Dhaka, May 11 (UNB) – The leaders of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Tuesday demanded that the Anti- Corruption Commission (ACC) should have to take permission from the apex body prior to filing a case against any businessman.
The FBCCI also suggested in their budget proposal to raise the individual income tax ceiling, re-fixing the corporate tax rate and forming a national tax tribunal.
It also wanted that the lawmakers and cabinet members pay tax on their remunerations.
The FBCCI, however, in their budget proposal did not mention anything about the legalization of untaxed money, popularly known as black money, as the apex body president said there was not much response in this regard.
The demands were placed at the 31st Consultative Committee Meeting of the National Board of Revenue (NBR) held at a city hotel, organized jointly by NBR and the FBCCI.
Taking part in the discussion, Hameem Group chairman AK Azad, also a president candidate in the upcoming FBCCI election, demanded that the ACC take permission from the FBCCI prior to filing cases against businessmen. In this connection, he mentioned that the ACC needs permission from the government for filing cases against government officials.
Echoing with the opinion, FBCCI president Annisul Huq said the ACC would have to wait for the approval from the apex trade body before they sue any businessman.
Economic Affairs Adviser to the Prime Minister Dr. Mashiur Rahman spoke on the occasion as chief guest as Finance Minister AMA Muhith could not attend the function due to sudden illness.
Chaired by FBCCI president Annisul Huq, the function was also addressed, among others, by NBR chairman Dr. Nasiruddin Ahmed. FBCCI first vice president Abul Kashem Ahmed gave the welcome address.
Speaking as chief guest, Dr. Mashiur Rahman said that rational and efficient tax regime should be established in the country. “The rates should remain stable for a long time. If the customs and tax rates do not remain stable, investment might suffer.”
Admitting the inadequate infrastructures in the country, he said the investment would have to be doubled and as quickly as possible to have the desired growth in the country.
FBCCI president Annisul Huq said that although the country is doing well to some extent in macroeconomic sector, but problem still lies in infrastructures.
“The present government is not liable for the power crisis. Although the government is now taking some decisions in this regard, but it seems we have to suffer for some time.”
He said that the government is yet to take decision on coal policy and emphasized releasing infrastructure and power bonds in the market.
The FBCCI chief said they did not recommend keeping the provision of whitening black money as there was not much response in this regard.
He also underscored the need for reducing bank interest rates, taking short-, mid- and long-term plans on reducing traffic jam, digitalizing administration, making more allocation for education, technology and research, developing tourism, increasing social safety net and discontinuing the Pre-Shipment Inspection (PSI) system.
In their proposal on income tax, the FBCCI suggested raising the individual income tax ceiling to Tk 200,000 from the present Tk 165,000 while the minimum tax at Tk 2,000.
The country’s apex business body also proposed to raise the tax-free income ceiling for women, the elderly and disabled persons to Tk 300,000 from the present Tk 250,000.
On re-fixing the corporate tax rate, they proposed 25 percent rate for listed companies, 30 percent for non-listed companies and 40 percent for bank, insurance, financial institutions and mobile phone companies.
The FBCCI budget proposal on income tax also included keeping tax free the dividend from the listed companies up to Tk 25,000, bringing all – from executive to judiciary irrespective of their designation – under the income tax net, making the income from agro-processing industries tax free till 2015 and also keeping the income from software and IT enabled services tax free for the resident Bangladeshis till 2015.
On import duty, the FBCCI suggested reducing the import duty on capital machineries to 1 percent, intermediary import duty on raw materials to 3 percent, on locally produced intermediary raw materials and essential items to 12 percent, and on luxury items to 25 percent.
They also suggested the government for exempting duty on imported raw materials, forming committee on Alternate Dispute Resolution (ADR), committee on product classification and evaluation committee at every customs station.
On VAT, the FBCCI suggested reducing the rate of VAT, to ensure VAT realization at the small, retailer and shop owner level, appointing 500 auditors at the VAT Division and fixing percentage of wastage for different products.
Tariff Commission chairman Dr. Mozibur Rahman, DCCI president Abul Kasem Khan, FBCCI director Gazi Golam Dastagir MP, ICC-B president Mahbubur Rahman, and Women Chamber of Commerce and Industry president Selima Ahmed, among others, took part in the discussion.
UNBCONNECT
