Bangladesh business leaders seek tax reforms for business stability

This call was made during a recent meeting on income tax at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) office.

Presided over by Tapan Kumer Majumder, the director-in-charge of the committee, the meeting highlighted the importance of balanced taxation to prevent discouragement of business and trade activities.

Entrepreneurs emphasised the necessity of comprehensive tax policies for informed decision-making in business, trade, and investment.

Key recommendations included phasing out tax at source and minimum tax sectors, reducing tax disparities, ensuring timely tax refunds, and promoting automation in tax, VAT, and customs administration.

Strengthening the Research and Development Department of the National Board of Revenue (NBR) for taxpayer assessment and incentivising tax compliance were also proposed.

FBCCI senior vice president Md. Amin Helaly addressed concerns related to VAT, taxes, and customs, highlighting FBCCI’s commitment to resolving these issues.

Committee chairman Mohammed Humayun Kabir stressed increasing government revenue while ensuring fairness in tax policies.

Director Tapan Kumer Majumder highlighted the importance of stronger ties between the business community and the NBR, with FBCCI ready to collaborate actively.

FBCCI vice president Md. Munir Hossain, director Hafez Harun, and other dignitaries were present, even as they emphasised the need for sector-specific recommendations, for cohesive representation before the government.

ALCHEMPro News Desk (DR)