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FBCCI proposes tax cuts to tackle global recession fallout

Star Business Report
The apex trade body FBCCI yesterday proposed a tax cut to create a congenial business atmosphere for an efficient tackling of the fallout from the ongoing global recession.
'The income should be tax-free and unquestionable if anybody goes for setting up any industrial plant, modernisation and extension of industries. payment of industrial loan and investment in capital market." Annisul Huq, president of the Federation of Bangladesh Chambers of Commerce and Industry, told a pre-budget discussion in Dhaka yesterday.
Held at the Federation Bhaban, it was attended by Muhammad Abdul Mazid, chairman of the National Board of Revenue (NBR) as chief guest.
The FBBCI chief said the country’ needs big investment for employment generation to offset the adverse impacts of the global crisis.
Terming the upcoming national budget for the 2009-10 fiscal year as the most difficult challenge for the government because of the recession, Huq proposed one percent duty’ on the imports of capital machinery/basic raw materials and 5.0 percent duty for intermediate raw materials, 12 percent for intermediate and basic commodities and 25 percent for luxury goods.
Huq also proposed for continuation of zero tariff on the imports of foodstuff, cotton, medicine and fertiliser in the next budget.
FBCCI President Annisul Huq speaks at a pre-budget discussion in Dhaka yesterday, while NBR Chairman Muhammad Abdul Mazid looks on.
Businessmen, chamber leaders, MPs and industrialists from different sectors were present on the occasion.
The FBCCI leader also proposed a specific duty on the imports of some raw materials like metal products and chemicals, mainly used for industrialpurposes.
He proposed continuation of the package system in VAT payment.
Huq also sought an increase in the ceiling of capital base from Tk 1.5 million to Tk 2.5 million and turnover tax base fromTk 2.4 million to Tk 5.0 million for investing in plants,
machinery and equipment.
"The NBR should encourage the businessmen for using the Electronic Cash Registrar (ECR) so that the taxes can be collected efficiently," Huq said.
He proposed fixing the tax-free personal income ceiling at I k 200,000 from the existing Tk 165.000.
Fearing a worst recession impact on the national economy, Mazid said the government would try to formulate a business- friendly budget for the next fiscal year.
"Many tilings would be readjusted in the next budget,” the NBR chief assured the businessmen, adding that the protection of interests of the local industries would be prioritised.
Earlier, editors of the national dailies and electronic media in a meeting with the NBR urged the top tax collector for introducing a hassle-free tax payment system.
They said if it is needed for legalising the undisclosed money, the NBR should take penalty taxes, otherwise it would be unjust to the real taxpayers.
Moazzem Hossain, editor of The Financial Express, Matiur Rahman Chowdhury, editor of the daily Manabjamin, Faridur Reza Sagor, managing director of Channel i, Enayetur Rahman, managing director of Ntv, and Mahfuz Anam, editor of The Daily Star, were present among others.