Business leaders have called on the government to formulate a long-term tax policy to facilitate decision-making related to business, trade, and investment.
They have also called on the government to maintain the amount of tax bearable for businesses in the upcoming national budget.
Business leaders made the call during the first meeting of the Standing Committee on Income Tax of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the country's top trade organisation.
FBCCI Director and Director-in-charge of the standing committee Tapan Kumar Majumder presided over the meeting held at the trade body’s Motijheel office on Friday (16 February).
Participating businessmen said they are ready to cooperate with the government in increasing revenue by paying taxes appropriately.
However, they emphasised that taxes should not burden traders excessively, as this could discourage business and trade in the country.
Members of the standing committee presented recommendations on several other issues, including the reduction of tax at source and minimum tax sectors in the next national budget, reducing tax disparities between the public and private sectors, ensuring tax refunds within 60 days as per the law, coordinating and implementing automation in tax, VAT, and customs administration, strengthening the Research and Development Department of the NBR, and encouraging tax payment.
FBCCI Senior Vice President Amin Helaly said, “VAT, taxes, and customs are currently critical concerns for businessmen. FBCCI is actively addressing these issues.”
To gain government policy support, he suggested preparing sector-wise recommendations and presenting them to the government in a coordinated manner with all stakeholders.
He also sought advice from the business community on increasing government revenue collection.
Chairman of the committee and former president of ICAB, Mohammad Humayun Kabir, said, “We also want government revenue to increase, but it should be logical and deducted from traders' income, without imposing burdens.”
