Bangladesh Chamber of Industries demanded increasing of VAT-free turnover ceiling for small and medium enterprises to Tk48 lakh from Tk24 lakh.
At a pre-budget meeting with the National Board of Revenue (NBR) yesterday, the chamber leaders also urged to raise annual turnover ceiling for 3% value added tax to Tk80 lakh from Tk1.5 crore.
NBR chairman Nojibur Rahman presided over the meeting where BCI leaders placed 109-point recommendations for the upcoming 2015-16 fiscal year budget.
BCI senior vice president Mostafa Azad Chowdhury said the NBR should bring down the duties and finalise it at 25% on import of finished and luxurious items, 10% on locally manufactured intermediary material and essential materials, 2% on elements essential for manufacturing (not produced in Bangladesh), and zero percent duty on import of capital machinery.
The local industrial leaders asked the NBR to establish scanners in all customs offices and increase its vigilance to combat import of goods through under invoicing-over invoicing and false declaration.
In regards to the corporate tax, the BCI said it should be reduced as they face massive difficulties in running business as banks’ interest rate is still high. It said the tax-free income ceiling for individual taxpayers should be increased to Tk3 lakh from Tk2.20 lakh now.
BCI said black money can be allowed for investment in industries for the sector’s expansion to remote areas.
He also urged the revenue board to take necessary steps to stop alleged harassment of industrialists by the taxmen in the name of audit.
NBR chief Nojibur Rahman assured the BCI leaders of solving the harassment issue. He said the board was working to eliminate any corruption and ensure good governance in the revenue offices.
BCI Director Mohabbat Ullah said the NBR should put importance on the development of plastic, jute, electrical and electronics sectors.
Chairman of Aysha Memorial Specialised Hospital Priti Chakraborty demanded reducing the duties on import of cardiac monitors, ICU ventilators, and anesthesia ventilators.
BCI director Faroque Ahmed urged to “properly monitor the misuse of bond.”
Lokman Hossain Akash from Walton brand said the duty imposed on import of raw materials for refrigerators, air conditioners, mobile and motorcycle should be reduced to 2%.
NBR member Farid Uddin called on the business community to help the board combat false declaration. “If you want reduction of tariff rate, please help us combat false declrataion,” he said.