Bangla MCCI calls for raising EDF to $10 bn to achieve export target

Many eligible organisations still remain outside the purview of tax, because of which taxpaying businesses are being burdened with more and more taxes, MCCI alleged.

The remarks were made during a post-budget discussion at the MCCI office. The country’s planning minister M A Mannan attended the discussion moderated by MCCI president Mohammad Saiful Islam.

Islam suggested that the minimum turnover tax should be removed as that leads to double taxation; and the rates of tax deducted at source (TDS) for services like construction, infrastructure, etc., which generate employment, should be reduced.

This TDS could be maintained at the TDS level of supply of goods in the current circumstances. As per the Export Policy 2021-2024, the export target being considered for FY24 is $80 billion, yet the current export development fund (EDF) level is only $7.5 billion.

ALCHEMPro News Desk (DS)