NBR begins pre-budget meets today

Staff Correspondent | Published: 21:59, Mar 18,2020

 
 

The National Board of Revenue will begin pre-budget discussions with stakeholders including trade bodies, business associations and research and professional organisations from today to prepare the national budget for the next fiscal year of 2020-21.

Today, the first day of month-long pre-budget discussions, the NBR will discuss with representatives of the Bangladesh Ceramic Manufacturers and Exporters Association and the Bangladesh Reconditioned Vehicles Importers and Dealers Association.

Every year, the revenue board holds pre-budget discussions with the stakeholders to listen to their proposals for the budget, particularly on issues related to income tax, customs duty and value-added tax.

Traders, however, usually place demands, mainly for tax benefits, duty reduction and duty protection, for their sectors instead of considering overall economy and taxation system.

Officials said that impact of the VAT and SD law would get focus at pre-budget discussions this year, the first year of the implementation of the new law.

The ongoing global economic situation and impact of coronavirus outbreak on domestic industries may also get focus in this year’s discussions, they said.

Representatives of the Federation of Bangladesh Chambers of Commerce and Industry and senior officials of the revenue board will attend the meetings to be held at NBR headquarters in Dhaka with NBR chairman Abu Hena Md Rahamatul Muneem in the chair, they said.

As many as 28 meetings with representatives from more than 50 sectors and  trade bodies will be held until April 19, according to the schedule of the NBR.

The revenue board will also arrange several meetings in divisional cities.

The revenue board has also sought budget proposals from trade bodies and associations and asked them to forward their proposals to the FBCCI by March 22.

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