Bangla trade body for 0.5% package VAT for retailers

14 Jun '16

2 min read

The Federation of Bangladesh Chambers of Commerce and Industry on Saturday proposed registration of retailers under the value added tax law with a provision of paying 0.5 per cent package VAT annually.

At a post-budget press conference in Dhaka, FBCCI president Matlub Ahmed also demanded online VAT system and said the existing VAT system would have to be made easy and business friendly, according to an agency report.

'The small traders will be able to run their businesses, if there is 0.5 per cent VAT at the retailer's level. This will increase government's revenue income several times,' he said.

Matlub Ahmed said the National Board of Revenue did not accept the FBCCI's budget proposals properly. The FBCCI had made 447 proposals for VAT, import tax and income tax sectors in the budget for fiscal 2016-17, of which only 53proposals (11 per cent) have been considered in the proposed budget, he said and urged the government to consider their proposals in the final budget. Otherwise, the businessmen would be affected, he apprehended.

The FBCCI chief said the business people want to pay taxes. But the tax payment system should be simplified and harassment stopped, he added.

He alleged that the government is not bringing under tax net many eligible people, but increasing collections from those who are already paying taxes.

Opposing increasing tax at source on exports to 1.5 per cent from 0.6 per cent, he said this will hit hard the export industries.

He hoped that the government will withdraw this increased tax and accept the logical demands of the businessmen to protect the local industries and maintain business friendly environment in the country. (SH)

Fibre2Fashion News Desk – India

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