The Institute of Chartered Accountants of Bangladesh (ICAB) on Sunday advocated for the digitalisation of tax administration and structural reforms within the National Board of Revenue (NBR).

Addressing a pre-budget discussion at ICAB Council Hall in Karwan Bazar, ICAB President Mohammed Forkan Uddin highlighted the need for two revenue sources: the Direct Taxes Board and the Indirect Taxes Board.

He stressed the importance of providing logistic support to tax officers to bolster taxpayer numbers.

Forkan Uddin noted that the revised revenue collection target for the current fiscal year is Tk 4.10 lakh crore. With just four months remaining, the collection of over Tk 1.83 lakh crore is necessary to meet this goal, presenting a significant challenge.

He emphasised the need to increase the contribution of income tax to NBR’s revenue collection, which currently constitutes only a small fraction.

Furthermore, ICAB president proposed greater integration between the NBR and other departments to enhance efficiency.

He expressed concern over tax revenue accounting for only 7.8 per cent of the GDP as of the end of 2023, underscoring the need to address irregularities affecting tax collection.

He highlighted the introduction of the Document Verification System (DVS) by ICAB, aimed at preventing tax evasion and boosting government revenue.

ICAB has submitted its budget proposal for the year to the NBR, following a thorough review process incorporating recommendations from esteemed ICAB members.

Forkan Uddin emphasized the importance of prioritizing revenue growth, maintaining consistency in laws, and combating tax evasion.