The Metropolitan Chamber of Commerce and Industry (MCCI) on Tuesday proposed for reinstating the provision of appeal for resolving the tax related disputes.
MCCI President Barrister Nihad Kabir came up with the proposal during a pre-budget meeting with the National Board of Revenue (NBR) for the next fiscal year (FY22) held at the conference room of the NBR building in city’s Segunbagicha area, reports BSS.Presided over by NBR Chairman Abu Hena Md Rahmatul Muneem, its members were also present at the meeting.
While taking part in the pre-budget discussion, Nihad said the provision of revision has been incorporated in the law to resolve the current tax related disputes while there was a provision of appeal in the past.
“But, expected results are not coming up under the existing system. Under the circumstance, we’re requesting for reinstating the provision of appeal,” Nihad added. She also placed a demand to the government to reduce the land registration fees.
During the meeting, the MCCI put forward a total of 107 proposals before the NBR on income tax, VAT and customs duty. While placing these proposals, tariff and taxation sub-committee chairman of MCCI Adib H Khan said there is lack of clarity to some extent in the current VAT Act and for this there is a need to go back to the previous act on VAT for the sake of improving the business environment.
He also suggested for withdrawing the ceiling of current promotional expenses on the business enterprises as such kind of ceiling is hindering the expansion of the concerned businesses.
Adib said there is a provision of depositing tax at a certain rate as a precondition for filing reference cases with the taxes appellate tribunal of the High Court Division. In this regard, he proposed for imposing the condition of providing bank guaranty instead of depositing tax.Meanwhile, the Bangladesh Women Chamber of Commerce and Industry has proposed for reducing VAT on the service sectors like boutiques, beauty parlour and food run by the female entrepreneurs to four percent from the existing 15 percent.
President of Women Chamber Selima Ahmad, MP, also proposed for raising the tax free individual income ceiling to Taka 4 lakh from the existing Taka 3.50 lakh.
She also suggested for exempting tax and VAT until 2024 for the affected female entrepreneurs due to COVID-19 pandemic side by side exempting tax and VAT for the new female entrepreneurs for the first three years.
While taking part in the budget discussion, Bangladesh China Chamber of Commerce and Industry (BCCCI) leaders demanded for reducing the existing tax rate on import of electric motorcycle and other motor vehicles.
Besides, they also suggested for reducing the HS code to 6 digit from 8 digit for conducting import and export operations with China.
Earlier, taking part in the pre-budget discussion, India Bangladesh Chamber of Commerce and Industry President Abdul Matlub Ahmad suggested for withdrawing supplementary duty on locally produced various cosmetics items.
He also proposed for setting up rail link till Petrapole since the Bangladeshi importers often face difficulty in importing various products including raw materials from India through roads.
Meanwhile, the Anti Tobacco Media Alliance in a pre-budget meeting demanded for increasing supplementary duty on tobacco products on continued basis in line with inflation and income raise of commoners.
NBR Chairman Abu Hena Md Rahmatul Muneem assured of considering the rationale proposals from all.
In response to the budget proposal from the MCCI, Muneem said, “We don’t want it anymore that a business entity falls into risk of incurring loss due to wrong assessment by the tax officials. This matter will be under intense monitoring from the revenue board.” He added.