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The Financial Express

Apex trade body wants taskforce for fiscal measures

| Updated: June 13, 2021 14:37:44


Representational image — Collected Representational image — Collected

The country's apex trade body has requested the finance minister to form a taskforce immediately for removing the existing discriminatory fiscal measures on the businesses.

It proposed the body comprising private and public sector representatives to suggest simplification of the import and income tax measures on some major sectors.

Representatives from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Bangladesh Trade and Tariff Commission (BTTC) and the National Board of Revenue (NBR) would be accommodated in the taskforce.

FBCCI president Md Jashim Uddin wrote a letter in this regard to Finance Minister AHM Mustafa Kamal on Wednesday last.

The FBCCI leader appreciated the initiatives proposed in the budget for FY2021-22 to ensure protection for local industries.

"Apart from those sectors, most of some other products and services are facing similar types of problem. It is necessary to resolve those," he wrote.

Otherwise, the sector-wise discrimination and inconsistencies will prevail in the business and trade policies of the country, he added.

"Inclusion of the FBCCI's some special proposals regarding productive and tax-friendly simplified system in the budget would help all sectors enjoy tax benefits in a coordinated way," he wrote.

He appreciated the finance minister's desire expressed in the post-budget press conference to adopt participatory approach in simplifying the tax and duty managements, and achieve the revenue target with the cooperation of businesses, he said.

The FBCCI sources said the consultation on tax measures with the apex chamber by holding meeting of the joint working group on VAT remained suspended for last two years.

All the committees of the NBR that included FBCCI representatives became inactive due to suspension of the meetings for long.

The businesses needed to resolve some important issues such as withdrawal of Advance Tax at import stage and complexities about complying with the provisions of new VAT law, they added.

In the proposed budget for next FY, some new fiscal measures were also made compulsory for businesses including submission of audited financial reports by VAT payers after every six months and reduction of time for decreasing adjustment of the VAT deducted at source (VDS).

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