CHATTOGRAM, Mar 15: National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem offered reassurance to the country's business community that import issues related to the harmonised system (HS) codes would soon be resolved.
Speaking at a pre-budget discussion in Chattogram on Wednesday, he confirmed that "positive orders" were imminent, assuring businessmen that penalties for unintentional HS code errors would be lifted, even if product descriptions were correct.
In recent times, importers have been fined up to 400% of the product price for unintentional HS code errors. Businessmen have long been urging authorities to waive penalties for such mistakes, provided that product descriptions are correct.
With the apparel market in a constant state of flux, business leaders have also been pressing for an easing of HS code-related import hiccups to maintain a competitive edge.
At the pre-budget parley, NBR Chairman Muneem emphasised prioritising revenue policies keeping the interests of businessmen in mind.
He reported that the number of taxpayers is increasing gradually, and revenue collection is satisfactory. He said currently 31 lakh people pay taxes, while 4.20 lakh people pay Value-Added Tax (VAT).
However, he added that the NBR is keen to expand the tax net to include eligible taxpayers in rural Bangladesh.
Turning to revenue automation, Muneem noted that the NBR's automated services aim to ease the harassment of business people and promote investment.
Businessmen can now obtain self-clearance certificates on their own, he said, adding that expanding such facilities will attract more investors to the industrial sector.
Despite Bangladesh's status as a leading supplier to major global apparel brands, Muneem bemoaned the lack of any homegrown apparel brand, a situation which he thinks should be addressed by the apparel manufacturers and exporters.
He also indicated that the government is committed to making the VAT payment system more straightforward and will declare an industry-friendly budget in the current year.
In preparation for the budget, the NBR is soliciting input from business leaders to ensure that their needs and concerns are taken into account, he noted.
Chittagong Chamber President Mahbubul Alam chaired the meeting and urged the NBR chairman to raise the income limit to Tk4 lakh for women, Tk4 lakh for 65-year-old citizens, and Tk5 lakh for freedom fighters.
He also called for a reduction in bank interest rates, the withdrawal of the weigh scale on Dhaka-Chattogram highways, and the granting of Authorized Economic Operator (AEO) status to importers and businessmen who follow the rules.
The meeting was attended by NBR members Md Masud Sadik, Dr Shams Uddin Ahmed, Jakia Sultana, as well as stakeholders and heads of business houses.
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