DCCI for widening tax-free income to TK 3 lakh

DHAKA, Dhaka Chamber of Commerce and Industry (DCCI)

today made proposal to raise the ceiling of tax-free income to Taka 3 lakh

from the existing Taka 2.5 lakh in the next fiscal budget.

It also placed recommendation to cut corporate tax rate by 5 percent in

the upcoming national budget.

DCCI President Osama Taseer and other leaders of the trade body at a pre-

budget meeting with the National Board of Revenue (NBR) Chairman Md Mosharraf

Hossain Bhuiyan tabled those proposals at NBR auditorium.

He laid emphasis on the business and investment friendly automated

taxation system to attain the desired 8.5 percent GDP growth.

Osama Taseer proposed 25 percent corporate tax for non-listed companies

and 15 percent corporate tax for listed companies. He suggested for bringing

service sector under tax net, as at present only 2 lakh people are submitting

income tax return.

He also proposed for VAT free annual turnover of Taka 50 lakh and

requested to keep package VAT system in the next budget. Taseer made

recommendation for 5 percent source tax on the interest rate of current

account which is 10-15 percent now.

NBR Chairman said government has reduced corporate tax rate in the last

budget and would reduce it gradually, mentioning that corporate tax rate is

quite lower in Bangladesh than many other countries.

Mosharraf Hossain Bhuiyan said every year to meet up the increased revenue

target NBR has to depend on its existing tax payers, but it (NBR) is

planning to open window in all Upazila level to widen tax net.

DCCI Senior Vice President Waqar Ahmed Choudhury, Vice President Imran

Ahmed, Directors Deen Mohammed, Enamul Haque Patwary, Hossain A Sikder, K M N

Manjurul Hoque, Eng Md Al Amin, Md Rashedul Karim Munna, Mohammad

Bashiruddin, and S M Zillur Rahman also spoke.

Source: Bangladesh Sangbad Sangstha (BSS)