The Federation of Bangladesh Chambers of Commerce and Industry has demanded that a high-powered taskforce should be formed to work on simplification of the tax laws.
FBCCI president Md Jashim Uddin on Wednesday made the demand in a letter to the finance minister AHM Mustafa Kamal.
‘A taskforce should be formed immediately consisting of representatives of the FBCCI, the National Board of Revenue and the Bangladesh Trade and Tariff Commission for simplification of the Income Tax Ordinance-1984, the Value-Added Tax and Supplementary Act-2012 and the Customs Act-1969 for all sectors,’ he wrote.
He appraised the budgetary measures proposed to facilitate the private sector and to protect the domestic industry.
But problems and inconsistencies in the tax regime should be removed so that all sectors can enjoy the tax benefits and waivers equally, Jashim said, adding that otherwise, sector-wise discrimination will prevail in business and trade policies of the country.
Businesses will get the desired benefits if the budget proposals made by the FBCCI, including the introduction of a productive and simplified tax system, are incorporated in the budget, he said.
Traders said that there was a joint working group on VAT but the committee had not held any meetings in two years.
Other committees comprising of representatives of the National Board of Revenue and the FBCCI have also remained inactive, they said.
Formation of the taskforce will bring pace in the process of solving problems faced by the businesses, they added.
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