The Institute of Cost and Management Accountants of Bangladesh ICMAB made a focus finely on investment-friendly Tax and Value Added tax (VAT) structure.
The body has proposed to consider the existing 20% dividend tax an ultimate tax liability, as currently it becomes double taxation when a taxpayer does not get an income tax rebate against the source tax deducted by dividend-paying companies.
The proposal include a set of many other recommendations made by the Institute as it's budget proposal, and wad submitted in a meeting with the Chairman of National Board of Revenue (NBR) Abu Hena Md. Rahmatul Muneem on Sunday at NBR office.
A delegation of ICMAB led by its President Abu Bakar Siddique submitted the proposal and highlighted on the importance of the changes to be brought in the National Budget for the fiscal-year 2021-22.
In the proposal, ICMAB demanded a clear announcement of 5% tax on non-resident investors' capital gain from Bangladeshi listed companies, which would increase foreign investment in local bourses. Currently, investors are confused whether they have to pay the 15% capital gain tax which is grossly applicable in Bangladesh.
Among other Former President of ICMAB and present President of South Asian Federation of Accountants (SAFA) AKM Delwar Hussain and Vice President Md. Mamunur Rashid were also present in the meeting.
