Focus on extending tax net to enhance Tax-GDP ratio: ICAB

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 to achieve the fiscal revenue collection target, ICAB leaders said.

The ICAB said this in a press conference for a formal reaction on the proposed budget, held at CA Building at Karwan Bazar in the capital, UNB reports.

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

The ICAB thanked Finance Minister AHM Mustafa Kamal for receiving almost all proposals of the institution on supplementary duty, tax and VAT related issues.

Reduction of the ratio of source tax and its field, tax reduction for specific companies in special rate are appreciated in the proposed budget.

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 variation, which is needed to increase export volume of Bangladesh.

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

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

NKA Mobin FCA, Sabbir Ahmed FCA, Md, Abdul Kader Joarddar FCA, Snehasish Barua FCA, Mahbub Ahmed Siddique FCA, among others, present in the press conference.