Laundered money repatriation

Make tax certificate mandatory: FBCCI

| Updated: June 22, 2022 13:16:17

Make tax certificate mandatory: FBCCI

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) leaders demanded enhancing the tax-free income limit at individual level, withdrawing the newly-imposed taxes on laptop and elevator imports, and making the provision of showing tax certificates mandatory for bringing money from abroad.

They also called upon the government to make duty and tax system investment-friendly and time-befitting from the next fiscal year for the interest of the nation.

The leaders of the FBCCI, led by its president Jashim Uddin, put forward the demands at a meeting with Finance Minister A H M Mustafa Kamal at Bangladesh Secretariat in the capital on Tuesday.

Prime Minister's Private Industry and Investment Adviser Salman F Rahman and Chairman of National Board of Revenue (NBR) Abu Hena Md Rahmatul Muneem attended the meeting, among others.

The apex trade-body leaders said the proposed budget gave waiver on value added tax (VAT), advance tax, tax at source, and import duty to some sectors; but the trade and industry as a whole has been deprived of these facilities.

It has created an uneven situation in trade and business, they noted, and demanded changes in the proposed budget to bring parity in duty and tax among various sectors.

The FBCCI urged the minister to form a trade facilitation division at the NBR by separating revenue collection and revenue policy-related activities.

It also demanded to reform the Customs Act 1969, VAT Act 2012, and Income Tax Ordinance immediately in consultation with the stakeholders - according to the World Trade Organisation (WTO) agreement, rules of the World Customs Organisation (WCO), and the world's best practices.

The apex trade-body also called for taking steps to raise the ratio of direct and indirect taxes to 70:30 from the existing 35:65 to save consumers' interests and maintain continuous growth of productivity.

It demanded listing the enterprises, which cross a certain turnover, in the Large Taxpayers Unit (LTU) automatically as well as setting up LTUs in all large tax zones.

The FBCCI leaders urged the minister for initiating necessary steps to make the alternative dispute resolution (ADR) system effective.

They also demanded to set the highest slab of regulatory duty, supplementary duty, advance income tax, VAT, and advance VAT at 25 per cent for finished goods, fix import duty on printing plate at 1.0 per cent instead of 10 per cent, and keep import duty on raw materials of tyre and tube industry at 5.0 per cent.

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