1.16cr people have ability to pay tax: NBR04 December 2022
Staff Reporter :
The National Board of Revenue (NBR) is planning to introduce 'One Time TIN' system so that non-TIN holders can get different government facilities.
NBR officials said many people have Tax Identification Numbers (TINs) without having taxable income, but the submission of their return is mandatory every year to get 38 types of facilities.
Making the procedures ease, the revenue board is planning for providing the one time TIN system, they said.
It will also help the one time TIN holders to remain out of the return submission obligation, they added.
NBR officials also said at least 11.6 million people in the country have the ability to pay taxes but many of them don't pay taxes.
Around 2.5 million TIN holders filed their returns in the last fiscal year but a major portion of them has no taxable income. It is a burden for the individuals to file their returns every year, they said.
Speaking at workshop on Saturday, Mohammad Jahid Hasan, NBR Member (Tax Information Management & Services), said, "We are working on issuing one time TIN system so that non-TIN holders also can get different facilities."
The workshop on "Customs, VAT and Income Tax management" was organized by Dhaka Chamber of Commerce & Industry (DCCI) at its office in the capital.
The event was organized with an aim to let the business community aware of different changes in the customs, VAT and Tax related issues in the budget.
Jahid also said that businessmen are the partner of the NBR and it is relentlessly working on reforms and modernization of various regulations to ease business.
"NBR is trying to ensure automation for customs, tax and VAT system so that people can easily access the services hassle free," he said.
He also urged on ensuring compliance in the books of accounts to reduce litigation.
DCCI President Rizwan Rahman said that considering various needs and urgency, government sometimes has to make few changes in the finance bill, VAT and Tax system through SROs and as an entrepreneur a businessman has to have a clear knowledge on these issues.
He also informed that they have seen a few changes like increasing cash transaction limit, mandatory return submission for 38 categories, central VAT registration system, 5 per cent VAT exemption on locally produced chemical, VAT increase for importing computer accessories, TAX and VAT exemptions for safeguarding local businesses etc.
The business community should have knowledge of these changes to maintain their books of accounts, he added.
Urging the NBR to increase the tax net, DCCI Senior Vice President Arman Haque said that there should be a harmony between the tax payers and tax collectors.