FBCCI president urges NBR to ease tax payment system

Mentioning Bangladesh will need more revenue after LDC graduation, Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) President Md Jashim Uddin has urged the National Board of Revenue (NBR) to ease the tax payment system to increase revenue collection.

The apex trade body chief made the call during a meeting with the NBR committee on the formulation of perspective plan on infrastructural reform in VAT management, enhancing VAT net, held at FBCCI office in the capital on Wednesday.

“Bangladesh will face some challenges after LDC graduation. Therefore, the country needs to increase its business competitiveness, which requires ensuring best utilization of internal resources, trade and investment friendly tax management and rationalizing tariff, and diversification of export,” Jashim added.

The FBCCI chief also urged NBR to adopt a strategic plan in order to enhance the VAT net and reduce the rate.

Calling for full automation of the VAT system, FBCCI president said NBR has implemented partial automations in VAT payment which cannot minimize the harassment of tax officials.

The convenor of the perspective plan committee and the director general of the Customs Intelligence and Investigation Directorate Dr Md Abdur Rouf informed the meeting that the VAT system should be based on automation, simplification, good governance and physical infrastructure.

“The main aim of the VAT would be the lowest possible single rate and widest possible coverage,” he added.

Presiding over the meeting, FBCCI Senior Vice President Mostofa Azad Chowdhury Babu said the formulation of perspective plan should be participatory, therefore, discussions should be taken place at divisional level.

At the meeting, FBCCI Director Abul Kasem Khan urged for a free mobile app for VAT to smoothen implementation of the automation at the marginal level.

Another FBCCI Director Md Naser said the VAT structure should be based on the home-grown development philosophy which enables the local manufacturers to bloom.

While a third FBCCI Director Dr Nadia Binte Amin suggested setting the VAT rate between zero to five per cent and a VAT code on e-Challan.

Among others, FBCCI Director and President of Narshingdi Chamber of Commerce Md Ali Hossain Shishir, BKMEA Executive President Md Hatem, FBCCI Secretary General Mohammad Mahfuzul Hoque, Advisor Manzur Ahmed and representatives from other trade bodies were also present in the meeting.