Staff Reporter :
The Bangladesh Women Chamber of Commerce and Industries (BWCCI) demanded Tk 200 crore of budgetary allocations for the woman entrepreneurs, who have affected by the ongoing Covid-19 pandemic.
Claiming that the women entrepreneurs are passing through a difficult time due to the fall out the Covid-19 pandemic, Selina Ahmed, President of the BWCCI, placed some specific proposals for the welfare of the entrepreneurs.
The proposals are tax and VAT exemption for new women entrepreneurs for the first three years of starting a business, reduction of new trade license and renewal fees by 50 per cent, allocation of loans, out of stimulus packages, at the rate of four per cent interest for the victimized women entrepreneurs of the SME sector in the upcoming 2021-22 fiscal budget.
Besides, VAT exemption on sales in showrooms which are conducted by the women entrepreneurs, proper implementation of the announcement and duty reduction on capital machineries imported by the entrepreneurs, among others, she placed.
She said the BWCCI strongly believes that like the previous year, the government will continue the trend of development of the women entrepreneur this year too by including the proposals in the national budget.
Meanwhile, the Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka, wants fair management of corporate tax rates.
It also demanded for reinstating of VAT-law 2012 instead of VAT-law 2020 as the latest law is very complicated and not business friendly.
Nihad Kabir, President of the leading trade body, placed the demands in a pre-budget discussion at the conference room of the National Board of Revenue (NBR) in the capital. NBR Chairman Abu Hena Md Rahmatul Muneem presided over the discussion, while NBR’s members Md Alamgir Hossain, Syed Golam Kibria and Md Masud Sadik, among others, were present.
Kabir said that the current corporate tax rate is 32.5 per cent but finally it has given by over 50 per cent as tax has been collected in several phases.
Besides, the MCCI suggested halving the tax deducted at source (TDS) on exports, describing it as a disincentive to export growth and tax compliance.
“In reality, the TDS has turned to be an export sales tax rather than tax on anticipated profit on export,” it said.
The MCCI also suggested revising downward the TDS on exports to 0.25 per cent from existing 0.50 per cent for all the sectors and also keeping it unchanged for at least three years.
