NBR to expand tax net for boosting revenue earnings
There will be endeavors in the upcoming budget for fiscal year 2018-19 to expand tax net to boost revenue earnings instead of increasing tax rates, said National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan.
‘Incentives affect revenue earnings . . . yet we are thinking that if incentives are given, investment will increase that will create jobs, help expand exports. Overall trade and industrialization get expedited,’ said Bhuiyan while speaking at a luncheon meeting in Dhaka on Tuesday. Reports BSS.
American Chamber of Commerce in Bangladesh (AmCham) organized the meeting styled ‘National Budget in the evolving graduation of Bangladesh from a Least Developed Country to a developing country’. AmCham president Md Nurul Islam chaired the meeting which was addressed by AmCham vice-president Shadab Ahmed Khan.
NBR chairman said Bangladesh has no alternative to increase local and foreign investments to be a developed nation finally. The government is encouraging foreign investment to strengthen industrialization, he said, adding that the NBR is planning to take some positive steps in this regard during preparing the next budget.
Mentioning that using of Electronic Cash Register (ECR) machine will be made mandatory for all business establishments to check dodging of Value Added Tax (VAT), he said many businesses collect VAT from people but do not deposit the money properly to government exchequer. Those businesspeople consider the collected VAT as profits, he said and urged them to desert such mentality.
He said that the NBR had tried to make the use of ECR machine mandatory in the past but it failed to do so. Now NBR is adamant in this regard and every business house must have ECR machine, he added.
AmCham president Nurul Islam proposed to cut corporate tax to increase investments in the country.