DCCI urges NBR to avoid harassment in source tax monitoring

The Dhaka Chamber of Commerce and Industry (DCCI) has welcomed the initiative to strengthen the monitoring and verification of tax deduction and deposition at source. However, the business body has urged the National Board of Revenue (NBR) to ensure that compliant business enterprises do not face unnecessary harassment during the process.

In a press release issued, DCCI stated that the effective implementation of source tax deduction, deposition, monitoring, and verification under Section 147(2) of the Income Tax Act, 2023, will boost national revenue collection and positively impact the expansion of the tax net on Monday.

Nevertheless, the trade organization emphasized that this initiative should not exert undue pressure or create harassment for businesses that are already tax-compliant. The DCCI also advocated for providing necessary time and support to enterprises that are yet to achieve full compliance, allowing them the opportunity to align with the regulations.

To achieve the government's revenue collection targets and make the tax system more efficient, DCCI underscored the importance of accelerating automation and the integration of digital technology. This shift, the chamber noted, would enhance transparency and efficiency within the tax administration while reducing unsolicited hassles for the business community.

The organization further stated that both boosting revenue collection and maintaining a business-friendly environment can be achieved simultaneously. To accomplish this, DCCI stressed the need for regular, constructive dialogue between the NBR and the private sector, emphasizing that the government and private entities must work together to foster a culture of tax compliance.