Businesses want 1.5pc VAT refund for seniors\\\' pension

Businesses demanded financial incentives from the government, including a substitute for pension system, in recognition of their contribution made through depositing taxes to the national exchequer.
A certain percentage, preferably 1.5 per cent, of Value Added Tax (VAT) could be refunded to the senior businesspeople as there is no system for them to enjoy pension like service-holders, an FBCCI leader said Monday.
Helal Uddin, vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), mooted the proposal at a seminar held to motivate businesses on upcoming VAT and SD law-2012.
Dhaka VAT, customs and excise (South) Commission-erate arranged the seminar at the Institute of Diploma Engineers Bangladesh (IDEB).
Mr Helal further said: "The government honours top VAT- paying businesses every year with crests. But, we want financial incentives so that senior citizens among the businesses get a support."
Speaking at the meet, National Board of Revenue (NBR) member Hussain Ahmed said the proposal of the businesses regarding financial incentives would be conveyed to the appropriate authority.
On implementation of the law from 2016, Mr Ahmed said businesses will have to be mentally prepared for accepting the new law.
"Improvisation is needed to make the new law successful among the taxpayers," he told his business audience.
Deputy Director of VAT online project Dr Abdur Rouf observed sudden enforcement of any law disrupts tax-expenditure plan of businesses.
He stressed the need for automation in the VAT wing as it has performed poorly in this field among the three wings of the NBR.
"Private sector has made significant development in automation while VAT wing is lagging behind," he added.
Ismail Hossain Siraji, additional commissioner of the customs, VAT and excise commissionerate,  South, chaired the session.
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