Bangladesh's DCCI calls for cuts in corporate tax rate

The chamber placed a total of 40 recommendations for the upcoming national budget during a meeting with National Board of Revenue chairman Abu Hena Mohammad Rahmatul Muneem.

DCCI president Rizwan Rahman also proposed slashing the tax on income of corporate dividend from the existing 20 per cent to 10 per cent, according to Bangla media reports.

He said it would encourage local investors to go for reinvestments as well as boost the efficiency of the stock markets.

Rizwan also recommended that the annual turnover tax exemption for businesses be increased to turnovers of up to Tk 4 crore from the existing Tk 3 crore and turnover tax be imposed based on value addition to products or profit margins.

The DCCI chief proposed to increase the tax free income limit for individual taxpayers from the existing Tk 3 lakh to Tk 4 lakh taking into consideration rising inflation and living costs.

The Bangladesh Chamber of Industries (BCI), meanwhile, called for formulating policies for financing from the special fund created by the government to encourage young entrepreneurs.

In absence of proper policies, the benefit of the fund could not be realised, said BCI president Anwar-ul Alam Chowdhury (Parvez).

It suggested full digitisation of tax systems to modernise the tax administration and encourage people to comply with rules.

Fibre2Fashion News Desk (DS)