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Reform of fiscal measures in trade emphasised
Dr Saadat Hossain chair man of the National Board of Revenue, yesterday said the authorities would ensure that mid-term fiscal measures do not create confusion in the trade and industry sectors, reports UNB.
The NBR. henceforth, will make all efforts so that the SRO s are transparent and clear to avoid confusions arising out of such measures." Dr Hossain told a seminar.
The NBR chief said that the Statutory Regulatory Orders (SRO’s) are unavoidable and are not always bad as businessmen needed such measures The only problem is that the SRO s often create confusions." he said.
The seminar on “Buoyancy in Trade. Commerce and Industry Through Fiscal Reforms" was arranged by the Dhaka Chamber of Commerce and Industry (DCC1) at its conference room yesterday afternoon.
The German Federation of Small Business (ZDH) and Singapore-based Technonet Asia (TA) collaborated with the DCCI in organising the moot that discussed the need for upgrading fiscal reforms for small and medium enterprises.
Highlighting the role of fiscal and monetary measures. the NBR chairman said the government’s revenue measures needed to be less distortive. "The government should collect revenue in a way that does not create
constraints on the market he said
He said poverty alleviation and development could not lx- attained through distortive measures or subsidies but by instilling competition in the economy.
DCCI president Alt Hos sain proposed for revision ol tax policies in line with the GAIT and SAPTA. suggesting suspension of the practice ol deducting advance income tax to make Bangladeshi products competitive in the world market.
He also suggested lower ing of Value Added Tax (VAT) to 10 per cent from the current rate of 15 pei cent and simplification of the procedures so that the tax payers coClld easily understand it
Tax assessment procedures should also be simpli fied further and the corporate tax reduced in line with other competiting countries, the chamber president said. ■ Former DCCI president Rashed Maksud Knan. who chaired the working session said some reforms had been made but massive ones were still needed to give an impetus to the private sector.
Faizul Latif Chowdhury, first secretary (VAT) of NBR. presented a key-note paper.
Former DCCI president M Yunus and ZDH-TA resident representative M Azi zu r Rahman also addressed the seminar.