Dhaka, Apr 30 (UNB) – The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) on Tuesday proposed raising the tax-free income tax celling for individual taxpayers to Tk 3.5 lakh from existing Tk 2.5 lakh considering the increased living cost due to inflation.
It also demanded reduction of corporate tax rates and withdrawal of advance tax for import materials, urging the government to ensure an automated system to end harassment of taxpayers.
FBCCI president Mohiuddin Alamgir placed recommendations at the 40th budget consultative committee meeting jointly organised by the National Board of Revenue (NBR) and FBCCI at Bangabandhu International Conference Center (BICC) in the capital.
Mohiuddin also urged traders not to hike the prices of daily essentials during the upcoming month of Ramadan.
NBR Chairman Md Mosharraf Hossain Bhuiyan said they will take all necessary steps to achieve the revenue target though it is a big challenge to make a revenue -and business- friendly budget. “We hope we’ll be able to complete all the processes of proposed budget before May 15 and this budget will be an investment -and revenue- friendly one,” he said.
Finance Minister AHM Mustafa Kamal who was also present there said the next budget will cross Tk 5 lakh crore. “So, we have to fetch Tk 325,000 crore more revenue. The budget will be big but easy and simple. All people will be able to understand the budget.”
He said the government will not increase the tax rate but they will bring all capable ones under the tax net.