NBR body suggests expansion of tax holiday facility

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Doulot Akter Mala
The National Board of Revenue (NBR) committee has recommended for extending the tax holiday facility to industries having a minimum paid-up capital worth Tk 1.0 million.
The facility is now offered to industrial units having minimum paid-up capital of Tk 0.1 million.
The committee in a study also suggested to make the waste management mandatory for factories seeking tax-holiday facility.
Currently, Export Processing Zone (EPZ) industrial units that are enjoying the tax holiday facility do not require prior permission of NBR.
According to recommendation of the committee, EPZs should take prior approval of board to be entitled for the facility. It will also help the revenue board to scrutinize the tax-related matters of those EPZs.
The NBR had formed the committee to conduct a brief study on continuation of the tax holiday facility, which is scheduled to expire in June 2008.
From fiscal 2005-2007, a total of 999 industries had enjoyed tax holiday facility causing Tk 12.05 billion loss of revenue to the national exchequer, the report said.