MCCI: Govt, businesses must work together to implement e-TDS

The Metropolitan Chamber of Commerce and Industries (MCCI) has underscored the need for greater automation and improving the cooperation between the government and businesses to properly implement the electronic tax deducted at source (e-TDS) system.

MCCI President Md Saiful Islam made the suggestion at the discussion, titled “Payment of Taxes, Filing of Returns and Compliance with Provisions of Deduction of Tax at Source: Changes Brought by Finance Act 2022,” at the organisation’s office in Dhaka.

The chamber in partnership with Tax Zone 15 of Dhaka, under the National Board of Revenue (NBR), organised the event on Wednesday.

The discussion’s objective was to help everyone understand the importance of the issues relevant to the Finance Act, accurate filing of income tax returns, compliance with the rules of deduction of tax at source, and show the use of the e-TDS system, which automatically settles claims of tax, refund advance income tax and offers taxpayers an automated chalan.

Presiding over the event, Saiful said the global economy is going through a challenging time because of the Covid-19 pandemic and the Russia-Ukraine war. The Finance Act 2022 took all these challenges into consideration.

He praised the NBR for taking MCCI’s suggestion of updating the tax system. “Implementing online and automation systems can save cost and time for businesses.”

He expressed hope for NBR’s cooperation and support in MCCI’s pursuit of extending the validity period of trade and other business-relevant licences to three to five years from the existing one-year timeline.

The joint commissioner of taxes at Tax Zone 15, Wakil Ahmed, said they hope everyone will support the implementation of all pertinent rules and regulations.

NBR Deputy Tax Commissioner Ariful Haque said there is a scope now to update information on the e-TDS platform by the relevant authorities. Savings certificates and bank account interests will also be added to the platform for the deduction.

At the meeting, former MCCI president Nihad Kabir also discussed issues related to the certificates of advance income tax and income tax return submission.