Anwar-ul Alam Chowdhury (Parvez), President of Bangladesh Chamber of industries (BCI) said that the proposed budget seems to be challenging one to achieve unless proper monitoring, efficiency, transparency, accountability and proper executive planning are not ensured and addressed.
Hailing 12 per cent tax rate for all export oriented industries like readymade garment, the BCI president expressed his hope that this will flourish export which was a fulfillment of a long standing demand of BCI.
He also expressed his concern over the increase of source tax on export from .50 per cent to 1 per cent which will have a negative impact on export in consideration of present world situation and urged to keep source tax as before.
BCI appreciates continuation of cash incentive given on remittance income. He proposes to encourage remittance income by rescheduling dollar price, he said.
Claiming inflation control is a key challenge, the BCI President said the capacity of local industries should be enriched to control the inflation.
The BCI proposed to exempt VAT from raw materials import for the interest of enhancing efficiency of start-up entrepreneurs, micro and small industries and also urges to repeal VAT on all kinds of utilities.
BCI congratulates the decision fixing 0.1 per cent from 0.6 per cent turnover tax rate for start-up entrepreneurship. We propose to keep provision in budget forming special fund and a fund disbursement policy for the start-up entrepreneurs, he said.
He said the government has proposed a cut in the corporate tax rate by 2.5 per cent for listed companies with a condition that all financial transactions will be conducted through banks which will be difficult to comply with.
Considering the inflation and cost of living BCI president proposes to increase the limit of tax free income for individuals from proposed Tk 3,00,000 to Tk 4,00,000.
To create a friendly environment BCI proposes to introduce a digital system in paying taxes where people will enjoy transparent and hassle-free benefit, he said.
“We propose to repeal AIT and AT. In procuring raw-materials rate of source tax has been reduced from 7 per cent to 4 per cent and in supplying products rate has been fixed 5 per cent from 7 per cent. We propose to fully repeal this imposition. Because source tax increases the cost of business and it is adjustable,” Pervez said.
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