Universal self-assessment files will be scrutinised on basis of allegations: Mazid
FE Report | Wednesday, 13 August 2008
National Board of Revenue (NBR) Chairman Muhammad Abdul Mazid said Tuesday universal self-assessment files will be scrutinised on the basis of specific allegations.
The government last year cut discretionary power of taxmen in respect of auditing universal self-assessment tax files. Only 10 per cent of those files could be audited with the permission of the board.
The government introduced the system in the last fiscal under which around 0.23 million taxpayers paid tax worth Tk 1.71 billion.
"In case of any specific allegation the revenue board will audit those files. The board recently launched investigation and crackdown on jewellery shops and vehicle traders," the NBR chair said.
The NBR chair made the comments at a luncheon meeting organised by France-Bangladesh Chamber of Commerce and Industry (CCIFB) at a city hotel.
President of the Chamber Alamgir M Rahman delivered the vote of l thanks at the function.
CCIFB director Rifat Rashid, vice-president Dhruv Pant and deputy trade commissioner at the economic department of French embassy Sophie-Clavelier Khan were present on the occasion.
Responding to a question on calculation of gross profit (GP), the NBR chief said a committee is conducting a study whether the procedure of calculating GP needs further review.
He said a move to merge income tax and VAT department is under consideration of government.
He said the government has already merged the two large taxpayers unit under income tax and VAT department.
Last year, the NBR introduced 15-digit unified number merging TIN and business identification number (BIN) to ensure exchange of information between income tax and VAT department.
His comments came after Patrick Branco, first counsellor of French embassy in Dhaka, narrated the move of his government on merger of income tax and VAT department for introducing modern tax administration.
Mr. Patrick appreciated the NBR's effort to surpass the revenue target by Tk 13 billion in the just concluded fiscal.
The NBR chairman said the government has adopted a 'taxpayer friendly' policy to motivate people for payment of tax.
The revenue board is also taking initiative to form a consultative committee under public-private participation to seek advice on fiscal measures like Better Business Forum (BBF) and Regulatory Reforms Commission (RRC).
The gap between taxpayers and taxmen could be minimised with the co-operation of both sides, he said.
He said at least 20 million people should have TINs, but there are only 2.2 million TIN holders a country of nearly 150 million population.
Responding to a query on simplifying licencing procedure for freight forwarders, the NBR chief said: "The revenue board is contemplating simplifying procedures for existing freight forwarders."
The government last year cut discretionary power of taxmen in respect of auditing universal self-assessment tax files. Only 10 per cent of those files could be audited with the permission of the board.
The government introduced the system in the last fiscal under which around 0.23 million taxpayers paid tax worth Tk 1.71 billion.
"In case of any specific allegation the revenue board will audit those files. The board recently launched investigation and crackdown on jewellery shops and vehicle traders," the NBR chair said.
The NBR chair made the comments at a luncheon meeting organised by France-Bangladesh Chamber of Commerce and Industry (CCIFB) at a city hotel.
President of the Chamber Alamgir M Rahman delivered the vote of l thanks at the function.
CCIFB director Rifat Rashid, vice-president Dhruv Pant and deputy trade commissioner at the economic department of French embassy Sophie-Clavelier Khan were present on the occasion.
Responding to a question on calculation of gross profit (GP), the NBR chief said a committee is conducting a study whether the procedure of calculating GP needs further review.
He said a move to merge income tax and VAT department is under consideration of government.
He said the government has already merged the two large taxpayers unit under income tax and VAT department.
Last year, the NBR introduced 15-digit unified number merging TIN and business identification number (BIN) to ensure exchange of information between income tax and VAT department.
His comments came after Patrick Branco, first counsellor of French embassy in Dhaka, narrated the move of his government on merger of income tax and VAT department for introducing modern tax administration.
Mr. Patrick appreciated the NBR's effort to surpass the revenue target by Tk 13 billion in the just concluded fiscal.
The NBR chairman said the government has adopted a 'taxpayer friendly' policy to motivate people for payment of tax.
The revenue board is also taking initiative to form a consultative committee under public-private participation to seek advice on fiscal measures like Better Business Forum (BBF) and Regulatory Reforms Commission (RRC).
The gap between taxpayers and taxmen could be minimised with the co-operation of both sides, he said.
He said at least 20 million people should have TINs, but there are only 2.2 million TIN holders a country of nearly 150 million population.
Responding to a query on simplifying licencing procedure for freight forwarders, the NBR chief said: "The revenue board is contemplating simplifying procedures for existing freight forwarders."