FBCCI for VAT, tax to be reflected in budget

The Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) wants business community’s proposals relating to value added tax (VAT), import duty and income tax to be reflected in the upcoming national budget.

The body’s desires came up at a discussion meeting between FBCCI and NBR held on Thursday at FBCCI Conference Centre in the city.

FBCCI also wants business friendly and hassle free revenue system to contribute properly in the development process of the country.

Moreover, the business leaders urged the authority of the National Board of Revenue (NBR) to make the revenue collection hassle free.

At the discussion, NBR Chairman Mosharraf Hossain Bhuiyan assured the business community that the import duty and the tax level will be kept tolerable in the next budget.

He also assured of multi layer VAT rate based on different sectors, according to a press release.

Mr. Bhuiyan said that local industry will be protected in the upcoming budget.

However, to achieve government’s target, 40 per cent more revenue needs to be collected, he said.

FBCCI Senior Vice President Sheikh Fazle Fahim, Vice President Mr. Md. Muntakim Ashraf and the Directors of FBCCI also attended.

Former Director of FBCCI Mr. Golam Dastagir Gazi, Birpratik, M.P. and Mr. Md. Siddiqur Rahman, President of BGMEA also took part in the discussion.

It may be mentioned that, FBCCI has started working on preparation of budget proposals for FY 2018-2019, added the release.

Primary proposals on import duty, income tax and VAT are being formulated on the basis of proposals of the member bodies of FBCCI.