Automation in taxation system will ensure transparency but VAT should be calculated according to the ratio of product's value addition, speakers said at function on Tuesday.
They also urged to introduce a provision of VAT return submission on a quarterly or half yearly basis, especially for the SMEs.
If the revenue structure is business friendly it will encourage return submission as well as increase tax-GDP ratio, they said, adding online VAT return submission procedures will boost business friendly taxation system in the country.
Dhaka Chamber of Commerce & Industry (DCCI) organised e-BIN Registration Workshop to create awareness among the businessmen at DCCI Auditorium in the capital.
Syed Mushfequr Rahman, project director, VAT Online Project of National Board of Revenue (NBR) urged the business community to register their business entities under 13-digit new Electronic Business Identification Number (e-BIN).
He also said that the last date for registering of e-BIN is November 30, 2019. He also said that the businessmen who are engaged in export, import business must need this e-BIN to open Letter of Credits.
Rahman assured the businessmen that there is no chance of harrassment during e-BIN registration. Those who have 9 or 11-digit BINs registered previously would have to declare it and register for a new 13-digit e-BIN.
DCCI President Osama Taseer in his welcome address said it organised the workshop to create awareness among business people.
