DCCI proposals at pre-budget meeting with NBR

FE Report | Published: April 24, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

The board of directors of the Dhaka Chamber of Commerce & Industry led by its president Mohammad Shahjahan Khan called on National Board of Revenue Chairman Md Ghulam Hussain to place the chamber\'s budgetary proposal to the NBR in the city on Wednesday.

Dhaka Chamber of Commerce and Industry (DCCI) has proposed the government to increase the tax-free ceiling for individual taxpayers, relax existing surcharge rate on wealth and cut corporate tax in the next budget.
A team of DCCI, led by its president Md Shahjahan Khan, placed the proposals Wednesday at a pre-budget meeting with the National Board of Revenue (NBR).
The DCCI president urged the NBR to waive tax on local Letter of Credit (L/C), cut tax on dividend income of a company to 15 per cent from the existing 20 per cent and include non-banking financial institutions (NBFIs) under the same tax treatment like banks.
The local industries also sought extension of tax rebate facility until 2020 for newly established industries and until 2025 for export -oriented handicraft industries.
The chamber leaders proposed increase in tax threshold for individual taxpayers to Tk 0.3 million considering high living cost and inflation.
They also proposed to increase the limit of net asset to Tk 50 million and Tk 150 million and impose surcharge at 10 per cent and 15 per cent respectively under the existing wealth tax rules.
For corporate tax, the chamber leaders suggested tax cut for listed companies to 20 per cent from 27.5 per cent, private limited companies to 27.5 per cent from 37.5 per cent, banks and financial institution to 30 per cent from 45 per cent and mobile operators to 40 per cent from 45 per cent.
The DCCI proposed to increase limit of turnover tax from Tk 8.0 million to Tk 10 million.
On the proposal, NBR chairman said increase in turnover ceiling would not help businesses as only a handful number responds to the existing turnover currently.
NBR member (VAT policy) Barrister Jahangir said most of the businesses show turnover above Tk 1.0 million.
The chamber leaders also sought continuation of package VAT and scrap Electronic Cash Register (ECR) system.
For Corporate Social Responsibility (CSR), the DCCI leaders suggested imposition of tax on 10 per cent of the CSR expenditure instead of the existing 10 per cent tax rebate.
On Universal Self-assessment, the chamber proposed setting specific criteria on auditing of tax files.