WCCI seeks 3yr tax holiday for woman entrepreneurs

Staff Correspondent | Published: 00:05, Apr 09,2018 | Updated: 00:08, Apr 09,2018

 
 

Women Chamber of Commerce and Industry on Sunday demanded tax holiday for three years from inception of businesses by women entrepreneurs to promote participation of the group in the mainstream economic activities.
At a pre-budget discussion with the National Board of Revenue, WCCI also wanted an increase in tax-free income threshold to Tk 4 lakh in the next budget for the fiscal year 2018-2019 from current Tk 3 lakh.
At the same meeting, India-Bangladesh Chamber of Commerce and Industry recommended the NBR to lower the value-added tax rate at below 10 per cent in the country as existing 15 per cent is very high considering the competitive economies.
WCCI senior vice-president Sangita Ahmed placed the budget proposals at the meeting held at NBR conference room with its chairman Md Mosharraf Hossain Bhuiyan in the chair.
The chamber also sought continuation of special allocation worth Tk 100 crore for women entrepreneurs, like previous years, in the next budget.
Women entrepreneurs should be exempted from payment of value-added tax and other taxes on annual turnover up to Tk 50 lakh and on import of machinery, it said.
Sangita said that tax holiday and other benefits would increase the number of women entrepreneurs and their participation in national economy.
In reply, Mosharraf said that they would examine the proposal of tax holiday for women entrepreneurs.
IBCCI secretary Jahangir Bin Alam said that high rate of VAT edged competitiveness of local traders in international market as Bangladesh’s competitive countries like India, Vietnam, Thailand, China and Malaysia impose VAT at lower rate.
He also said that NBR should lower the corporate income tax rate by 5 per cent and increase the tax-free income limit for individual taxpayers to Tk 3 lakh from current Tk 2.5 lakh. 

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