Economic Reporter :
A Delegation of Bangladesh Indenting Agents’ Association (BIAA) led by its President M S Siddiqui met the Finance Minister AMA Muhith, MP recently at his Secretariat office in the city, according to a press release.
BIAA President briefed the activities and role of Member-Firms of BIAA in the economic development of the country.
Siddiqui said that the Indentors 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)”. Considering the contribution of Indentors in foreign exchange earnings 15 percent VAT on indenting commission was withdrawn in the financial year 2014-2015.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 2016-2017 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 in foreign currency.
Hon’ble 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.
Sr. Vice-President, Dr. Jaglul A Mozumder, Director A K M Azad, Past-Presidents K M H Shahidul Haque, Obaidur Rahman and Secretary Pankaj Chandra Das were present the meeting.
A Delegation of Bangladesh Indenting Agents’ Association (BIAA) led by its President M S Siddiqui met the Finance Minister AMA Muhith, MP recently at his Secretariat office in the city, according to a press release.
BIAA President briefed the activities and role of Member-Firms of BIAA in the economic development of the country.
Siddiqui said that the Indentors 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)”. Considering the contribution of Indentors in foreign exchange earnings 15 percent VAT on indenting commission was withdrawn in the financial year 2014-2015.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 2016-2017 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 in foreign currency.
Hon’ble 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.
Sr. Vice-President, Dr. Jaglul A Mozumder, Director A K M Azad, Past-Presidents K M H Shahidul Haque, Obaidur Rahman and Secretary Pankaj Chandra Das were present the meeting.
