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MCCI demands continuation of tax holiday for investors
The Metropolitan Chamber of Commerce and Industry yesterday strongly advocated continuation of tax holiday, an incentive for investors that will expire in June this year, upto year 2000. reports UNB
"Both foreign and local investors are perturbed that our tax-holiday scheme will be dis continued from 1st July this year. MCCI President M Anis Ud Dowla said, viewing that It has "upset the investors confidence."
His anxiety was shared by the members of the chamber who attended a meeting with officials of the National Board of Revenue (NBR) to discuss the MCCI proposals for next national budget.
Added Samson H Chowdhury. MCCI Vice-president and Chairman of Square Pharmaceuticals: "When a policy is declared, it sllbuld not be changed unless there are strong reasons for changing."
The tax-holiday provision, Introduced to have a favourable impact on investment climate, was cut short to June 1995 from the earlier proposal for upto 2000 AD.
Dowla informed the meeting that the neighbouring countries were giving tax-holiday when Bangladesh set to discontinue the facility which has remained a part and parcel of income tax law since the beginning.
"Even in this year’s budget. India has Introduced five years tax-holiday schdme for any enterprise in manufacture and other social sectors." he said.
NBR Chairman Dr Akbar All Khan, in his bid to defend the government policy, said the Board was looking for suitable alternative incentives to re-
place the holiday system.
The government policy to provide Incentives for the investors will continue.' he as sured saying that the withdrawal would not create much problem as it was notified four years back in 1991 budget.
The MCCI. the most Influ-encial chamber In the country, also opposed the recent circular of NBR which made capital gains' on stoeks and shares bought from secondary market taxable
This Is a "serious contradiction" In terms of the finance minister's 1992-93 budget speech Where he categorically stated that the gains on sale of stocks and shares of public companies would be exempt from tax. Anis Ud Dowla said
He said the NBR Itself stated that capital gains on sales of stocks and shares would be exempt from tax. The NBR's recent circular should be withdrawn.’ he insisted.
The chamber president also
drew the attention of the NBR chairman to an issue regarding providing for insurance to bank deposits. "Such insurance cover will be Ip conformity with the finance minister's commitment to safeguard depositor’s Interests." he said
On budget proposals. Dowla was with the view that corporate tax be lowered to 35 per cent for public limited companies. 40 per cent for other limited companies and 45 per cent for banks, insurance and financial institutions.
"We strongly feel that the next budget has a special responsibility to help Improve the local industry's supply response to the challenges of trade liberalisation." he said.
The chamber in the meeting put forward a number of proposals regarding taxation, customs duty and value added tax (VAT) for consideration of the Board.
But the NBR officials found ”no rationale or logic" behind the proposals in most of the cases while assured a look into some others.
The NBR. however, re-sportded positively to a suggestion for setting up a complaint cell at the Board to dispose of the matters regarding refund of advance tax from the Tax Department.
Abdul Hafiz Chowdhury. Chairman of the chamber's Taxation Sub-committee, put the proposals while former MCCI President Latifur Rahman and members S H Kabir. Amjad Hossain Khan and Syed Manzur Elahi look part In the pre-budget debate.
NBR members KG Sarwar. AFM Tayebur Rahman and SI Khan replied to different proposals of the chamber.