FBCCI for tax on home owners
Friday, 23 April 2010
FE Report
The country's apex chamber has proposed the government to raise tax-free ceiling for individual taxpayers to Tk 200,000, cut the upper rate of corporate tax to 40 per cent, fix 1.0 per cent duty on capital machinery import in the next budget.
It has also proposed to resolve disputes over fixation of gross profit on business, extend tax holiday facility until 2015 and expand tax net in new areas.
Leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said this in a pre-budget meeting with the National Board of Revenue (NBR) Thursday.
The leaders have demanded imposition of tax on home owners in a bid to expand tax net and include new taxpayers from these sectors.
Leaders of the chamber body has reportedly said around 75 per cent of the house owners have been enjoying house rent without paying income tax. They said home owners have been increasing house-rent once or twice in a year.
The tenants have been paying all utility bills, but a section of home owners showed this as their expenses in the tax return.
Former vice president of FBCCI Dewan Sultan Ahmed, Director Abdul Huq, shop owners' association president Amir Hossain attended the meeting, chaired by NBR president Dr. Nasir Uddin Ahmed.
They have again reiterated the need for mitigating power crisis immediately for industrial growth.
Dewan Sultan Ahmed claimed that home owners in the posh area had been charging high rent. Whereas, they do not show their income from that source in the tax return.
Abdul Huq has proposed to impose tax on land purchase claiming that all the black money holders had invested their money in this sector.
Amir Hossain stressed on checking tax evasion rather that increasing tax rates. He said plugging the holes of revenue leakage is necessary for increasing revenue collection.
FBCCI has placed separate proposals on income tax, Value added tax and Customs duty.
On income tax related proposals, the chamber body has proposed to fix 25 per cent corporate tax for listed companies, 35 per cent for non-listed companies and 40 per cent for banks and financial institutions.
For VAT wing, the chamber has proposed to raise the threshold of annual turnover of businesses, reduce turnover tax by 50 per cent and simplify rules of VAT collection from small and medium businesses.
The FBCCI has proposed to rationalise existing tariff structures and form a committee for classification of products.
The country's apex chamber has proposed the government to raise tax-free ceiling for individual taxpayers to Tk 200,000, cut the upper rate of corporate tax to 40 per cent, fix 1.0 per cent duty on capital machinery import in the next budget.
It has also proposed to resolve disputes over fixation of gross profit on business, extend tax holiday facility until 2015 and expand tax net in new areas.
Leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said this in a pre-budget meeting with the National Board of Revenue (NBR) Thursday.
The leaders have demanded imposition of tax on home owners in a bid to expand tax net and include new taxpayers from these sectors.
Leaders of the chamber body has reportedly said around 75 per cent of the house owners have been enjoying house rent without paying income tax. They said home owners have been increasing house-rent once or twice in a year.
The tenants have been paying all utility bills, but a section of home owners showed this as their expenses in the tax return.
Former vice president of FBCCI Dewan Sultan Ahmed, Director Abdul Huq, shop owners' association president Amir Hossain attended the meeting, chaired by NBR president Dr. Nasir Uddin Ahmed.
They have again reiterated the need for mitigating power crisis immediately for industrial growth.
Dewan Sultan Ahmed claimed that home owners in the posh area had been charging high rent. Whereas, they do not show their income from that source in the tax return.
Abdul Huq has proposed to impose tax on land purchase claiming that all the black money holders had invested their money in this sector.
Amir Hossain stressed on checking tax evasion rather that increasing tax rates. He said plugging the holes of revenue leakage is necessary for increasing revenue collection.
FBCCI has placed separate proposals on income tax, Value added tax and Customs duty.
On income tax related proposals, the chamber body has proposed to fix 25 per cent corporate tax for listed companies, 35 per cent for non-listed companies and 40 per cent for banks and financial institutions.
For VAT wing, the chamber has proposed to raise the threshold of annual turnover of businesses, reduce turnover tax by 50 per cent and simplify rules of VAT collection from small and medium businesses.
The FBCCI has proposed to rationalise existing tariff structures and form a committee for classification of products.