Tax automation will generate more revenue: DCCI president

The implementation of the automated taxation system will help reduce hindrances and boost tax collection, the President of Dhaka Chamber of Commerce and Industry (DCCI) Ashraf Ahmed has said.

"In Bangladesh, the number of taxpayers is lower than expected. A country having 170 million people should not have only around 4 million taxpayers," he said at a workshop on "Income Tax Act 2023: Corporate Tax challenges and opportunities" at the DCCI on Saturday.

Around 60 participants from various corporate houses took part in the workshop. 

In his speech, the chamber president further said the workshop is designed to improve awareness among the tax professionals in line with the "Income Tax Act 2023", especially to gain a thorough understanding of the details of the corporate tax system.

He added that few initiatives have been taken that would make it easier for businesses to submit their returns. The collection of source tax in accordance with clause 163(2)B, which establishes Advance Income Tax as the minimum, results in an effective increase in the corporate tax rate.

At the workshop, the keynote paper was presented by Snehasish Barua, adviser, Customs VAT, Income Tax and NBR Related Standing Committee of DCCI. 

Wakil Ahmed, joint commissioner for taxes of Tax Zone-15 in Dhaka, said in 2023 more than 4 lakh taxpayers paid their taxes through e-TIN service, and the number was only 2.5 lakh last year. 

Murad Ahmed, joint commissioner for taxes of Tax Zone-4 in Dhaka, requested the business community to use the e-TDS system more. 

Bapan Chandra Das, second secretary tax legal at the NBR, also spoke on the occasion, and the members of the DCCI Board of Directors were also present.