NBR chief: Business' recommendations considered in next national budget

National Board of Revenue (NBR) Chairman Md Mosharraf Hossain Bhuiyan has said the national budget for the 2018-19 fiscal year will be prepared taking into consideration the recommendations of businesses. “It has been alleged by businesses that the NBR conducts pre-budget discussions with them in name only, before preparing the budget in its own style. However, I assure you this time it will not be like in previous years. We will prepare the budget after considering business demands,” he said. The NBR chairman as chief guest made the statement while addressing a meeting of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the NBR at the FBCCI conference centre in Dhaka on Thursday. Md Mosharraf said: “We are working to ensure business-friendly revenue collection, as the revenue collection target will be increased by 40% in the next budget. For this, we have planned to focus on bringing untaxed people under the tax-net.” He added that an automated system for revenue collection was in development, and there were other changes to the existing system planned for this year. The NBR chairman further said that Value-Added Tax (VAT) will be at multi-stage rates and the percentage would be changed. “The VAT law could not be implemented due to the declaration of the uniform vat rate. I have always been in favour of multi-layer vat rates. The rates will be changed this time.” He added that policies to protect local industries will be included in the upcoming budget as well. The NBR chief also urged businesses to stop misusing bond facilities in export activities. Special guest and former FBCCI director Golam Dastagir Gazi said: “I wish the tax rate would not be increased, as this is an election year.” “If the disparity in tax rates is addressed and tax dodgers are brought under the tax-net, there will be no need to increase the tax rate.” He also said: “In previous years, the FBCCI committees recommended a number of proposals from the business side, 80% of which  were neglected in the consultation meeting. This is very depressing. We hope this time more  business demands will be considered during budget preparation.” Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Md Siddiqur Rahman claimed they were harassed by tax personnel under the guise of audits. Demanding abolition of the audit system, he said: “The systems are more automated, so you (the taxmen) have all the data related to our business operations, and we pay taxes regularly. You can take action against tax-dodgers, but please don’t harass honest businesses.” FBCCI Senior Vice-President Sheikh Fazle Fahim and Vice-President Md Muntakim Ashraf were in attendance at the discussionchaired by FBCCI President Md Shafiul Islam Mohiuddin.

NBR to start pre-budget talks from April 1

Meanwhile, the NBR is scheduled to start its pre-budget discussions with trade bodies and other stakeholders from Sunday (April 1) according to a press release from the organization. The pre-budget discussions with different sectors and stakeholders will continue till April 26 at the NBR headquarters in Dhaka, chaired by NBR Chairman Md Mosharraf Hossain Bhuiyan . Earlier, on March 18, the NBR sought proposals from individuals, trade bodies, organizations, and establishments, in order to make its revenue mobilization policy more effective for the next fiscal year. The revenue authorities asked the organizations concerned to submit their proposals in writing to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI). It also requested that the chambers and associations send a softcopy of their proposals to the NBR’s email address:  ([email protected]).