Putting due importance on ensuring compliance for overall revenue collection, Finance Adviser Dr Salehuddin Ahmed on Tuesday urged all concerned to pay tax and VAT accordingly to participate in nation building and thus avail the various services.
The Finance Adviser was addressing a seminar marking the 'VAT Day and VAT Week 2024' held at the NBR Bhaban in the capital's Agargaon area. The slogan of this year's VAT Day is "VAT Dibo Jone Jone, Ongsho Nibo Unnoyone."
Presided over by National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan, Finance Division Secretary Dr Md Khairuzzaman Mozumder and FBCCI (Federation of Bangladesh Chambers of Commerce and Industry) Administrator Md Hafizur Rahman spoke as special guests on the occasion.
NBR Member (VAT implementation and IT) Dr Md Abdur Rouf gave the welcome address while NBR Member (VAT Policy) Mohammad Belal Hossain Chowdhury made a power-point presentation on the various aspects of VAT.
Stressing that all citizens should have to pay tax according to their ability, the Finance Adviser said otherwise the country's people would not get the desired services uninterruptedly.
He said through paying tax and VAT, the taxpayers would get social benefits and other indirect benefits like various social services from the government although in some cases those could not be available instantly.
Citing that citizens of the North European and Scandinavian countries comparatively pay higher tax to avail various improved services, Dr Salehuddin said all concerned in this regard would have to be more conscious while the services would have to be improved further.
"The biggest thing is ensuring compliance...Some may dodge tax and VAT in the short-run, but eventually the next generation will suffer. We'll have to pay tax to ensure the country's development," he said, asking the NBR officials to be more vigilant in enforcing the concerned laws, rules and regulations.
Turning to the issue of the country's low tax to GDP ratio, the Adviser said that considering the LDC graduation, the country would have to come out from the trend of providing various protections like tax rebates and incentives to the various sectors.
"Otherwise, we won't become competitive," he added.
He also directed the revenue board officials to become more friendly and rationale in realizing tax and VAT side by side considering the grievances of the affected businesses as well as not to realize tax by force.
Finance Secretary Dr Md Khairuzzaman Mozumder said although the NBR accounts for realizing around 85 percent of the government's total revenue, but the tax to GDP ratio is still low.
Citing that the revenue board is facing a big challenge of boosting revenue collection, NBR Chairman Md Abdur Rahman Khan noted that there is much more scope to raise VAT collection through strict enforcement of laws, rules and regulations.
FBCCI Administrator underscored the need for creating a 'tax culture', consciousness and proper mindset to pay tax and VAT.
Former FBCCI Directors Md Abdul Haque and ASM Kamaluddin also spoke on the occasion from the business community.