Business leaders and entrepreneurs have urged the government and related stakeholders to keep the tax burden manageable in the upcoming national budget.
Besides, they have drawn the attention of the government to formulate long-term tax policies to bolster sustainable business growth.
Entrepreneurs and Business leaders made this call during a standing committee meeting on income tax at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
The first meeting of the Standing Committee on Income Tax was held on Thursday afternoon at FBCCI’s office in the city, said a press release.
It was presided over by the Director-in-charge of the committee and the Director of FBCCI Tapan Kumer Majumder.
During the meeting, entrepreneurs emphasized the importance of maintaining a manageable tax burden in the upcoming national budget, asserting that excessive taxes could discourage business and trade activities. They called upon the government to formulate comprehensive, long-term tax policies to facilitate informed decision-making in business, trade, and investment sectors.
Key recommendations put forth by the Standing Committee members included phasing out tax at source and minimum tax sectors in the next national budget, reducing tax disparities between the public and private sectors, ensuring timely tax refunds within 60 days as per legal provisions, and promoting automation in tax, VAT, and customs administration.
Additionally, there were proposals to strengthen the Research and Development
Department of the National Board of Revenue (NBR) for proper taxpayer assessment and to incentivize tax compliance.
FBCCI Senior Vice President Md. Amin Helaly addressed the concerns related to VAT, taxes, and customs, emphasizing FBCCI’s commitment to addressing these issues. He encouraged entrepreneurs to provide sector-specific recommendations to FBCCI for cohesive representation to the government.
Chairman of the committee, Mohammed Humayun Kabir, echoed the sentiment of increasing government revenue while ensuring fairness in tax policies that do not burden traders disproportionately.
Director Tapan Kumer Majumder emphasized the importance of strengthening relationships between the business community and the NBR, highlighting FBCCI’s readiness to collaborate 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 were present at the meeting.
