank managing director Md Obayed Ullah Al Masud, NBR member Kalipada Halder and Qatar Airways Bangladesh country manager Jayaprakash Nair attended it as special guests.
Mr Bhuiyan said the ratio of tax revenue to the gross domestic product (GDP) in Bangladesh is around 10 per cent, which is lower than many other countries.
Of the country's total population, he said, the number of direct taxpayers is still limited.
"Nearly 2.0 million people pay direct tax, which is a matter of shame," Mr Bhuiyan added.
On the suggestions made at the dialogue, he said an NBR committee is already working to widen the tax net and reduce tax rates for maximum revenue collection.
The NBR chief underscored the need for maintaining transparency by both taxmen and taxpayers.
Mr Masud said there was still a feeling of unease among people about the taxation system here.
He called for introducing home service for taxation through the use of modern technology.
At the event, Crony Group managing director AH Aslam Sunny said the government should consider taxation from a customer's end like a private service provider to help encourage the taxpayers.
Facilitating the domestic taxpaying system is the key to significant progress in the 'ease of doing business' index, he added.
Probashi Kallyan Bank managing director Mahtab Jabin said due to tax complexities, excise duty is imposed twice on a depositor's account, much to a taxpayer's discouragement.
"A client has to pay excise duty twice when a fund is transferred from savings account to term deposit account," she mentioned.

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