In the last 13 years, the revenue collection of the country has increased eight times. However, the amount of revenue collected is not proportionate with the development. To take the country forward, the NBR will determine the amount of revenue in the budget by ensuring a win-win situation for the businessmen and the government. These issues came up in the 42nd meeting of the Advisory Committee of the National Board of Revenue. Businessmen are a major contributor to the country’s revenue sector. However, they complained that they have to suffer due to the policy and steps of the National Board of Revenue.
The FBCCI, the apex body of businessmen, held talks with the Board of Revenue on Tuesday (22 March) to resolve the issue. At the 42nd meeting of the Advisory Committee of the Board of Revenue, it was demanded that all types of VAT be withdrawn from manmade fibres. Business leaders demanded VAT simplification in importing machines required for the fourth industrial revolution.
At this time, NBR Chairman Abu Hena Md. Rahmatul Munim assured to formulate investment and business-friendly budget in 2022-23 fiscal year. He also said that there are plans to reduce revenue at the retail level.
Finance Minister AHM Mustafa Kamal labelled the country’s revenue collection process as world-class. He hinted at following the direct tax system in the future.
