Chief of the country's apex trade body Md Jashim Uddin on Monday urged the tax authority to reduce the number of items from tax deduction at source as it creates capital shortage of businesses.
In a webinar, organised by SMAC HRS LTD in association with Tax Zone-6, to popularise e-TDS system, the Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) president said TDS could be imposed on salary, interest, fees and dividend only.
He also urged the National Board of Revenue (NBR) to arrange adequate training for the business before implementation of such automated system.
Zareen M. Hosein, Chairman of SMAC HRS Ltd, in her welcome speech gave brief introduction about SMAC HRS Ltd on its payroll solution and tax awareness programme.
Tax officials involved in e-TDS system gave a detailed live presentation on the system to approximately 650 participants who joined the discussion.
SMAC IT Ltd also gave a short presentation on Taxdo, a software device for online return filing and its features.
During the panel discussion Tahrin Aman, President, NCCI, appreciated the initiative as this will reduce cost of doing business for Bangladeshi companies.
Nurul Kabir, Executive Director of Foreign Investors Chamber of Commerce and Industry (FICCI) emphasised on bringing all banks under a Challan system to make it fully automated and bring down the manual filing of TDS return.
Mr. Shahadat Hossian, FCA, thanked the NBR for bringing such a system after introduction of DVS in partnership with Institute of Chartered Accountants of Bangladesh (ICAB).
He said this will reduce the burden of accountants to a great extent.
He urged the NBR to develop a comprehensive integrated IT system which will have a long-term strategy.
"The whole NBR operation requires automation so that audit selection, assessment, appeal, tribunal processes are automated gradually. NBR also needs to integrate with other government, semi government association so that information can be automatically linked with ETIN holder," he added.
He also emphasised on deployment of IT specialist and adequate fund allocation in budget for hardware, software and its maintenance.
Mr Pradut K. Sarker said that provision for online tax payment is already part of the law and initiative has been taken to legalise the usage of eTDS.
NBR will set up call center and are in the process of developing integrated online system, he informed.
Snehasish Barua, FCA, Director of SMAC HRS Ltd moderated the session.
The question-and-answer session was moderated by Jahid Hasan, Commissioner, Tax Zone 6.
The one-hour long Q&A session addressed lot of question on the system and the officials promised to amend it wherever needed for the purpose of business as per Bangladesh tax regulation.
