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Workshop on Customs, VAT and Income Tax Management

Dhaka Chamber of Commerce & Industry (DCCI) organized a workshop on Customs, VAT and Income Tax Management at DCCI on 13 July, 2024 to inform various changes in the relevant acts came in the latest budget 2024-25 to the professionals of member organizations of DCCI. Commissioner (Customs, excise and VAT Commissionerate, Dhaka East), NBR Md. Zakir Hossain, Adviser to the DCCI standing committee on Customs, VAT and NBR related issues Snehasish Barua, FCA, and Vice President of ICAB MBM Lutful Hadi, FCA presented the papers.

DCCI President Ashraf Ahmed urged the government to streamline tax mechanism which will promote better understanding, easier compliance and reduce time, visit and cost. Tax calculation for the corporates should be in line with the accounting standards and to encourage, compliant businesses can be rewarded in some cases. He also said that automation will also reduce discretionary measures and reduce leakages. Regarding compliance, Ashraf Ahmed said that a compliant business entity never face any hassle. A transparent and accountable revenue system will expedite tax net as well as reduce hassle. He also said that there are a good number of positive things in the VAT act, Income tax act and customs act, he therefore suggested to practice those in practical.

Commissioner (Customs, excise and VAT Commissionerate, Dhaka East), NBR Md. Zakir Hossain said that no fundamental changes have been made in the new VAT act, but two changes have been made in regard to the working procedure of NBR. He said that with a view to increasing the revenue collection target, the pressure on all categories of tax payers including VAT paying companies will slightly increase to some extent, but to avail various rebate facilities in the existing VAT act, he requested businesses to have better understanding of the VAT act.

Adviser to the DCCI standing committee on Customs, VAT and NBR related issues and Partner, Snehasish Mahmud & Co. Snehasish Barua, FCA said that the NBR's revenue collection target for the current fiscal year is Tk 4 lakh 80 thousand crore, which is about 17 percent more than the previous fiscal year. He said, in order to expedite industrialization across the country, the import duty should be reduced to boost the economy. He emphasized on ensuring a sustainable revenue system considering the overall condition of the country's economy.

Vice President of ICAB MBM Lutful Hadi, FCA said the new customs act is introduced to reduce the cost of doing business and urged the government to implement the act properly.

About 90 representatives of DCCI’s member organizations participated in the workshop and they have got a clear understanding regarding new changes of rules and procedures that would help their respective organizations to calculate according to the law.

DCCI Vice President Md. Junaed Ibna Ali, Directors Kamrul Hasan Tuhin and M. Mosharraf Hossain were also present at the time.

Published on: 2024-07-14