Business leaders and entrepreneurs have urged the Government and related stakeholders to make the tax burden reasonable in the upcoming national budget.
Additionally, they have made the Government aware of the need to develop long-term tax policies that will support the growth of sustainable businesses.
During a standing committee meeting on income tax at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), business leaders and entrepreneurs made this call.
According to a news statement, the Standing Committee on Income Tax held its inaugural meeting at the FBCCI office in the city on Thursday afternoon.
It was presided over by the Director-in-charge of the committee and the Director of FBCCI Tapan Kumer Majumder.
Entrepreneurs stressed throughout the conference how crucial it is to keep the tax burden in the national budget reasonable, claiming that high taxes could deter trade and business. They urged the Government to create all-encompassing, long-term tax policies to support well-informed trade, investment, and company decision-making.
The members of the Standing Committee made several important recommendations, such as eliminating the minimum tax and tax at source in the upcoming national budget, lowering the tax rates that apply to the public and private sectors, making sure that tax refunds are issued following the law and within 60 days, and encouraging automation in the administration of taxes, VAT, and customs.
Proposals were also made to enhance the National Board of Revenue’s (NBR) Research and Development Department to properly assess taxpayers and provide incentives for tax compliance.
Md. Amin Helaly, senior vice president of FBCCI, spoke on the challenges surrounding VAT, taxes, and customs while reiterating the organization’s commitment to resolving them. In order to ensure unified representation before the Government, he urged business owners to submit proposals to FBCCI that are sector-specific.
Mohammed Humayun Kabir, the committee’s chairman, emphasised the need for reasonable tax laws that do not unfairly burden traders while still raising Government revenue.
In addition to underlining the value of fortifying ties between the business sector and the NBR, Director Tapan Kumer Majumder also highlighted FBCCI’s willingness to work as an active partner.
FBCCI Vice President Md. Munir Hossain, Director Hafez Harun, Alhaj Azizul Hoque, Kausar Ahmed, Md. Amir Hossain Noorani, Syed Md. Bakhtiar, FBCCI Panel Advisor and Partner of Snehasish Mahmud & Co Snehasish Barua FCA, Dr. BM Dulal, and other dignitaries attended the meeting.
