President of Dhaka Chamber of Commerce & Industry (DCCI) Abul Kasem Khan places DCCI’s budget (2017-18) recommendations to the Chairman of NBR Mr. Md. Nojibur Rahman at a pre-budget discussion meeting between NBR and DCCI on March 13, 2017 at NBR. DCCI this year placed total 49 budget recommendations to NBR for government’s consideration.
DCCI President Abul Kasem Khan proposed for 7 per cent VAT instead of 15 per cent VAT in the upcoming new VAT Act 2012 to be implemented from next July. He also proposed Tk. 3,50,000/- as tax free income limit for the individual and Tk. 4,75,000/- for wounded freedom fighters. DCCI President proposes to keep research and development activities free from VAT and tax. Abul Kasem Khan suggested to reduce corporate tax rate for merchant bank to 35 per cent from existing 37.5 per cent, 30 per cent for non public trade company, 22.5 percent for public trade company and 32.5 per cent for brokerage operations. The DCCI President proposed for tax exemption on company’s profit which is re-invested in the same business to expedite local investment in the economy. For small traders, DCCI demands for ‘NO VAT’ up to Tk. 50 lac turnover and 3 per cent VAT for the turnover from above Tk. 50 lac to Tk. 1 crore 20 lac. Abul Kasem Khan said VAT exemption on internet use will help foster the dream of being Digital Bangladesh soon. Frequent changes in duty structure sometimes hamper the momentum of industrialization, so the DCCI requested government to formulate a static Duty Structure at least for 3- 5 years. He proposed to give tax card as electronic smart card to the valued tax payers. Like tax card he proposed to introduce VAT Smart Card because out of 8,40,000 BIN holders only 30,000 BIN holders give VAT.
Chairman of NBR Md. Nojibur Rahman said government is committed to make a business and industry friendly budget for the next fiscal year. He informed NBR will organize workshops on tax issues to create awareness among the mass people and NBR will organize income tax camp even in the remote areas of the country. He underscored the importance of reducing gap between tax officials and businessmen. To make it more effective, he said NBR will initiate internship programme for the tax officials in different trade organizations and associations. He also said NBR has taken initiative to host “Income Tax Week” every year from 26-30th November. He thanked DCCI President that all the members of DCCI are tax compliance.
DCCI Senior Vice President Kamrul Islam, FCA urged to ease online tax payment system and create awareness among the tax payers.
DCCI Vice President Hossain A Sikder, Directors Asif A Chowdhury, Engr. Akber Hakim, Imran Ahmed, K. Atique-e-Rabbani, FCA, KMN Manjurul Hoque, Mamun Akbar, Md. Alauddin Malik, former Senior Vice President Haider Ahmed Khan, FCA and Secretary General AHM Rezaul Kabir were also present at that time.