The National Board of Revenue is contemplating to keep suspended audit of income tax files for some periods to its impact on revenue collection following allegations by the taxpayers against the audit process, said its chief Md Nojibur Rahman on Thursday.
‘We are getting allegations from the taxpayers including business people about the audit process and the revenue board is working to minimise the grievance of taxpayers,’ he said at a members’ conference of the Institute of Chartered Accountants of Bangladesh held at its auditorium in Dhaka.
Revenue collection may not be affected by the decision, if taken, as the taxpayers are paying taxes, he said.
The ICAB arranged the conference on changes in income tax brought by the Finance Act-2017.
Nojibur, also the senior secretary of the Internal Resources Division of the finance ministry, said that income tax wing would finalise the draft of the new Income Tax Act in Bengali language incorporating the international best practices and making the law easy and taxpayer friendly by this month as per directives of the cabinet.
The draft will publicly be circulated in October seeking stakeholders’ opinion on the law, he said.
He also said that the law would be placed before the cabinet by January next year so that the law can be passed by the parliament in July 2018.
‘We will pay our attention on implementation of the direct tax law or income tax law as implementation of the new VAT has been deferred until 2019,’ he said.
New VAT law was supposed to come into force from July this year.
The revenue board is also working on formulating the new Customs Act to facilitate business and industry, he said.
The NBR has also taken a set of initiatives to increase tax net and revenue mobilisation from domestic sources.
Field level income tax offices are arranging ‘income tax camp’ to reach the potential taxpayers’ doorstep to bring them under tax net, Nojibur said.
NBR members Parvez Iqbal, Jahangir Hossain, Lutfor Rahman, among others, spoke at the programme presided over by ICAB president Adeeb H Khan.
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