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FBCCI wants revision of tax and budgetary measures |
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June 20, 2000
Dhaka, (UNB) – Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has urged the government to review certain tax and budgetary measures proposed in the budget for 2000-2001.
“We apprehend that some new measures may cause hindrance to some areas,” FBCCI has said drawing attention of Finance Minister Shah AMS Kibria.
A delegation FBCCI led by its Vice-president MA Mumin had a post-budget meeting with the Finance Minister at his office on Sunday.
It urged Kibria to reconsider the FBCCI recommendations, which remained unaccepted in the budget proposal.
The apex trade body had recommended inclusion of government officials in the income tax net to ensure equal application of income tax law on all citizens irrespective of public and private officials.
It proposed to deposit the government paid income tax against earning of government officials to the account of revenue earning, FBCCI sources said.
FBCCI further proposed to impose maximum 25 per cent income tax on an individual tax-payers while corporate tax at the rate of 20 per cent for publicly traded companies and 30 per cent for non- publicly traded ones.
Welcoming the Finance Minister’s budget proposal for rewarding the highest tax-payers, the FBCCI delegation urged him to accord such recognition on regional basis. They also urged for rearranging the tariff structure.
The Federation leaders sought implementation of tariff structure by a national committee comprising Tariff Commission, NBR and FBCCI. The Tariff Commission should be brought under the Finance Ministry from Commerce Ministry, they said.
They demanded reduction of duties on pre-fabricated building to existing rate of 15 per cent from 37.5 per cent, raw materials of pharmaceutical and plastic industries proposed in the new budget.
The delegation urged the Minister to announce some industrial sector, including small and medium enterprises, duty-free and provide them with low-interest financing for their survival in the wake of Indian government’s incentives to similar industries in states bordering Bangladesh.
Responding to the demands of the delegation, the Finance Minister assured that he would look into the matters pointed out by the business community and remove anomalies in duty structure, if any.
The delegation included Dhaka Chamber president Aftab Ul Islam, Bangladesh Pharmaceutical Industries Association president Salman F Rahman, Samson H Chowdhury and FBCCI directors.
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