FBCCI seeks manageable tax framework in next national budget

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has urged the government to keep the tax burden within a tolerable limit in the upcoming budget

At a meeting of its standing committee on Thursday, the business leaders also called for formulating a long-term tax policy to facilitate business, trade and investment-related decision-making. 

They said they were ready to support the government initiative to increase revenues by providing taxes properly, adding that overburdening the businessmen with taxes will only discourage businesses, according to a release.  

Several recommendations were presented in the meeting for consideration in the next national budget such as — a gradual reduction in source tax and minimum tax rates; addressing disparities in tax obligations between the public and private sectors; ensuring tax refunds within 60 days as mandated by law; enhancing coordination and automation within tax, VAT and customs administrations.

"VAT, tax, and customs currently are bleeding spots for the businessmen. We are working on a resolution in this regard with utmost importance"

FBCCI's Senior Vice President Md Amin Helaly

Strengthening the research and development cell of the NBR and proper recognition of the taxpayers to encourage taxpaying have also been recommended.  

FBCCI's Senior Vice President Md Amin Helaly, who attended the meeting as chief guest, said, "VAT, tax, and customs currently are bleeding spots for the businessmen. We are working on a resolution in this regard with utmost importance."

"To receive policy support from the government, all stakeholders should collaboratively prepare sector-based recommendations and present them to the government," he added.

Md Humayun Kabir, the committee's chairman and former president of the Institute of Chartered Accountants of Bangladesh (ICAB), said, "We also want the government revenue to increase, but it should be reasonable and should be borne from businesses' incomes; not become a burden on them."

The event was chaired by Tapan Kumer Majumder, the committee's director in-charge and a director of FBCCI.

"We want to work as active partners with the NBR," he said.

The event saw the participation of various prominent business leaders, FBCCI Vice President Md Munir Hossain, directors, advisory panel members, and other members of the business community.