Dhaka Chamber of Commerce and Industries (DCCI) has proposed not to make all living expenses details of taxpayers mandatory in income tax returns. The reason given is that it is not possible for the taxpayers to keep track of these expenses as they have not come under the 100% cashless system. Besides, the organization has asked for duty exemption on several products including automation to increase income tax collection.
The organization made this demand in the pre-budget discussion held at the National Board of Revenue (NBR) on Wednesday (February 14) afternoon. NBR Chairman Abu Hena. The meeting was chaired by Rahmatul Munim and top officials of NBR and the organization were present.
According to the organization, since the income which is considered as income according to the definition of income tax, the living expenses in case of individual taxpayers will be taxed on the basis of return and there is no scope for deduction of expenses. Compulsory filing of individual taxpayers’ living expenses may discourage taxpayers from filing returns.
They also say that it is difficult for taxpayers to account for these expenses as they have not come under the 100% cashless system. Apart from this, the organization has proposed to NBR to take short, medium and long term plan for full implementation of National Single Window, conduct of fully online based tax activities, refund of excess tax to tax payers, cancellation of tax at source in case of payment of interest on foreign loans, increase tax evasion.
SM/MKR/GKS
#Proposal #details #living #expenses #mandatory #returns