He said the tariff policy, tariff rates should not be changed frequently.

Using the database, the NBR can make an estimate about the respective duty rates and prices of the commodities.” “We can determine the duty correctly by strictly abiding by the Tariff Act and consulting the currency exchange rate,” the ICAB president said, adding, “The global market provides all the information on various commodities which can be collected by the NBR to create a database of imported and exported goods. ICAB has proposed to provide special bond facility to facilitate export diversification, and to introduce central bond facility for exporters who are outside the bond facility, he also said. “In order to reduce cost of production and harassment of tax payers, ICAB has proposed to waive advance tax on raw materials used by companies registered for value added tax (VAT) as manufacturers or service providers,” he said. So, in all such cases, tax deduction at source has to be rationalised.

But tax is deducted at source at a high rate in the case of various businesses like import of raw materials and payment of supply charges. Moniruzzaman said presently, the corporate tax rate has been reduced to 27.5%. Firstly, the proposals over increasing revenue and income tax ordinance secondly, about reducing discrepancies and loopholes in the laws and thirdly, the proposals over ensuring transparency in the enforcement of the tax laws. He said our budget proposals over income tax collection are divided into three parts. So, we also have to increase the tax revenue by avoiding unnecessary expenditures.” Observing that unsolicited cost must be cut while collecting VAT and taxes, he said, “Governments of every country adopt a policy called principle of economy, which means avoidance of high expenditure in tax collection process. The digitalisation is needed in all aspects of the taxation system, from return submission to information on tax deducted at source (TDS) and advanced tax reduction,” Moniruzzaman also proposed. A revolutionary change is needed in our tax department to collect taxes smoothly. “However, the tax system of Bangladesh must be digitised to widen the tax net.

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