Staff correspondent :

Since taxpayers are not covered under the 100% cashless system, it is not possible for them to keep track of all their expenses. Therefore, Dhaka Chamber and Commerce and Industries (DCCI) has proposed not to make all lifestyle expenses details of taxpayers mandatory in income tax returns. Besides, the organization has demanded duty exemption on several products including automation to increase income tax collection.
The organization raised these proposals in the pre-budget discussion of the National Board of Revenue (NBR) at the Agargaon Revenue Building on Wednesday. NBR Chairman Abu Hena. Rahmatul Munim presided over the meeting.  
Dhaka Chamber has submitted a total of 40 proposals related to Income Tax, Musak and Customs to NBR for the National Budget of 2024-25.
DCCI President Ashraf Ahmed said that as per the definition of income tax, the tax will be paid according to the living expenses of the individual taxpayer based on the income and there is no scope for deduction of expenses. Hence, making it mandatory for individual taxpayers to submit their living expenses may discourage taxpayers from filing returns.
He said that it is difficult for taxpayers to keep track of all these expenses as they have not come under the 100% cashless system.
Besides, the organization has proposed to take short, medium and long term plans for full implementation of National Single Window, conducting fully online based tax return, refund of excess tax to tax payers, cancellation of tax at source in case of foreign loan interest payment, increasing tax net.
Ashraf Ahmed said, according to NBR data, there are about 1 crore tin holders in the country, while about 3.2 lakh taxpayers have paid revenue in the fiscal year 2022-23. He stressed on increasing the tax net to increase direct taxes. 
NBR Chairman Abu Hena. Rahmatul Munim called on the businessmen to inform the NBR if they face obstacles while conducting business and investment activities. On the basis of which NBR will take initiative as always to ensure a business friendly environment through necessary amendments. 
DCCI Senior Vice President Malik Talha Ismail Bari, Vice President Md. Senior officials of the National Board of Revenue including Junaid Ibn Ali were present at the time.

Sharing is caring!