FDI should be taken into account in new tax law: FICCI president

Foreign investment should be prioritised when passing the new tax law as it is crucially needed at this time, Foreign Investors Chamber of Commerce and Industry (FICCI) President Naser Ezaz Bijoy said today.

"Although certain elements of the newly proposed income tax law in the Parliament are businesses-friendly, there are some provisions that will raise the expenses for businessmen," he said at a discussion session in the capital on Sunday (11 June).

The discussion titled "The salient features of the new income tax act and highlights of the finance bill" was organised by the Snehasish Mahmud and Company (SMAC) Limited at a city hotel.  

Speaking at the discussion, Naser Ezaz requested the government to consider increasing the existing minimum tax on the annual turnover of beverages from 0.6% to 5% and imposing tax on interest on foreign loans.

He also said any changes into the law should be made with prospective effect instead of retrospective effect.

The new Income Tax Act was tabled in the parliament on 8 June. The law is expected to be passed in the current parliament session. 

Speakers at the event emphasised on digitisation of NBR and integrated tax system. 
Snehasish Barua, partner, SMAC, presented the main article on the recommendations of changes in the Income Tax Act and the proposed budget. 

He highlighted the positive and negative effects of these changes on businessmen and individual taxpayers.

Among others, former NBR member Apurba Kanti Das, partner of SMAC Zareen Mahmud Hosein and Sukanta Bhattacharjee spoke at the discussion.