PRE-BUDGET MEETING

BCI for 10pc corporate tax for export sectors

Staff Correspondent | Published: 22:26, Mar 24,2020

 
 

The Bangladesh Chamber of Industries on Tuesday urged the government to set 10 per cent corporate tax for all export sectors in the national budget for the upcoming financial year 2020-21.

In a budget proposal, BCI president Anwar-ul-Alam Chowdhury Parvez on Tuesday urged the National Board of Revenue to increase the tax-free income limit to Tk 3.5 lakh in the coming budget.

The BCI demanded a reduction in source tax to 0.01 per cent for all export sectors.

The chamber demanded raising the yearly turnover limit to Tk 6 crore from existing Tk 3 crore and reducing turnover tax to 3 per cent from 4 per cent.

It also demanded value-added tax waiver for locally produced capital machinery and withdrawal of 5 per cent advance tax on imported raw materials.

The BCI requested the NBR to conduct a survey on closed factories to cancel the bond licence provided against the units.

The trade body demanded a special allocation in the budget to finance young entrepreneurs and tax holyday for small and medium entrepreneurs.

As part of export diversification, the chamber demanded a special tax benefit for the light engineering sector and agro-based industry.

The Bangladesh Private Medical College Association in a separate proposal demanded tax waiver in importing all live saving equipment and reducing VAT to 4 per cent on house rent for the service sector.

At a pre-budget discussion with NBR chairman Abu Hena Md Rahmatul Muneem at his office in Dhaka, the association also proposed withdrawal of 15 per cent tax on the income of medical colleges.

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