Extend tax net to enhance Tax-GDP ratio: ICAB

Speakers at the ICAB press conference on Post National Budget 2022-23 at the CA building in Karwan Bazar, Dhaka on 11 June, 2022UNB

The Institute of Chartered Accountants of Bangladesh (ICAB) on Saturday in a budget reaction said more initiatives are required to extend the tax net for increasing tax-GDP ratio in the country.

The ICAB and the National Board of Revenue (NBR) can work together to verify company documents on income tax return issues which will help the government achieve the fiscal revenue collection target, ICAB leaders said.

The ICAB said this in a press conference while giving a formal reaction on the proposed budget for the financial year 2022-23, held at CA Building at Karwan Bazar in the capital.

The ICAB thanked finance minister AHM Mustafa Kamal for accepting almost all of their proposals on the institution on supplementary duty, tax and Value Added Tax (VAT) related issues.

Separate policy and regulation for start-up business will attract the generation to start innovative business, said ICAB.

The ICAB leaders also said changing revenue policy for some sectors will encourage export diversification, which is needed to increase Bangladesh’s export volume.

“Input Tax Credit on Business Services Proposal to reduce fines from 100 per cent to 50 per cent and maximum 100 per cent, to perform operations electronically in a bonded warehouse - These topics are up-to-date and business friendly,” said ICAB in the budget reaction.

ICAB president Md Shahadat Hossain FCA, ex-president Md Humayun Kabir FCA and CEO Shubhasish Bose spoke at the function.

NKA Mobin FCA, Sabbir Ahmed FCA, Md Abdul Kader Joarddar FCA, Snehasish Barua FCA, Mahbub Ahmed Siddique FCA, among others, were present.