The speakers in the seminar underscored the need for simplifying tax laws and acts.
“To pay tax is holy duty of the people for the welfare of the state and we should build habit of paying tax on regular basis”- they also said.
The speakers suggested that the government should have friendly approaches in collecting tax.
They made the observation in the seminar titled “100 years of Income Tax Law of Bangladesh – Expectations and Achievements” held on Saturday, 26 November, 2022. Minister for planning M.A Mannan was present as Chief Guest.
International Business Forum of Bangladesh (IBFB) hosted the seminar where Chartered Accountant Snehasish Barua, FCA presented the key note paper in the seminar.
“Providing tax is mandatory for running the state in better ways and we all should come forward in this affair”- Planning Minister M.A Mannan said. He said the owner of the state is people and the assistance should come from them in solving fiscal-related problems.
Dialogue and discussions are badly need to solve state-related problems, the minister said and adding that it is possible to overcome fiscal-related obstacles through dialogue.
A wide range of discussion in reforming outdated tax laws is timely demand and the discussion should not be stopped in taking the state ahead- Mannan said.
If revenue earnings are not increased as expected level, the people’s expectations will not come true, he said.
With a view to increasing tax payers, the wall between National Board of Revenue and the tax payers should be destroyed, the Minister quoted.
The minister also said tax exemption practice should be abolished right now for greater interest of the country. “Why tax exemption practice is on the rise in the country is totally unknown to me” – the Minister noted.
The people have to assist the government through paying tax aiming to ensure life standard as well as to see huge infrastructure development like multi-purpose Padma Bridge.
Legal economist and Adviser to Bangladesh Competition Commission MS Siddiqui said that Bangladesh is still practicing injustice in tax affairs. Tax collection method is not improved, Mr. Siddiqui said.
In absence of dynamism in tax law, to increase tax to GDP ratio is impossible- Mr. Siddiqui also said.
Former NBR Chairman Dr. Muhammad Abdul Majid said the economy will see no discrimination if prudential tax law is introduced.
We have to be responsible in paying tax for the wellbeing of the state, he said. IBFB president Humayun Rashid, Managing Director & CEO, Energypac Power Generation Ltd. was present as Chairperson.
Among others A.F. Hassan Ariff, former Attorney General & former Advisor of Caretaker Government, Hafizur Rahman Khan, Immediate Past President, IBFB and Lutfunnisa Saudia Khan, Vice President Finance, IBFB spoke at the event.