FBCCI wants ACC to take prior permission from it
Wednesday, 12 May 2010
FE Report
Business leaders at a pre-budget discussion on Tuesday urged the government to take measures to protect the interests of the local industry, keep the PSI system in place and increase allocations to power and energy sector in the upcoming budget.
They wanted the Anti-corruption Commission (ACC) to take prior permission from the apex chamber body, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) before filing case against any businessman.
The leaders, speaking at the consultative committee meeting, jointly organised by the National Board of Revenue (NBR) and the FBCCI, also said the current provision of awarding prison sentence under the income tax law for dodging tax should be scrapped.
The meeting, held at a local hotel, was presided over by NBR Chairman Nasir Uddin, while Dr. Moshiur Rahman, economic affairs adviser to the Prime Minister attended the same as chief guest.
Finance Minister AMA Muhith was supposed to attend the function as chief guest, but he could not attend the meeting for his sudden indisposition.
Moshiur Rahman said the government should offer more fiscal incentives to the engineering and shipbuilding industry as both the industries have so far shown their potentials in local and international markets.
He said the tax collectors must be efficient and honest to gear up the government's revenue income. He said if ongoing subsidies were withdrawn abruptly, the local industry would be affected badly. He underscored the need for establishing a rational and efficient tax regime in the country.
Annisul Huq, President, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said the ACC should take prior permission from the FBCCI before filing a corruption case against any businessman as the Commission is required to take prior permission from the government for filing a case against any public servant.
He said the ministers and lawmakers, who are held in high esteem by the people, should pay tax against their remunerations.
The apex chamber president said the Pre-Shipment Inspection (PSI) scheme should continue until the capacity of customs department is enhanced to do the job.
He strongly demanded holistic measures from the incumbent government to improve the power and energy situation in the country.
"Ensure power and energy supply to the local industry and help them survive," the FBCCI chief said.
He said the federation this time is unwilling to propose any money whitening facility as the offer provided in the current budget has received poor response.
Mahbubur Rahman, President, ICC-Bangladesh and former president, of the FBCCI, said the government should introduce a flat rate of income tax for all kinds of business establishments which would be later deducted from final tax amount. This, he said, would help expand tax coverage and earn more revenue.
The ICC-B president strongly criticised the customs department for not complying with the PSI regulations and said, 'the customs officers seldom accept Clean Report of Findings (CRFs) issued by PSI companies.'
He demanded strong measures against non-compliant customs officers and PSI companies.
AK Azad, a leading industrialist, said the legal provision for imprisonment on charges of tax evasion should be done away with so that no un-elected government could abuse the provision.
He said the cost of doing business in the country would continue to rise if the power situation is not improved.
Golam Dastagir Gazi, director, FBCCI, also a lawmaker of the present Parliament, said if the government wants existence and expansion of local industry, it should continue the PSI system. He said the business community wants unhindered power supply even at higher tariff.
About two dozens of business leaders from Dhaka and district chambers spoke at the consultative meeting. The FBCCI submitted its budget proposals for discussion at the meeting.
The Federation proposed raising the tax-free income to Tk 0.2 million and fixing the highest 40 per cent corporate tax for banks, financial institutions and mobile companies. It has proposed 25 per cent tax for listed companies and 30 per cent for non-listed ones.
The FBCCI also proposed reduction of import duty on raw materials from current three per cent to one per cent and intermediate goods from existing five per cent to three per cent.
Business leaders at a pre-budget discussion on Tuesday urged the government to take measures to protect the interests of the local industry, keep the PSI system in place and increase allocations to power and energy sector in the upcoming budget.
They wanted the Anti-corruption Commission (ACC) to take prior permission from the apex chamber body, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) before filing case against any businessman.
The leaders, speaking at the consultative committee meeting, jointly organised by the National Board of Revenue (NBR) and the FBCCI, also said the current provision of awarding prison sentence under the income tax law for dodging tax should be scrapped.
The meeting, held at a local hotel, was presided over by NBR Chairman Nasir Uddin, while Dr. Moshiur Rahman, economic affairs adviser to the Prime Minister attended the same as chief guest.
Finance Minister AMA Muhith was supposed to attend the function as chief guest, but he could not attend the meeting for his sudden indisposition.
Moshiur Rahman said the government should offer more fiscal incentives to the engineering and shipbuilding industry as both the industries have so far shown their potentials in local and international markets.
He said the tax collectors must be efficient and honest to gear up the government's revenue income. He said if ongoing subsidies were withdrawn abruptly, the local industry would be affected badly. He underscored the need for establishing a rational and efficient tax regime in the country.
Annisul Huq, President, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said the ACC should take prior permission from the FBCCI before filing a corruption case against any businessman as the Commission is required to take prior permission from the government for filing a case against any public servant.
He said the ministers and lawmakers, who are held in high esteem by the people, should pay tax against their remunerations.
The apex chamber president said the Pre-Shipment Inspection (PSI) scheme should continue until the capacity of customs department is enhanced to do the job.
He strongly demanded holistic measures from the incumbent government to improve the power and energy situation in the country.
"Ensure power and energy supply to the local industry and help them survive," the FBCCI chief said.
He said the federation this time is unwilling to propose any money whitening facility as the offer provided in the current budget has received poor response.
Mahbubur Rahman, President, ICC-Bangladesh and former president, of the FBCCI, said the government should introduce a flat rate of income tax for all kinds of business establishments which would be later deducted from final tax amount. This, he said, would help expand tax coverage and earn more revenue.
The ICC-B president strongly criticised the customs department for not complying with the PSI regulations and said, 'the customs officers seldom accept Clean Report of Findings (CRFs) issued by PSI companies.'
He demanded strong measures against non-compliant customs officers and PSI companies.
AK Azad, a leading industrialist, said the legal provision for imprisonment on charges of tax evasion should be done away with so that no un-elected government could abuse the provision.
He said the cost of doing business in the country would continue to rise if the power situation is not improved.
Golam Dastagir Gazi, director, FBCCI, also a lawmaker of the present Parliament, said if the government wants existence and expansion of local industry, it should continue the PSI system. He said the business community wants unhindered power supply even at higher tariff.
About two dozens of business leaders from Dhaka and district chambers spoke at the consultative meeting. The FBCCI submitted its budget proposals for discussion at the meeting.
The Federation proposed raising the tax-free income to Tk 0.2 million and fixing the highest 40 per cent corporate tax for banks, financial institutions and mobile companies. It has proposed 25 per cent tax for listed companies and 30 per cent for non-listed ones.
The FBCCI also proposed reduction of import duty on raw materials from current three per cent to one per cent and intermediate goods from existing five per cent to three per cent.