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Pre-budget meet held

MCCI places 107 proposals to NBR


Published : 09 Mar 2021 09:44 PM | Updated : 10 Mar 2021 01:32 AM

Metropolitan Chamber of Commerce and Industry (MCCI) placed a set of 107 proposals, including rationalization of the land registration fee and reinstatement of tax appeal system in the upcoming national budget for the fiscal year 2021-22 (FY22).

Placing the proposals during the pre-budget consultation meeting with the National Board of Revenue (NBR), MCCI President Nihad Kabir said, reinstatement of tax appeal system would help solve the tax-related disputes that would ultimately increase revenue earnings of the government.      

NBR Chairman Abu Hena Md Rahmatul Muneem presided over the meeting, held at the NBR's Segunbagicha office on Tuesday.

India-Bangladesh Chamber of Commerce and Industry (IBCCI), Bangladesh-China Chamber of Commerce and Industry (BCCCI) and Bangladesh Women Chamber of Commerce and Industry (BWCCI) also took part in the pre-budget consultation.    

The NBR chairman assured that the NBR would consider the proposals of trade bodies during formulation of the national budget for FY22.   

MCCI president Nihad Kabir said, there are some ambiguities in the new Value Added Tax (VAT) and Supplementary Duty Act, 2012 and made proposal to return to the previous VAT law for the improvement of the overall business environment in the country.

During the consultation, BWCCI president Selima Ahmed proposed to lower the VAT of boutique, beauty parlour and food traders to 4 per cent from the existing 15 per cent. She also proposed to increase individual income tax limit to Tk 4 lakh from the existing Tk 3.5 lakh in the next budget. BWCCI also proposed special stimulus package for the covid-affected women entrepreneurs to help revive their business.    

BCCCI proposed to lower customs duty on the import of electricity-driven motor-cycle and other motor vehicles in the upcoming budget. It also proposed to reduce the number of HS code (import-export) to 6-digit from the existing 8-digit to help grow bilateral business between Bangladesh and China.

     IBCCI president Abdul Matlub Ahmed proposed withdrawal of supplementary duty on locally produced cosmetic items to help the sector flourish in the country. He also suggested developing connectivity between Bangladesh and India to facilitate bilateral trade between the two neighbouring countries.