The National Board of Revenue has launched the groundwork of budget preparation for the fiscal year 2016-17.
It already started inviting opinions and proposals from the stakeholders as part of preparation to make the budget participatory, business-friendly and revenue-maximising but pro-people, said officials.
NBR First Secretary and Chief Budget Coordinator Mohammad Akbar Hossain sent letters to all the stakeholders including business chambers and associations seeking proposals and opinions.
The chambers and associations have been asked to submit their proposals to Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) by March 10.
They have also been asked to email soft copies of the proposals to the NBR at nbrbudget2016@gmail.com.
The organisations having no affiliation with any chamber or association would submit their proposals to the NBR appointed chief budget coordinator directly or via email at the same address.
Usually, the trade bodies and business organisations forward their proposals to the apex trade body, which submits the proposals to the revenue authorities in a compiled form.
Earlier, the NBR sent letters to its all income tax zones, customs houses and to the customs, excise and VAT commissionerates asking them to send proposals and recommendations on laws and budget measures based on their practical experiences.
After receiving proposals and recommendations, the NBR will hold month-long pre-budget sector-wise discussions with trade bodies and other stakeholders, likely in April.
With an annual budget, the government brings amendments to the existing laws and rules related to customs, VAT and income tax to maximise revenue earnings, provide protection to local industries, facilitate international trade and solve procedural complexities in revenue collection.