The country's apex trade body FBCCI has made a plea to the government to address the tax burden in the upcoming national budget.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) made the call at the first meeting of the Standing Committee on Income Tax in the capital on Thursday.
During the meeting, the tradespeople urged the government to formulate long-term tax policy to bolster sustainable business growth.
Director-in-charge of the committee Tapan Kumer Majumder chaired the meeting that emphasised the importance of managing tax burden, asserting that excessive taxes could discourage business and trade activities.
They called for the government to formulate a comprehensive, long-term tax policy to facilitate informed decision-making in business, trade and investment sectors.
They placed key recommendations, including phasing out tax at source and minimum tax sectors, reducing tax disparities between public and private sectors, ensuring timely tax refunds within 60 days as per legal provisions, and promoting automation in tax, VAT and customs administration.
It also proposed to strengthen the research and development department of the National Board of Revenue to assess taxpayers properly and incentivise tax compliance.
FBCCI senior vice-president Md Amin Helaly addressed the concerns surrounding VAT, taxes and customs, emphasising the FBCCI's commitment to addressing these issues.
Mohammed Humayun Kabir, chairman of the committee, echoed the sentiment of increasing government revenue while ensuring fairness in tax policies that do not burden traders disproportionately.
Mr Majumder emphasised the importance of strengthening the ties between the business community and the NBR, highlighting FBCCI's readiness to collaborate as an active partner.
FBCCI vice-president Md Munir Hossain, directors Hafez Harun, Azizul Hoque, Kausar Ahmed, Md Amir Hossain Noorani and Syed Md Bakhtiar, FBCCI panel adviser and partner of Snehasish Mahmud & Co Snehasish Barua, among others, were present.
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