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Workshop on “Income Tax Act 2023: Corporate Tax challenges and opportunities”

Dhaka Chamber of Commerce & Industry (DCCI) organized a workshop on “Income Tax Act 2023: Corporate Tax challenges and opportunities” at DCCI on 13 January, 2024. About 60 participants from different corporate houses took part in this workshop.

DCCI President Ashraf Ahmed in his speech said that in Bangladesh the number of tax payers is lower than what can be expected. Country having 170 million people should not have only around 4 million tax payers, he said. He also said that the workshop is designed to improve awareness among the tax professionals in line with the new `Income Tax Act 2023’, especially to know the details of corporate tax system. He also added that automation of taxation system will help reduce hindrances and increase tax. Few initiatives have been taken that would make it easier for businesses to submit their returns, he opined. He further said that the source tax collected according to the clause 163(2)B which makes Advance Income Tax as the minimum, this effectively drives up the corporate tax rate.

The keynote paper was presented by Snehasish Barua, FCA, ACA (ICAEW), Advisor, Standing Committee on Customs, VAT, Taxation & NBR Related Issues of DCCI and Partner, Snehasish Mahmud & Co.

Wakil Ahmed, Joint Commissioner of Taxes, Tax Zone-15, Dhaka said in 2023 more than 4 lakh taxpayers paid their taxes through e-TIN service and the number was only 2,50,000 in last year. Murad Ahmed, Joint Commissioner of Taxes, Taxes Zone-4, Dhaka requested the business community to use e-TDS more.

Bapan Chandra Das, Second Secretary, Tax Education, Advertisement and Tax Legal, NBR also spoke on the occasion and the members of the Board of Directors of DCCI were also present during the workshop.

Published on: 2024-01-13