Businesses demand tax cuts, conducive business environment
In a meeting with the NBR on Wednesday, the apex body of businesses in the country also sought withdrawal of all kinds of advance income taxes
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has demanded that the National Board of Revenue (NBR) create a conducive environment for existing businesses and reduce taxes in some cases.
In a meeting with the NBR on Wednesday, the apex body of businesses in the country also sought withdrawal of all kinds of advance income taxes.
At the same time, the FBCCI has called for setting up a strong taskforce, comprising NBR officials and business leaders, on existing income tax, VAT (value added tax) and tariff issues to facilitate businesses.
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A FBCCI delegation, led by its president Md Jashim Uddin, sat with NBR chairman Abu Hena Md Rahmatul Munim.
After the meeting, the FBCCI president told The Business Standard that he submitted a recommendation to the NBR on the basis of the demands raised by all chambers and associations of the country's businessmen.
"There is a taskforce between the FBCCI and the NBR, but it has not been effective for a long time. I have talked about strengthening the taskforce. The NBR was positive in meeting our demands," Jashim said.
On the same day, a high-level delegation of garment industry owners also met with the NBR chairman. The Bangladesh Garments Manufacturers and Exporters Association (BGMEA) President Faruque Hassan led the delegation.
At the meeting, BGMEA raised at least 18 demands related to legal amendments, reduction of taxes and duties in the interest of facilitating imports and exports.
The demands include repealing the existing 10% income tax on cash incentives against exports, not changing existing source taxes and corporate taxes against exports over the next five years, not penalising or disrupting businesses owing to an increase in wastage in making knitwear garments from yarn, stopping private inland container depots from levying VAT on exports, and continuing issuing utility permits as before for the supply of goods produced in bond-licensed companies to unlicensed associate exporters.
After the meeting, NBR member (VAT Policy) M Masud Sadiq said, "We have just received the demands of the businesses. The next step will be taken after reviewing those. Procedural complexities that are solvable will be addressed quickly."
