The Institute of Chartered Accountants of Bangladesh (ICAB) today said that the proposed budget for FY24, especially overall Annual Development Outlay (ADP) of Taka 2,77,582 crore, is an encouraging step towards pulling ahead Bangladesh despite the onslaught of the Russia-Ukraine War, uptrend in price of essentials and the global uncertainties.
The institute also welcomed the move of the National Board of Revenue (NBR) to make the minimum Taka 2,000 tax for every TIN holder who is below the taxable income.
The ICAB leaders told a post-budget press conference held at the CA Bhaban at Kawranbazar in the capital.
Moderated by ICAB taxation and corporate laws committee chairman M Humayun Kabir, ICAB CEO Shubhashish Bose gave the address of welcome while Snehashish Barua highlighted various income tax, customs and VAT related issues in the proposed budget through multimedia presentation.
M Humayun Kabir said that minimum tax is not a new concept. He said that there are many bank deposit holders who do not submit their returns, but tax at source is being deducted from their bank interests. He opined that the move will increase the number of taxpayers and thus help to widen the tax net.
ICAB president M Moniruzzaman said that transparency and accountability of the financial sector would increase if the DVS system of the NBR is implemented properly. Side by side, it will also contribute to tax reforms, improving the tax-GDP ratio and mobilizing more revenue collection.
He also suggested the government for taking more steps to widen further the tax net.
The ICAB leaders at the press conference also welcomed a number of proposals in the budget including that of the introduction of carbon tax which would help protecting the environment and thus reduce the number of vehicles alongside promoting public transports.
Mohammad Yasin Mia, Lutful Hadi, Mohammad Forkan Uddin, Maria Howlader, Mahbub Ahmed Siddiqui and Momena Hossain Rupa were present, among others, at the press conference.
Source: Bangladesh Sangbad Sangstha