Many rural businesses out of tax net, says NBR chief

CHATTOGRAM: National Board of Revenue (NBR) Chairman Md. Mosharraf Hossain Bhuiyan said on Thursday "the local industries will get more facilities in the upcoming budget like previous years."

He was addressing a pre-budget discussion with leaders of Chattogram Chamber of Commerce and Industry (CCCI) at the Bangabandhu Hall of World Trade Centre.

The NBR chairman said, "We are doing a lot to provide facilities to the local industry. If we can continue and increase the facilities for local industries, the investors will be interested to invest in the industrial sector."

He also said, "The existing budget of fiscal year 2018-19 has an outlay of Tk 464,000 crore or Tk 4.64 trillion while the size of the next budget will be Tk 5.0 trillion."

"The industrial sector has started its journey with small and medium industries. Now, there are many heavy industries. Our labour cost is very low. Manpower is our main strength and asset. So, it is very nice environment for our industrial growth."

He said, "Our garment industries are going forward very smoothly now. We want to decrease the customs taxes while we want to increase the income taxes also. The loan of the government from the banks is decreasing now. Government is interested in increasing the arena of tax and VAT. Many businessmen in rural areas are still out of the tax net. We want to bring the businessmen of rural areas under tax. All businessmen will be brought under the automation system very soon. We stressed the need for scanning machines at all sea and air ports of the country."

"The industrial sector is contributing 33 per cent of national income. There is more possibility for the industrial sector. So, the government is setting up industrial zones in the country. As a result, the government had been providing huge tax facilities for capital machinery for last 10 years. We don't want to raise the number of cars in Bangladesh, but, we want to increase job opportunities here in the country," he added.

He further said, "Before budget, the government wants to know about the demands of the businessmen. So, we are holding the view exchange meeting with the trade body leaders."

CCCI President Mahabubul Alam delivered the welcome speech at the meeting.

He said, "We have already sent our 44 observations on customs, 44 proposals on income tax."

He urged the NBR chairman to raise the tax-free income limit to Tk 300,000 for women, to Tk 400,000 for 65 years old citizens and Tk 500,000 for freedom fighters.

He demanded a cut in the bank interest rate to a single digit, withdrawal of the weighing scale on the Dhaka-Chattogram highway as there is no weighing-scale on any other highway in Bangladesh.

He also urged the government to ensure the Authorised Economic Operator (AEO) status to the importers and businessmen who are following the rules.

The meeting was chaired by CCCI president Mahabubul Alam. CCCI senior Vice President Nurun Newaj Selim, Vice President Sayed Jamal Ahamed, Director Anjan Shekhor Roy, former director Mahafujul Haque Shah, Chairman of BSRM Ali Hussain Akber Ali, VC of East Delta University Professor Sikandar Khan, President of Chattogram Taxes Bar Association Mohammed Jamal Uddin, UP Chairman Ehasenul Hyder Babul, Chattogram District Shop Owners Association president Salamot Ali, Master Abul Kashem, BGAPMEA's director K H Latifur Rahman Azim, President of ICMA Chattogram Mohammed Moajjem Hossain, Councilor of ICAB Shidhartha Barua, Chattogram Bondor Truck Owners and Contractors Association General Secretary Jahur Ahamod, Inter District Transport Association and Covered Van Owners Association president Chowdhury Jafar Ahamod, Motor Parts Merchant Association President Sayed Omar Faruk, Chattogram Paper and Selofin Merchant Association General Secretary Md Alamgir also spoke, among others.

Besides, NBR members Feroj Shah, Kanon Kumar Roy, Sayed Golam Kibria, Commissioners of Chittagong Tax Zone G M Abul Kalam Kaikobad, Mohammed Mahabubur Rahman, Barrister Mutasim Billah Faruki, Mohammed Helaluddin Sikdar, Chattogram Customs Commissioner Kazi Mostafijur Rahman, Chattogram Customs Excise and VAT Commissioner Mohammed Enamul Haque, Chattogram Bond Commissioner Md Azizur Rahman, Director General Md Shafiqul Islam, CCCI directors A K M Akter Hossain, Kamal Mostafa Chowdhury, Jahirul Islam Chowdhury Alamgir, Md Ohid Seraj Chowdhury Swapon, Sayed Sager Ahamod, Sarwar Jahan Jamil, S M Shamsuddin, Mohammed Abdul Manan and representatives of other trade organisations were present at the meeting.

[email protected]