Dhaka: National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan today hinted that the country’s overall duty structure is likely to be reduced in the days to come. ‘We’re moving towards LDC graduation. We can’t impose duty at will anymore, so we’ll reduce this duty gradually,’ he said while speaking at a pre-budget meeting at the conference room of the Revenue Building in the capital’s Agargaon area today.
According to Bangladesh Sangbad Sangstha, the NBR chairman emphasized the importance of income tax and Value Added Tax (VAT) as key areas for revenue mobilization. He stated that all customs issues should be aimed at facilitating trade rather than focusing solely on revenue collection. The chairman underscored that any duty reduction or imposition is done in the interest of the nation. ‘We’ll not increase duty just to boost revenue collection, it’ll be done for the protection of local industries and for serving the national interest,’ he said.
Md Abdur Rahman Khan also mentioned that the NBR is making efforts to simplify the tax system for taxpayers, assuring that they will not face oppression. He noted that if there is consensus among business entities, the NBR would consider moving towards a single VAT rate. Additionally, he assured that corporate tax rates would be rationalized in the upcoming budget.
On the subject of tax file audits, the NBR chairman revealed that audit selection for income tax and VAT files has been halted until the system is fully automated. Once automation is completed, audit selection will be conducted automatically using artificial intelligence.