Staff Reporter :
The National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem on Wednesday said that NBR’s existing laws would be simplified to bring transparency for the welfare of the businesses.
“NBR is not only a revenue collecting body but it also works to increase the country’s GDP and to find way in order boost our economy,” he said while speaking at a pre-budget discussion with the leaders of the Dhaka Chamber of Commerce & Industry (DCCI) at the NBR’s conference room in the capital.
“NBR is working relentlessly to develop the domestic industries and to create business-friendly environment in order to increase revenue earning sources,” the NBR chief said.
Referring to the DCCI’s proposal industry-friendly, he said, “There are many scopes to revisit the proposals placed by the DCCI and these will be considered in the next budget.”
He further said local industries including home appliance and light engineering sectors will be given importance in the next budget.
Placing a 20-point proposal, DCCI President Riwan Rahman said, “We hope that there are specific directions on ease and business-friendly tax system, enhancement of tax net, inspiration on export diversification and investment-friendly environment will be insured in the budget with a view to recovering the country’s economy,” he said.
The proposals are reduction of corporate tax at the rate of progressive 2.5 per cent, amendment of some articles of income tax law, automation of whole tax system, re-fixation of time limit of refund, imposition tax on annual turnover Tk 4 crore instead of existing Tk 3 crore, exemption of advance tax on raw materials and capital machineries imports.
He also proposed for increasing more five years tenure of the existing VAT exemption on selling jute goods in the local markets for the development of the sector.
Besides, easing the process of getting bonded licence for the entrepreneurs of the rawhide
goods making industry and the tenure of the renewal of the licence need to be at least three years, he said.
Meanwhile, Anwar-Ul Alam Chowdhury (Parvez), President of the Bangladesh Chamber of Industry (BCI), proposed to create special fund for the young entrepreneurs and to form transparent policies to ensure proper distribution of the fund.
He also proposed to provide special tax facilities for the business entity, appointing five per cent labour from the physically challenged and third gender people.
Besides, the investment in research and skill development sector should be tax free, BCI president said.
