Automation of tax collection will ease taxpayers’ hassles while filing their income tax returns and this digital process will also help the revenue board increase its overall tax collection.
Dhaka Chamber of Commerce and Industry (DCCI) president Md Sameer Sattar made the remarks at a workshop on “Personal Income Tax & Tax Return” organised by DCCI recently.
In new Income Tax Act-2023, he said, there are many positive changes that are helpful for taxpayers like reducing submission of reports from 29 to 12 now, simplification of law on adjustment of loss, and provision of self-assessment method etc.
People should be aware of this new act and this workshop arranged by DCCI would help the participants understand different aspects of new Income Tax Act-2023 in details which would also help businesses to be more compliant, he added.
Snehasish Barua, director, SMAC IT Limited and adviser, Customs VAT, Income Tax & NBR Related Standing Committee, DCCI presented a detailed paper on the topic.
During his presentation, he focused on various aspects of personal income tax payments and guided the participants of the workshop about how to calculate their income tax properly and submit them accurately.
He also highlighted return submission procedures, refund guidelines, perquisite, share-based payment, admissible deduction, income from business, rent, capital gain, and financial assets, surcharge issues, tax liability, delay in filing returns etc.
NBR member (Taxes Appeal & Exemption) Md Iqbal Hossain who was present as the guest of honour said that new Income Tax Act 2023 aims to make the tax return process easier and complication-free. “But there is a need of awareness among taxpayers as this is a new law in place.”
He appreciated DCCI for arranging such workshop to create awareness and knowledge-sharing session with businessmen. By implementing digital automation, Tax Department is trying to establish a relationship of trust and confidence between taxpayers and tax collectors, he added.
Mohammad Humayun Kabir, former president of Institute of Chartered Accountants of Bangladesh (ICAB), stressed the need for widening the tax net for more revenue collection.
He recommended that NBR bring the informal sector into the mainstream in order to widen the tax net in the country. Reasonable tax rate and easier tax submission process will encourage the people to pay tax willingly.
Dhaka Taxes Bar Association president BN Dulal said that tax return submission process is more uncomplicated now than it was few years back as taxpayers can file their own income tax through e-Return, an online platform introduced by the NBR.
Though the taxpayers still find some challenges while filing their returns online due to a lack of proper guidelines, public awareness campaigning throughout the year would help the taxpayers understand this process more easily, he added.
He requested DCCI to hold such workshops frequently for the sake of increased tax collection.
DCCI Vice President SM Golam Faruk Alamgir gave the closing remarks saying that as a responsible citizen, every eligible taxpayer should file their tax returns in time in order to contribute to the development of the country.
DCCI Vice President Md Junaed Ibna Ali and members of the Board of DCCI were also present on the occasion.