Business Report :
A delegation of Bangladesh Indenting Agents’ Association (BIAA) led by its President MS Siddiqui met with Finance Minister AMA Muhith, MP, on Tuesday at the latter’s office in the city.
BIAA President briefed the activities and role of Member-Firms of BIAA in the economic development of the country.
The indenters render service to their foreign principals and earn commission in foreign currency against the service they provide. They repatriate their earnings through “Proceeds Realisation Certificate (PRC)” said Siddiqui.
Considering the contribution of indenters in foreign exchange earnings, 15pc VAT on indenting commission was withdrawn in the financial year 2014-2015. As a result, the indentors were highly encouraged to repatriate commission and the volume of repatriation increased tremendously.
But unfortunately VAT on repatriated indenting commission has been re-imposed in the current financial year 2015-2016 which may cause negative impact in repatriation of foreign currency.
President, BIAA requested the Minister for withdrawal of re-imposed VAT on repatriated indenting commission.
Minister gave a patient hearing and assured the delegation that the indenting sector deserves due consideration and necessary steps will be taken to resolve the problem.
Vice-President Syed Tasadeque Hossain (Jahangir), Directors Deepok K Baral, KMN Manjurul Haque, Md Mir Mokshed Ali, Past-Presidents KMH Shahidul Haque, Shahab Uddin Khan, KA Salam and Secretary Pankaj Chandra Das were present as delegation member.
A delegation of Bangladesh Indenting Agents’ Association (BIAA) led by its President MS Siddiqui met with Finance Minister AMA Muhith, MP, on Tuesday at the latter’s office in the city.
BIAA President briefed the activities and role of Member-Firms of BIAA in the economic development of the country.
The indenters render service to their foreign principals and earn commission in foreign currency against the service they provide. They repatriate their earnings through “Proceeds Realisation Certificate (PRC)” said Siddiqui.
Considering the contribution of indenters in foreign exchange earnings, 15pc VAT on indenting commission was withdrawn in the financial year 2014-2015. As a result, the indentors were highly encouraged to repatriate commission and the volume of repatriation increased tremendously.
But unfortunately VAT on repatriated indenting commission has been re-imposed in the current financial year 2015-2016 which may cause negative impact in repatriation of foreign currency.
President, BIAA requested the Minister for withdrawal of re-imposed VAT on repatriated indenting commission.
Minister gave a patient hearing and assured the delegation that the indenting sector deserves due consideration and necessary steps will be taken to resolve the problem.
Vice-President Syed Tasadeque Hossain (Jahangir), Directors Deepok K Baral, KMN Manjurul Haque, Md Mir Mokshed Ali, Past-Presidents KMH Shahidul Haque, Shahab Uddin Khan, KA Salam and Secretary Pankaj Chandra Das were present as delegation member.
