National Board of Revenue (NBR) and The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) jointly organized “Virtual 41st Meeting of Consultative Committee of National Board of Revenue (NRB)”. This virtual meeting was held on 18 April 2021. The agenda of the virtual meeting was “Proposals for National Budget 2021-22”.
Finance Minister AHM Mustafa Kamal, FCA, MP was the chief guest of the meeting, chaired by Abu Hena Md Rahmatul Muneem, Senior Secretary of Internal Resources Division (IRD) and Chairman of NBR, and moderated by Sheikh Fazle Fahim, FBCCI president.
“Due to the lack of proper adjustments /refund of AIT, the operating expenses of businesses increase by a large amount. The procedural complexities of AIT reimbursement need to be addressed to ensure timeliness. We hope the next budget will be made aligning the practical execution of Vision 2021, Vision 2041, SDG 2030, the 8th Five-Year-Plan, Covid-19 stimulus package announced by the government, and the ongoing Covid-19 second wave; also in reflection of the of the last fiscal budget. ” said Sheikh Fazle Fahim, FBCCI president.
The trade body proposed invoice based bank-to-bank transaction process in every step of business transactions, which would increase government’s revenue and the tax-GDP ratio.
It also proposed enlisting alternative industries, product-based diversification and value chain upgrades in new industries- such as food production and processing industries, including ceramic tiles (floor walls), all types of ceramic tableware and sanitary ware, refrigerators, light engineering, waste management, recycling etc; under the Section 46BB of the Income Tax Ordinance 1984 that grants special incentives.
“We have been working continuously in improving the overall government revenue collection process. Softwares are being developed that will help us to audit businesses more efficiently ensuring accountability. This will help increase the government revenue and help us to
