Economic Reporter :
Dhaka Chamber of Commerce and Industry (DCCI) has proposed increasing the individual tax free income limit to Taka 3.0 lakh from the existing Taka 2.5 lakh and slashing 5 percent corporate tax.
In its 20-point proposals for the upcoming fiscal year (2018-19), the DCCI proposed slashing the rate of surcharge and said surcharge up to net assets of Taka 5.0 crore should be zero and up to Taka 15 crore it should be 10 percent.
DCCI President Abul Kasem Khan placed its recommendations to Chairman of the National Board of Revenue (NBR) Md. Mosharraf Hossain Bhuiyan during a pre-budget discussion meeting on Tuesday.
Khan also proposed for introducing classified tax card like Green Card, Green Plus Card, Silver Card, Gold Card, Gold Plus Card and Platinum Card to encourage taxpayers.
During the meeting, the NBR chairman said it will consider the issue on how the revenue earnings can be increased by slashing tax rates. Mentioning the proposal to lower corporate tax rate, he said the NBR will consider how the corporate tax can be slashed in phases.
Bhuiyan urged businesspeople to pay duty and VAT timely, saying that it is found that many establishments are collecting VAT but not depositing the money at government exchequer.
He said the existing income tax return form will be simplified and committee will soon be formed in this regard.
DCCI President requested the NBR to keep the existing package VAT effective and urged to increase turn over tax limit to TK 10.2 million.
He also said that tax friendly as well as business friendly tax policy will ensure local and foreign investment. He also urged for giving tax free facility in the investment on productive sector, import of capital machineries and also re-investment which will create employment.
Besides the DCCI, the NBR also held pre-budget meeting with financial institutions, banks, Dhaka and Chattogram stock exchanges, SME Foundation and Bangladesh Chamber of Industry (BCI).
Dhaka Chamber of Commerce and Industry (DCCI) has proposed increasing the individual tax free income limit to Taka 3.0 lakh from the existing Taka 2.5 lakh and slashing 5 percent corporate tax.
In its 20-point proposals for the upcoming fiscal year (2018-19), the DCCI proposed slashing the rate of surcharge and said surcharge up to net assets of Taka 5.0 crore should be zero and up to Taka 15 crore it should be 10 percent.
DCCI President Abul Kasem Khan placed its recommendations to Chairman of the National Board of Revenue (NBR) Md. Mosharraf Hossain Bhuiyan during a pre-budget discussion meeting on Tuesday.
Khan also proposed for introducing classified tax card like Green Card, Green Plus Card, Silver Card, Gold Card, Gold Plus Card and Platinum Card to encourage taxpayers.
During the meeting, the NBR chairman said it will consider the issue on how the revenue earnings can be increased by slashing tax rates. Mentioning the proposal to lower corporate tax rate, he said the NBR will consider how the corporate tax can be slashed in phases.
Bhuiyan urged businesspeople to pay duty and VAT timely, saying that it is found that many establishments are collecting VAT but not depositing the money at government exchequer.
He said the existing income tax return form will be simplified and committee will soon be formed in this regard.
DCCI President requested the NBR to keep the existing package VAT effective and urged to increase turn over tax limit to TK 10.2 million.
He also said that tax friendly as well as business friendly tax policy will ensure local and foreign investment. He also urged for giving tax free facility in the investment on productive sector, import of capital machineries and also re-investment which will create employment.
Besides the DCCI, the NBR also held pre-budget meeting with financial institutions, banks, Dhaka and Chattogram stock exchanges, SME Foundation and Bangladesh Chamber of Industry (BCI).
