Capacity building thru industrialisation required to meet post-LDC challenges

The Chairman of the National Board of Revenue (NBR) Abu Hena Md Rahmatul Muneem said, capacity building through industrialisation is required to meet post-LDC challenges. 

"For the same reason the scope of tax should also be increased and focus should be given to modern industrialisation," he said yesterday at a pre-budget meeting, organised by the Chattogram Chamber of Commerce and Industry at the World Trade Centre in Chattogram.

The NBR is working to increase the scope of taxes, duties and VAT to sustain the increasing GDP growth of the country with the limited number of manpower and to increase the revenue of the government, he said. 

Besides, to strengthen the wings of NBR, various projects is underway, added the NBR chief.

Earlier at 11:30am the meeting started with the chamber's President Mahbubul Alam in chair.

Mahbubul Alam said, "After the payment of advance tax, it takes a long time to adjust and get the refund. This refund should be returned to the businesses as soon as possible."

He also said that in the current situation, business organisations are already suffering from liquidity crisis and added that the refund money can ease the liquidity crunch to some extent.

The Chattogram Chamber's Vice President Syed Mohammad Tanveer said long-term policy should be taken to increase revenue. 

To solve the complexity of determining the price of goods, instead of calculating the duty as a percentage of the value of the commercial imported goods, he proposed to determine the duty of a certain amount according to each HS code.

NBR member Md Masood Sadiq said that the complexity of the HS code will be resolved so that trade is easy and not hindered. 

"Apart from this, NBR will consider the suggestions received regarding customs," he added.

NBR member Zakia Sultana said that to build a smart Bangladesh, the dependence on debt should be reduced. For this, new areas of taxation have to be created.

Business representatives of various sectors also discussed the resolution of HS code complexity, provision of alternative servers, increase in income tax limit for women entrepreneurs, ensuring equal customs duty of the same products at all customs stations among other issues.

First vice president of BGMEA Syed Nazrul Islam, Director of Chattogram Metropolitan Chamber Abul Bashar Chowdhury, former director of the chamber Mahfuzul Haque Shah, senior women chamber Vice President Abida Mostafa, Cox's Bazar Chamber President Md Abu Morshed Chowdhury and Rangamati Chamber President Md Abdul Wadud were present among others.