Thrust on proper, transparent VAT collection system
FE REPORT | Tuesday, 1 October 2019
Speakers at a workshop on Monday stressed the need for a proper and transparent VAT collection system which is important for the country's development.
The Dhaka Chamber of Commerce and Industry (DCCI) organised the day-long workshop on 'Value Added Tax and Supplementary Duty Act-2012' at the DCCI office in the capital.
DCCI President Osama Taseer, Senior Vice President Waqar Ahmad Choudhury and Vice President Imran Ahmed were present at the workshop.
Around 200 participants from different business houses took part in the workshop.
Md. Tariq Hassan, Second Secretary, NBR, M. Shafiqul Alam, FCA, Convenor, DCCI's Standing Committee on Customs, VAT, Taxation and Snehasish Barua, Tax Consultant at DCCI made their presentations on the new VAT Act.
DCCI chief Osama Taseer said that the workshop has been organised to create awareness among the business entities about the act.
As the VAT Act 2012 replaced the older one, there are quite a few new features on it and we need to be familiar with these procedures, the DCCI president said.
He also said that businessmen should not be harassed for VAT collection. He urged the participants to point out the issues to the concerned authorities of the National Board of Revenue (NBR) if any clause or rule is not business friendly.
Md. Tariq Hassan, Second Secretary, NBR said that the present VAT act is more business friendly as well as SME friendly.
M. Shafiqul Alam, FCA, Convenor, DCCI's Standing Committee on Customs VAT, Taxation said that the VAT deduction at source should be maintained properly through VAT Challan.
DCCI's Tax Consultant Snehasish Barua called upon the business entities to maintain books and records properly with the view to availing tax exemptions.
DCCI's Senior Vice President Waqar Ahmad Choudhury mentioned that 36 per cent revenue was collected from VAT from 2012 to 2016.
He said, "A proper and transparent VAT collection system is important for the country's development. We want to make our business community aware of this new VAT act for their own interest".
He also said that the DCCI would arrange such awareness workshop more in future.
DCCI directors Alhaj Deen Mohammad, Enamul Haque Patwary, Shams Mahmud, Kh. Rashedul Ahsan, former senior vice president Alhaj Abdus Salam and former vice president M Abu Hurairah were also present at the programme.