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NBR to alter tax rules

Sayeda Akter
The National Board of Revenue (NBR) is set to bring changes in VAT and customs regulations to simplify the taxation system, said the chairman of the board yesterday.
The tax administrator will make public the changes by end-January and present the reform proposals in the budget for the next fiscal year, said Dr Nasiruddin Ahmed.
"We are trying to rationalise the tariff structure and remove anomalies in the taxation system to encourage more taxpayers to submit value added taxes, customs duties and income taxes," he said.
"Now we are revising the VAT Act and the First Schedule of the Customs Act, and will make public the changes on January 27. We hope to present and pass the reform proposals in the next finance bill in June 2010," he added.
The NBR chairman was speaking at a discussion on Complexities in the Income Tax Laws: A Quest for Simpler Taxation', organised by International Business Forum of Bangladesh (1BFB), in Dhaka.
"Modification to the First Schedule of the Customs Act will help simplify customs appraisal, while the reformed VAT structure will help entrepreneurs pay taxes under a sin-
gle VAT registration," he said.
At present a high duty structure is in place for industrial raw materials, which disrupts growth. The board considers revising the present tariff structure for industrial raw materials to make it more pragmatic. Also, it plans to reduce supplementary duties.
The 'First Schedule' of Customs Act includes general rules for interpretation of the Harmonised System Code, which is essential to pay taxes.
"If we can simplify the entire taxation system, it will help increase revenue collection," Ahmed said, adding that the NBR is working to introduce an online tax payment system by next month to upgrade the existing tax returns submission procedure.
"We have signed a memorandum of understanding with International Finance Corporation to initiate the online tax payment system. In this process, the taxpayers will be able to pay tax online from January, " said Ahmed.
"Simultaneously, we are trying to enhance the board's transparency and accountability further by initiating a Digital NBR," he said. "Introduction of an effective online system will also reduce complexities and weaknesses related to' tax at source'."
The NBR chief said they will set up a national data centre to provide adequate information to help taxpayers
avoid hassles.
Dr Mashiur Rahman, economic affairs adviser to the prime minister, said the tax structure should be reshaped to widen the tax net and increase revenue collection.
" If the tax structure gets a new shape, the government will earn more revenue. For example, the government should bring the agricultural sector under the income tax system," he said.
If the farm sector is taxed, the government will earn at least 10 percent to 20 percent more revenue than before, he said.
Speakers at the discussion also stressed the need for taking necessary measures to strengthen the tax administration.
"The government should recruit more people to improve NBR's performances. The tax administration body needs more budgetary allocation and investment to enhance its performance," said Prof Mohammad Ali Ashraf, a lawmaker.
"Tax administration should be computerised and a complete database should be there to help taxpayers get information regarding income and corporate taxes," he said.
MK Anwar, another lawmaker, and Mahmudul Islam Chowdhury, president of IBFB, also spoke at the discussion. sayeda@thedailystar.net