The Bangladesh Chamber of Industries (BCI) has suggested some changes in the proposed national budget, including raising the Value Added Tax (VAT)-free turnover limit to Tk 50 million instead of Tk 15 million.
The chamber also urged the government to reduce turnover tax rate to 3.0 per cent from proposed 4.0 per cent in the next budget for fiscal year (FY) 2017-18.
It also called on the government to scrap the decision to increase excise duty on bank deposits to bring unbanked people under formal banking channel and ensure transparency in financial transactions.
The BCI came up with the suggestions at a post-budget meeting held at its office at Motijheel in the city on Friday. The meeting was addressed by BCI President Mostofa Azad Chowdhury, Vice-President Jahangir Alam, and Directors Nazmul Haque, Miah Emdadul Haque, Prity Chakrabarty, said a press release.
The BCI also suggested that the government should set revenue income target at Tk 2.2 trillion instead of proposed Tk 2.48 trillion, so that it does not cross 20 per cent compared to the current FY's revenue target of Tk 1.85 trillion.
It called upon the government to continue tax exemption on the sectors which have been enjoying such facilities in the current budget for FY 2016-17.
The BCI also suggested reducing corporate tax and fixing tax threshold for individual taxpayers at Tk 350,000 instead of Tk 250,000 considering the high prices of essentials and inflation.
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Source: The Financial Express