BUILD for making tax measures more business-friendly

Business Initiative Leading Development (BUILD) recently handed over a set of budget proposals to National Board of Revenue (NBR) to make tax measures more business-friendly.
BUILD is a joint initiative of Dhaka Chamber of Commerce and Industry (DCCI), in partnership with Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) and Chittagong Chamber of Commerce and Industry (CCCI).
Out of the total proposals, 18 are on income tax and audit, 21 on VAT, 35 on customs and 16 on simplification of Alternative Dispute Resolution (ADR) policy.
"We have submitted the proposals to NBR Chairman Nojibur Rahman and the NBR high-ups assured us to consider our proposals with due importance," a source of BUILD told The FE Friday.
In case of audit, BUILD favoured a "risk-based audit system" and establishment of "a Good Governance and Integrity Unit" in NBR with a target to ensure clarity and bring transparency in the audit system.
At the same time, BUILD recommended for plummeting time to resolve the cases and a guideline for the taxpayers' so that they understand their blunders ahead of submitting returns.
For proposal on customs, BUILD advocated for simplifying the process of procurement and import of raw materials for domestic industries at the same time support the industries that are producing the same raw materials in the country. The difference between the duty of finished product and raw materials of the same product produced in the country should be justified.
 "It is believed in respect of implementation of new VAT & SD Act. 2012, there are a number of issues can be under vigorous attention before educating taxpayers properly. BUILD also preferred for an extended amount of VAT exempted limit and lower rate of VAT in some areas e.g. health and education," a statement of BUILD said.
It said the proposals were research-based and were presented in corresponding working committees and Private Sector Development Policy Coordination Committee (PSDPCC) at the Prime Minister's Office (PMO).
In respect of income tax, BUILD has underscored broader focus for widening tax network with an aim to reduce the overburden of tax on individual entity which will escalate revenue collection and will necessarily mean increasing tax rates. BUILD has examined that, it is not high time for forcing uniform rate of Corporate Income Tax (CIT) for all types of companies rather going for future study.
In respect of ADR, it proposed to review the role of facilitator and at the same time allowing small entrepreneurs to avail of benefits of ADR. BUILD also advocated for eradicating general bottlenecks in the taxation system, people's apathy towards payment of tax, and sufferings of the genuine taxpayers, developing a good relationship between the taxpayers and collectors, lack of adequate manpower with required expertise, weak tax administration structure in terms of close monitoring and application of fair judgment.
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