Staff Correspondent
Speakers at a workshop on Monday stressed a proper and transparent VAT collection system for economic development of the country.
They said that businessmen should not be harassed for VAT collection because the businessmen are the main player in generating revenue also for the overall economic development of the country.
Dhaka Chamber of Commerce & Industry (DCCI) organized a workshop on "Value Added Tax and Supplementary Duty Act - 2012" at the DCCI auditorium , Matijheel in city.
DCCI President Osama Taseer presided over the session while Senior Vice President Waqar Ahmad Choudhury and Vice President Imran Ahmed were also present.
Md. Tariq Hassan, Second Secretary, NBR, M. Shafiqul Alam, FCA, Convenor, DCCI's Standing Committee on Custom VAT, Taxation and Snehasish Barua, Tax Consultant, DCCI presented thematic papers on new VAT Act in the workshop.
DCCI President Osama Taseer said that the workshop has been organized to make the business entities aware of the new features of VAT Act 2012.
"NBR targeted to collect Taka 1,23,067crore from VAT in 2019-20 fiscal, he informed. As the VAT Act 2012 replaced with the older one, there are quite a few new features on it and we need to be familiar with these procedures", said Taseer.
Advising the participants to point out the issues to the concern of NBR if any clause or rule is not business friendly, he opined that the businessmen should not be harassed for VAT collection. Md. Tariq Hassan, Second Secretary, NBR said that the present VAT act is more business friendly as well as SME friendly.
M. ShafiqulAlam, FCA, Convenor, DCCI's Standing Committee on Custom VAT, Taxation said that the VAT deduction at source should be maintained properly through VAT Challan. DCCI's Tax Consultant Snehasish Barua called upon the business entities to maintain books and records properly to avail tax exemptions.
DCCI's Senior Vice President Waqar Ahmad Choudhury said from 2012 to 2016, 36% revenue collected from VAT. A proper and transparent VAT collection system is important for country's development. We want to make our business community aware of this new VAT act for their own interest. He also mentioned that DCCI would arrange such awareness workshop more in future.
Around 200 participants from different business houses took part in this workshop.DCCI Directors Alhaj Deen Mohammad, Enamul Haque Patwary, Shams Mahmud, Kh. Rashedul Ahsan former Senior Vice President Alhaj Abdus Salam and former Vice President M Abu Hurairah were also present.