‘Govt to generate internal resource to raise tax GDP ratio’

ICAB leaders at a press conference

Published : 22 Mar 2023 09:18 PM

"According to the Vision Plan 2041, the Government has set a target of raising the tax GDP ratio to 21.9%. The National Board of Revenue has set a target of raising the tax GDP ratio from 7.8% to 9.5% by 2026 through collecting additional revenue of Tk 2.34 lakh crore, although this target is difficult to achieve. There will be no alternative for the government to generate internal resource to increase the tax GDP ratio. 

On the eve of the National Budget 2023-24, the Institute of Chartered Accountants of Bangladesh (ICAB) presented these proposals to the National Board of Revenue (NBR), which were also presented before the journalists, later Wednesday in a press conference held at the Institute. 

Chief Executive Officer of ICAB Shubhashish Bose gave a welcome speech at the press conference while ICAB President Md. Moniruzzaman FCA gave a summary of its proposals. ICAB Member Snehasish Barua FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants gave details of ICAB's budget proposal through a powerpoint presentation. 

The question and answer session of the press conference was conducted by Md. Humayun Kabir FCA, Council Member and past President of ICAB and Chairman of Taxation and Corporate Laws Committee, ICAB. 

ICAB Vice President MBM Lutful Hadee FCA, Council Member NKA Mobin FCA, Mohammed Forkan Uddin FCA, Maria Howlader FCA and Chief Operating Officer Mahabub Ahmed Siddiqui FCA were also present.

ICAB's national budget proposals on income tax were on raising revenue and income tax ordinances; reducing discrepancies and loopholes in the laws; and ensuring transparency in the application of the law; Value Added Tax and Supplementary Duties Act; Customs Law; and related regulations.

DST provision is being introduced for digital services of all global companies having presence in Bangladesh. Apart from this, ICAB welcomed the initiative of launching PSR.

Digitalization of tax system and integration of various relevant departments will revolutionize the tax department.

From the filing of the return to the acknowledgment of its receipt, information on tax deducted at source, information on advance tax deduction and unpaid tax will be provided through the process.