Home ›› 13 Mar 2023 ›› News
The National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem said that the International Monetary Fund (IMF) has prescribed to ensure e-payment of taxes, VAT and customs in all sectors.
“The IMF came up with the prescriptions for the betterment of our country. The lending agency stress on some issues because we cannot resolve those quickly,” the NBR chief said while addressing a pre-budget discussion organised by the revenue board at its Agargaon office in the capital on Sunday.
“Many issues should be taken into account before preparing this year’s budget. The government has also given some instructions in this regard,” Muneem said, adding that this year, there will be a pressure on the NBR for collecting more taxes ahead of LDC graduation.
Informing that the government has stressed on simplifying the tax collection process, he said, “The simplification requires encouraging foreign direct investments (FDIs), where we are lagging behind from other countries.
Earlier in the discussion, Dhaka Taxes Bar Association proposed the board to provide an opportunity to invest undisclosed money with an aim to encourage capital investment, stop money laundering, create employment and generate more revenue in the future.
Besides, Bangladesh Tax Lawyers' Association proposed to reduce corporate tax by 7.5 per cent in all sectors, considering the impact of ongoing global economic recession due to the Russia-Ukraine war.
Bangladesh Shipping Agents' Association urged NBR to reduce the rate of source tax on shipping agency commission from 8 per cent to 5 per cent.
Association of Mobile Telecom Operators of Bangladesh urged to reduce the minimum tax from 2 per cent to 1 per cent. The organisation demanded to reduce the high rate of corporate tax.
Telecom operators said, “Despite being an essential service, the mobile sector has to pay high corporate tax. The tax rate is 40 per cent for listed mobile operators and 45 per cent for non-listed companies.”
They said, “Instead of separate classification of mobile operators in terms of corporate tax, they should be reclassified in line with other companies.”
Bangladesh Bidi Shilpa Malik Samity demanded to reduce the duty on bidi to Tk 16 from the existing Tk 18.
It also proposed to reduce advance income tax on bidi from 10 per cent to 3 per cent and stop issuing license for making bidi factories without on-site inspection.
