Widening tax net is a must for easing the tax burden, says NBR chairman

National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem has said that widening the tax net is a must for easing the tax burden.

He also said that ensuring compliance of the corporations is essential for better operations of businesses and VAT collection.

The NBR Chairman said this while addressing the concluding ceremony of the two-day workshop styled "VAT Compliances: Role of CMAs" as the chief guest at the ICMAB Ruhul Quddus Auditorium in the capital on Saturday.

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) hosted the workshop, reports BSS.

Muneem also said that the government has taken initiative to bring the entire VAT system under automation to prevent VAT evasion and ensure greater transparency and accountability.

FBCCI President Md Jashim Uddin spoke as the special guest. ICMAB President Md Mamunur Rashid, seminar and conference committee chairman AKM Delwer Hussain, among others, spoke on the occasion.

ICMAB council member and past president Abu Sayed Md Shaykhul Islam presented a theme paper of the event.

Speakers at the workshop said an effective VAT audit system based on integrated audited accounts may be introduced where CMAs can play a vital role as a catalyst to the taxmen. A comprehensive reform of the value-added tax (VAT) regime and automation can facilitate it for both taxpayers and businesses.

The FBCCI President suggested that the government should pay much more attention to businesses so that they can cooperate with the taxmen.

ICMAB President said that CMA professionals can create a great impact by putting their expertise for ensuring clarity in various economic aspects. He requested the concerned authorities to create more scope for the CMA professionals in relevant fields so that they can give their effort for the development of this country.

Mamunur emphasized on to add Cost of Goods Sold statement with company return after getting certification from Cost and Management Accountants. "As a result, the revenue of the NBR will be increased,"

He also mentioned that Bangladesh is now an emerging country to invest in South Asia. "In that case, the VAT law and regulations should be business friendly."

Three technical papers were presented at the workshop. ICMAB treasurer Md Ali Haider Chowdhury and Mallik Intaqab Ahsan presented a paper on "VAT and VAT Accounting" in the first technical session.

Faruque Sikder presented a paper on "VAT and Accounts Automation" while customs additional commissioner Kazi Muhammad Ziauddin on "VAT Reforms" in the second and third technical sessions respectively.

Dr. Md. Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council (FRC); Syed Musfequr Rahman, Commissioner, Customs, Excise and VAT, NBR; Dr. Md.  Abdur Rouf, DG, Customs Intelligence and Investigation, NBR Chaired different sessions.

Md. Mashiur Rahaman, Joint Commissioner, NBR; Fahmid Wasik Ali; Md. Shafiqul Alam attended different technical sessions as commentators.