FICCI seeks 6 months for preparation to comply with new VAT law

Staff Correspondent | Published: 00:00, Apr 10,2019 | Updated: 00:10, Apr 10,2019


Foreign Investors’ Chamber of Commerce and Industry on Tuesday sought minimum six more months for system upgradation to comply with the new VAT law once it came into force in July, 2019.
Multinational companies would require the time for bringing changes in their software, accounting system and other procedures, FICCI said at a pre-budget meeting with National Board of Revenue held at NBR conference room.
FICCI also sought reduction in corporate income tax rate saying that the rate was relatively higher in the country compared with that of competing countries.
FICCI president Shehzad Munim said that NBR should reduce corporate tax rate to give competitive edge to investors and prepare a plan for 5-10 years on the issue as MNCs took investment decision considering the tax scenario of next few years.
He also sought a time-frame for tax officials to give approval on repatriation of dividend by foreign investors.
Munim also recommended conducting research and analysis on impact of tax measures to see whether the measures could manage to bring the targeted outcomes of NBR.
FICCI executive member and Robi Axiata chief executive officer Mahtab Uddin Ahmed said that the tax rate for companies, including telecom operators, should be lowered.
He also sought specific measures for development of capital market and bringing companies like Robi into the market.
Berger Paints Bangladesh Ltd finance director Abdul Khalek placed the FICCI budget proposals at the meeting.
NBR chairman Md Mosharraf Hossain Bhuiyan said that they would consider the proposals positively.
He said that NBR would extend tax benefits if MNCs like Robi and Unilever came into the capital market.
NBR will also talk with Bangladesh Telecommunication Regulatory Commission on how to bring mobile operators in the profit zone.

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