Experts urge for transparent VAT collection system

FT ONLINE

Speakers at a workshop have said a proper and transparent VAT collection system is important for the development of a country.

The Dhaka Chamber of Commerce and Industry (DCCI) organised the workshop on "Value Added Tax and Supplementary Duty Act - 2012" at its office in the city on Monday.

DCCI President Osama Taseer, Senior Vice President Waqar Ahmad Choudhury and Vice President Imran Ahmed were present during the workshop.

Around 200 participants from different business houses took part in this workshop.

Md. Tariq Hassan, Second Secretary, NBR, M. Shafiqul Alam, FCA, Convenor, DCCI's Standing Committee on Custom VAT, Taxation and Snehasish Barua, Tax Consultant, DCCI made their presentations on new VAT Act.

DCCI President Osama Taseer said that the workshop has been organised to create awareness among the business entities about the act.

As the VAT Act 2012 replaced with the older one, there are quite a few new features on it and we need to be familiar with these procedures, the DCCI president said.

He also said that businessmen should not be harassed for VAT collection. He urged the participants to point out the issues to the concern of NBR if any clause or rule is not business-friendly.

Md. Tariq Hassan, Second Secretary, NBR said that the present VAT act is more business-friendly as well as SME friendly.

M. Shafiqul Alam, FCA, Convenor, DCCI's Standing Committee on Custom VAT, Taxation said that the VAT deduction at source should be maintained properly through VAT Challan.

DCCI's Tax Consultant Snehasish Barua called upon the business entities to maintain books and records properly to avail tax exemptions.

DCCI's Senior Vice President Waqar Ahmad Choudhury said from 2012 to 2016, 36 per cent revenue collected from VAT.

He said, “A proper and transparent VAT collection system is important for country's development. We want to make our business community aware of this new VAT act for their own interest”.

He also mentioned that DCCI would arrange such awareness workshop more in future.

DCCI directors Alhaj Deen Mohammad, Enamul Haque Patwary, Shams Mahmud, Kh. Rashedul Ahsan former Senior Vice President Alhaj Abdus Salam and former Vice President M Abu Hurairah were also present at the function.