The National Board of Revenue is going to begin pre-budget discussions with stakeholders, including trade bodies, business associations and research and professional organisations, on March 1 to prepare the national budget for the next fiscal year 2021-22.
Framing of a fiscal policy that will help recovery from the COVID-19 fallout, amendment to the Value-Added Tax and Supplementary Duty Act-2012 and implementation of the VAT automation system may become the centre points of the discussion in the year as a number of ambiguities in the laws were causing complexities both for the traders and tax authorities.
Other issues, including rationalisation of duty, trade liberalisation and removal of complexities in cross-border trade, may also come to focus in the discussions.
On the first day of the month-long pre-budget discussions, the NBR will hold discussion with representatives of the Bangladesh Ceramic Manufacturers and Exporters Association.
The NBR will also hold consultations with district-level trade bodies and the discussion will be held in the divisional cities.
Every year, the revenue board holds pre-budget discussions with the stakeholders to hear out their proposals for the budget, particularly on issues related to income tax, customs duty and value-added tax.
The NBR’s VAT and customs wing has already sought budget proposals from the stakeholders and field-level NBR offices.
Officials said that amendment to the Customs Act-1969 would also get focus in the discussions this year as the government was set to replace the law with a new customs act.
The upcoming budget is also important for implementation of the Trade Facilitation Agreement of the World Trade Organisation, 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 the NBR headquarters in Dhaka with NBR chairman Abu Hena Md Rahamatul Muneem in the chair, they added.
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