Business Report :
National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem on Thursday said that the tax net is being widened in the country so that the tax burden is not imposed on a single individual. He also said that the proof for widening the tax net would also be found if the statistics on submitting the income tax returns over the last four years is being analyzed.
Muneem said that the number of income tax returns totaled 37 lakh in the last fiscal year which was 21 lakh in 2020. The number of VAT returns in 2024 is 5 lakh which was 2 lakh in 2020.
The NBR Chairman said this while addressing a pre-budget meeting with the leaders of Chittagong Chamber of Commerce and Industry (CCCI) and the businessmen of Chattogram region held at the Bangabandhu Conference Hall of Chattogram World Trade Center in Chattogram today. Presided over by CCCI president Omar Hajjaj, CCCI Vice President Tarafdar Md Ruhul Amin, Bangladesh Ship Breakers and Recyclers Association Vice President Zohirul Islam, C&F Agents Association general Secretary Kazi Mahmud Imam Bilu, Chattogram Fresh Fruits Vegetables Exporters Association president Mahbub Rana spoke on the occasion.
The NBR chairman said that the government has been trying to provide special incentives to the ICT, higher technology, products and services sectors to boost production of high value added products as part of the preparations for LDC graduation.
Besides, he said support is also being provided to heavy industries to discourage the import of luxurious products and to increase production of such products locally.
CCCI president Omar Hajjaj said that there is a need to increase the tax to GDP ratio, but in doing so, it should be considered whether the private sector and the businesses are capable enough to withstand the pressure in such economic condition.
He also proposed for undertaking a plan on how to increase the number of taxpayers without raising burden on the specific taxpayers. The businessmen in the meeting proposed for providing tax exemptions to local trusts and foundations, installing export scanning machines at ports to make export operations uninterrupted, addressing the HS code related problems, not imposing customs fine for minor errors, simplifying audit, bringing down the highest VAT rate at single digit, enhancing manpower and lab capacity at Chattogram Customs.
