FBCCI seeks task force to simply VAT law

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Md Jashim Uddin called for the formation of a coordination task force among the Finance ministry, National Board of Revenue and the FBCCI to simplify the VAT law.

He made the call at press conference on the proposed budget for FY 2021-22 at FBCCI building in the capital’s Motijheel area on Saturday.

Jasim Uddin said, “In the current recession of economic activity, it is imperative to introduce a people-friendly and productive revenue system by reforming the tariff and tax structure to meet the immediate, short-term, challenges of the global socio-economic environment.”

The FBCCI president has requested NBR’s policy wing and budget implementation wing be separated.

The FBCCI President said about 30 percent of the Tk 20,000 crore incentive package announced by the government for small and medium entrepreneurs has not been distributed even after several extensions. We request the distribution of the rest and the announcement of another new package, he added.

He further said, “The tax coverage will increase if VAT and income tax offices are set up at the upazila level to increase revenue and tax to GDP ratio. In addition to using TIN number, proof of tax payment should be made mandatory. This will enable the taxpayers to come forward to pay the revenue and reduce the pressure on the regular taxpayers.”

MCCI President Nihad Kabir, DCCI President Rizwan Rahman, FBCCI senior vice presidents Mostafa Azad Chowdhury Babu, MA Momen, Amin Helali, Md. Habib Ullah Don, among others, were present at the press conference.