The trade body also demanded for increasing the tax-free income limit to Tk3.5 lakh in the coming budget
Bangladesh Chamber of Industries (BCI) on Wednesday urged the government to set corporate tax at 10% for all export-oriented industries in the upcoming budget for 2020-21 fiscal year.
BCI President Anwar-Ul Alam Chowdhury (Parvez) placed the demand with a set of recommendations during a pre-budget discussion at the National Board of Revenue (NBR) office in the capital, says a press release.
In the proposals, the trade body also demanded for increasing the tax-free income limit to Tk3.5 lakh in the coming budget.
The BCI also demanded a reduction in source tax to 0.01% for all export sectors.
The chamber demanded raising the yearly turnover limit to Tk6 crore from existing Tk3 crore and reducing the Turnover tax to 3% from 4%.
It also demanded value-added tax waiver for locally produced capital machinery and withdrawal of current 5% advance tax on imported raw materials.
The BCI requested the NBR to conduct a survey on closed factories in the cuntry , and cancel the bond licences of the closed businesses.
The trade body demanded a special allocation in the budget to finance young entrepreneurs and tax holiday facility for small and medium entrepreneurs.
As part of export diversification, the chamber demanded a special tax benefit for the light engineering sector and agro-based industry.
The BCI also sought land allocation facility for young entrepreneurs at special rates in different sectors including Bangladesh Economic Zone Authority (Beza) and Bangladesh Small and Cottage Industries Corporation (BSCIC) at special rates.