WE are now passing through a very tough time for an uncertain period due to the second wave of the Covid-19 pandemic. As a result, businesses and industrial activities may come to a standstill again. The economic impact of this invisible war is likely to be far-reaching and no one knows for sure when the crisis will be over.
With the country in disorder and supply chain being disrupted, some tax policy measures need to be taken on an urgent basis before restoring to long-term policy adjustments. Different countries have adopted a number of tax measures to mitigate the current crisis. These broadly aim at resolving the immediate difficulties of taxpayers, ensuring higher cash flow for the household and businesses, and encouraging investment and consumptions to cope up with the ensuing recession.
Meanwhile, almost every country extended the timeline for filing of returns, giving relief to the taxpayers. And in Asia, India, Sri Lanka, Singapore, Malaysia and Vietnam have considered the taxpayers’ difficulties and extended various return filing deadlines. No interest, late fees or penalties are charged for the small companies while a reduced interest is payable by the others for the late submission.
Unfortunately, we have not seen such initiatives from the National Board of Revenue (NBR) here as yet.
In the light of the global initiatives, experts have suggested that the NBR should form a crisis management team to handle the taxpayers’ concerns and grievances due to the pandemic and provide necessary guidelines. Through fiscal measures, the revenue authorities can help improve the cash flow of businesses. In this context, they said many countries used the deferral tool to help the cash flow constraint.
Like the tax money, the government should initiate talks with respective countries with a view to bringing back thousands of crores of taka laundered abroad and can spend them on education, building and maintaining roads and highways, public transportation and various other welfare programmes in order to provide a better life to the people.
For causing the life of the general public difficult the anti-people bureaucratic advisers are the most efficient persons none can think of. They are leaving country but blame will be borne by the so-called politicians.
