Cooperation of businesses media crucial for increasing tax collection: Kamal

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Cooperation of businesses media crucial for increasing tax collection: Kamal

BM Report

The Finance Minister, AHM Mustafa Kamal, said on Tuesday that businesses and the media can contribute much to the government’s endeavor to increase collections of VAT and taxes.

“The businessmen are welcoming our endeavors in enhancing and simplifying the system of collecting VAT and other taxes; now we need the media to extend their cooperation in creating mass awareness among people towards paying taxes,” said Kamal.

He was speaking as the Chief Guest at the formal inauguration of the Electronic Fiscal Device Management System (EFDMS), installed and operated by Genex Infosys Limited, a private company.

Presided over by Abu Hena Md Rahmatul Muneem, Senior Secretary and Chairman of the NBR, the function was addressed by Fatima Yasmin, Finance Division Senior Secretary, and Dr. Moinul Khan, NBR Member (VAT Implementation and IT).

Mahbubul Alam, President of the Federation of Bangladesh Chambers of Commerce and Industries, and Shah Jalal Uddin, MD and CEO of Genex, also spoke there. Genex has an agreement with NBR to oversee the implementation of EFDMS and support the collection of VAT.

The finance minister hopes that EFDMS will help expand the pace of revenue collection in the country.

“Countries like Singapore, Malaysia, and Thailand are getting benefits after implementing automated VAT collection systems,  he said. “NBR should have to follow good practices and bring discipline to the collection system.”

The NBR Chairman said that with the current level of manpower, it is not possible for NBR to collect VAT through EFD machines across the country, so it has taken on an outsourcing service partner like Genex.

Finance Secretary Fatima Yasmin said not only tax collections but all financial management would have to be smart to implement ‘Smart Bangladesh’.

FBCCI President Mahbubul Alam said there is no alternative to automation.

“The business community in the country wants to pay VAT and taxes, but we want to do so without any harassment,” he added.

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