The Dhaka Chamber of Commerce & Industry (DCCI) has expressed support for the National Board of Revenue's (NBR) initiative to enhance monitoring and verification of withholding tax deduction and deposit by businesses and financial institutions. The DCCI believes that if properly implemented, this initiative will positively impact overall revenue collection and widen the country's tax net.
Implementation of Section 147(2)
DCCI has stated that the implementation of Section 147(2) of the Income Tax Act, 2023, will play a crucial role in enhancing revenue collection and expanding the tax net. The chamber emphasized the importance of ensuring that compliant businesses are not subjected to unnecessary harassment.
Support for Non-Compliant Businesses
At the same time, DCCI urged the NBR to provide adequate time and fair opportunities for businesses that have not yet achieved full compliance to ensure they meet the necessary standards. The chamber highlighted the need for a constructive dialogue between the NBR and the business community to achieve these goals.
Automation and Digitalization
Dhaka Chamber President opined that effective adoption of automation and digitalization across the country's revenue administration is essential to meet the government's revenue targets and widen the tax net. Such measures are expected to reduce compliance burdens and make the tax system more efficient and transparent.
