The tax law may need changes, and the National Board of Revenue (NBR) is ready to incorporate any recommendation proposed effectively by stakeholders, if there is an opportunity to do so.
However, the board may not be able to address every issue.
Speaking as the chief guest, NBR Chairman Abu Hena Md Rahmatul Muneem made the remarks at a programme on “Income Tax Act, 2023” last Friday. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) held the event at the city’s ICMAB Auditorium.
“We faced so many challenges, but we persevered. We tried to make the law user-friendly and easy for everyone to understand,” he added.
Ranjan Kumar Bhowmik FCMA, former member (Tax) of NBR presented a paper on “Income Tax Act 2023” at the programme, while Md Iqbal Hossain, member (Taxes Appeal & Exemption) of NBR attended as a special guest.
Bapan Chandra Das, second secretary of the NBR was there as a discussant.
Bhowmik discussed in short the national budget, features of the new income tax law, changes in the tax rate, wealth surcharge, rebate, new head income, changes at individual tax, corporate tax, tax audit procedure, TDS, TIN de-registration, and electric tax system.
Ex-president of ICMAB Arif Khan FCMA said, “The institute’s members are working in various organisations in distinguished positions, including in the government.
“Many of these members are working with income tax, and helping the government build up the national economy. We have to work on the TAX-GDP ratio as it is a bit low compared to other neighbouring nations.”
In his speech, ICMAB President Md Abdur Rahman Khan FCMA said, “There are so many scopes for the government to take cost accountant services. But these professionals cannot serve properly, and the government has been depriving them of benefits.
“ICMAB’s accountants are equivalent to other professional accountants. Still, we are not considered for serving, though there is a good demand for in different sectors.”
A significant number of ICMA members attended the programme in-person, and many others joined virtually from home and abroad.
