National Board of Revenue (NBR) member (tax information) Mohammad Jahid Hasan has said that at least 11.6 million people enjoy taxable income, but only a small proportion of them, roughly 1 in 4, submitted returns last year.
He said this at a workshop on “Customs, VAT and Income Tax management” organised by the Dhaka Chamber of Commerce and Industry (DCCI) as the chief guest on Saturday. Reports UNB.
He also said that businessmen are the partners of NBR and NBR is relentlessly working on reforms and modernisation of various regulations to ease business.
Last year only 2.53 million people submitted their returns out of the 8.3 million TIN holders which is 'unsatisfactory' to Jahid.
DCCI president Rizwan Rahman in his speech said that considering various needs, the government sometimes has to make a 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.
“We 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 for the fiscal year 2022-23,” he informed.
The business community should have knowledge of these changes to maintain their books of accounts, he said.