Summary

The specialized unit for large taxpayers of the National Board of Revenue has recently advocated for alternative dispute resolution (ADR) as a means of resolving tax-related disputes for large corporations in the country. The unit has emphasized that opting for ADR can lead to a mutually beneficial outcome for all parties involved. By resorting to this mechanism, large corporations can settle their tax-related disputes peacefully and amicably, ensuring that a fair and equitable outcome is reached. This approach can prove to be advantageous for both the taxpayers and the tax authorities, as it avoids lengthy and costly legal proceedings and promotes a more efficient and effective resolution of disputes.

Content

The government’s tax agency organized a program to recognize the contribution made by 53 large corporations in the government’s exchequer. During the program, LTU Commissioner Mr. Md Iqbal Bahar said that large corporate taxpayers to settle disputes through ADR and clear their undisputed arrears. This request was made at an event held in the capital on Wednesday. 

According to Mr. Iqbal, the Alternative Dispute Resolution (ADR) system has played a significant role in mobilizing an additional Tk915 crore in taxes during the last fiscal year. Mr. Iqbal further emphasized the importance of taxpayers complying with tax laws and maintaining their ‘Proof of Submission of Tax Returns’. Representatives from prominent taxpaying corporations also lauded the ADR system for its ability to settle tax disputes in a relatively short amount of time. The ADR system’s effectiveness, in turn, has contributed to its widespread acceptance among taxpayers and tax experts alike. 

Mr. Md Arif Uddin, the Chief Risk Officer of Grameenphone, has stated that the resolution of cases through Alternative Dispute Resolution (ADR) under the Large Taxpayers Unit’s (LTU) initiatives has been advantageous for both the company and the government. LTU officials have reported that the unit was established in 2003 and has collected Tk25,858 crore taxes in the financial year that ended in June 2023.

Picture and Article Source: The Business Standard