Development of domestic industry should be encouraged first . Reducing tax rate, simplify tax payment and stop the trend of evasion is top preferences of the National Board of Revenue (NBR), said NBR Chairman Abu Hena Md. Rahmatul Munim.
"We are moving in that direction step by step. We have been trying to identify the problems of trade and resolve them gradually", he added
The NBR Chairman was addressing a pre-budget meeting with the Chittagong Metropolitan Chamber of Commerce and Industry (CMCCI) at Hotel Agrabad's Ichamati Hall on Thursday.
Present as special guests were National Board of Revenue Member Grade-1 (Customs Policy and ICT) Md. Masud Sadiq; Member (Tax Policy) AKM Badiul Alam.
CMCCI Vice President AM Mahbub Chowdhury, Commissioner of Customs and VAT and Income Tax Department, CMCCI Directors-Members, Electronic and print media journalists were present.
Reading out a written proposal CMCCI president Khalilur Rahman said, "we business class started to dream anew only after Bangabandhu's daughter Prime Minister Sheikh Hasina came back to power. With the vision of building Smart Bangladesh by the year 2041, as announced by the Prime Minister, we all have to start working from now on in our own fields".
The country's economy is still thriving despite the turmoil in the global economy.
If the various projects are properly implemented, the economy of the country will get more prosperity, which will brighten the image of the country beyond the borders of the country.
Through the use of Padma Bridge, Dhaka Metrorail, Karnaphuli Tunnel in Chittagong, etc., which are playing an important role in increasing the revenue of the country as well as improving the standard of living of the people.
In the proposed budget for the year 2024-25 has recommended to make the provisions of Income Tax Act, VAT and Customs Act more simple, dynamic and tax payer friendly; Income Tax Act, reduction of the tax rate on the gross export receipts of the ready-made garment industry from 1% to .25% will play a role in saving the important industry of the country from destruction.
Advance tax at source is proposed to be reduced from 8% to 5% for the country's huge potential ICD services sector.
