NBR investment promotion team embraces reps from pvt sector

| Updated: May 09, 2018 10:27:17

NBR investment promotion team embraces reps from pvt sector

The National Board of Revenue (NBR) has formed an investment promotion team (IPT) comprising public and private sector representatives to frame investment-friendly tax policies.

The 21-member IPT would make recommendations after reviewing fiscal policies relating to income tax, customs and Value Added Tax (VAT).

The NBR recently issued a gazette notification on formation of the 'Investment Promotion Team'.

Sources said IPT's recommendations would be considered while framing the upcoming budget proposal for the fiscal year 2018-19.

However, it will work throughout the year, though it was formed centering the next budget.

The customs wing of the NBR formed the team comprising NBR members for income tax and Value Added Tax (VAT) policy, representatives from Prime Minister's Office, Finance Division, Ministry of Commerce, Ministry of Industries, Bangladesh Bank, Bangladesh Investment Development Authority, Bangladesh Export Processing Zones Authority, Bangladesh Economic Zones Authority, Bangladesh Hi-Tech Park Authority, Public-Private Partnership Authority, Business Initiative Leading Development, Federation of Bangladesh Chambers of Commerce and Industry, Bangladesh Garment Manufacturers and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association, Bangladesh Chamber of Industries, Metropolitan Chamber of Commerce and Industry, and Foreign Investors' Chamber of Commerce and Industry.

The NBR member (customs policy) will head the team while the first secretary (customs policy) will act as member-secretary of the team.

Earlier, two prime investment promotion authorities---Bangladesh Economic Zones Authority (BEZA) and Bangladesh Investment Development Authority (BIDA)---in a pre-budget meeting with the NBR suggested forming an investment promotion forum.

Bangladesh attracted only $2.15 billion in foreign direct investment (FDI) in 2017, 8.42 per cent lower than $2.33 billion in 2016, according to the Bangladesh Bank data.

According to the terms of reference, the team will sit once in every three months and the proposals of the meeting will be sent to the relevant departments of the government.

The team will be able to co-opt members and also invite representatives from different sectors to exchange views.

The team will recommend different measures relating to promotion of both foreign and local investment.

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