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Wednesday, 22 May 2024
VAT compliance, widening tax net must for easing tax burden: NBR Chairman

VAT compliance, widening tax net must for easing tax burden: NBR Chairman

Staff Reporter

Chairman of National Board of Revenue (NBR) Abu Hena Md Rahmatul Muneem said compliance of corporations is essential for better operations of businesses and VAT collection.

He also called for widening tax net for easing burden on a limited number of tax payers.

The government has taken initiative to bring the entire VAT system under automation to prevent VAT evasion and ensure greater transparency and accountability, he said.
He was addressing the closing ceremony of a two-day workshop on VAT Compliances: Role of CMAs' held at ICMAB Ruhul Quddus Auditorium last (Saturday) night.

FBCCI president Md Jashim Uddin said at the event the government pay attention to businesses so that they can cooperate with the tax collectors.

The workshop was organised by Institute of Cost and Management Accountants of Bangladesh (ICMAB), a concern, ministry of commerce.

Speakers in the workshop said an effective VAT audit system based on integrated audited accounts can play a vital role as a catalyst to the taxman.

A comprehensive reform of the value-added tax (VAT) regime and automation can facilitate it for both taxpayers and businesses, they said.

ICMAB president Md Mamunur Rashid, and seminar and conference committee chairman AKM Delwer Hussain, among others, spoke there.
ICMAB council member and past president Abu Sayed Md Shaykhul Islam presented a theme paper of the event.

ICMAB President said that CMA professionals can create a great impact by putting their expertise to ensure clarity in various economic aspects.

He requested to create more scope for the CMA professionals in relevant fields so that they can give their effort for the development of this country.

He emphasised adding the Cost of Goods Sold statement with company return after getting certification from Cost and Management Accountants. As a result the revenue of the NBR will be increased.

He mentioned that Bangladesh is now an emerging country to invest in South Asia. In that case, the VAT law and regulations should be business friendly.

Three technical papers were presented at the workshop. ICMAB treasurer Md Ali Haider Chowdhury and Mallik Intaqab Ahsan presented a paper on 'VAT and VAT Accounting' in the first technical session. Faruque Sikder presented a paper on 'VAT and Accounts Automation' while customs additional commissioner Kazi Muhammad Ziauddin on 'VAT Reforms' in the second and third technical sessions respectively.

Dr. Md. Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council (FRC); Syed Musfequr Rahman, Commissioner, Customs, Excise and VAT, NBR; Dr. Md. Abdur Rouf, DG, Customs Intelligence and Investigation, National Board of Revenue chaired different sessions.

Md. Mashiur Rahaman ACMA, Joint Commissioner, NBR; Fahmid Wasik Ali FCMA, Md. Shafiqul Alam FCMA attended the technical sessions.


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