Dhaka: Government efforts to simplify the processes associated with the cost of compliance in income tax, customs, and VAT are underway, as stated by Md Abdur Rahman Khan, the Chairman of the National Board of Revenue (NBR). He announced these initiatives during a seminar titled ‘Fiscal Issues for National Budget 2025-26 to Foster Economic and Business Growth’ held at a hotel in the capital.
According to Bangladesh Sangbad Sangstha, the seminar was jointly organized by the Institute of Chartered Accountants of Bangladesh (ICAB), the Foreign Investors’ Chamber of Commerce and Industry (FICCI), and the Japan-Bangladesh Chamber of Commerce and Industry (JBCCI). The NBR Chairman emphasized that the upcoming budget aims to introduce simplification measures in tax and VAT laws without reducing tax revenues. He highlighted that these changes would be evident when the next fiscal year’s budget is declared.
Rahman acknowledged that while the government plans to rationalize the tax structure, the outcome may not meet all business community expectations. He reassured attendees that the government is attentive to their concerns. The NBR Chairman also discussed challenges in balancing revenue growth with trade facilitation, despite Bangladesh’s competitive corporate tax rates. To address arbitrary assessments, Rahman mentioned the introduction of monitoring tools to evaluate tax assessment quality, aiming to foster taxpayer confidence.
Efforts to combat tax evasion are also in progress, with the NBR sending notices to non-filers and setting recovery targets for tax offices. Rahman revealed plans for a long-term tax policy framework to minimize abrupt changes and announced the launch of an online export-import tax portal for increased transparency.
ICAB President Maria Howlader and other industry leaders at the seminar highlighted the necessity for predictable tax policies, digitalization, and structural reforms to create a business-friendly environment. FICCI President Zaved Akhtar stressed the importance of an integrated tax system and policy stability to enhance revenue collection and transparency.
The seminar also addressed the economic challenges facing Bangladesh, with speakers advocating for decisive fiscal and monetary actions to manage inflation and attract investment. Attendees included key stakeholders from various sectors, embassies, and industry representatives.