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Tax holiday to exist, with checks on tax-dodging

Rejaul Karim Byron
The government is introducing tax holiday under a new system in the next fiscal year (FY) to stop evasion of taxes, and increase revenue earning.
Finance ministry sources said tax holiday will be allowed for some selected categories of industries but they will be required to pay three to 10 percent tax.
But the industries enjoying tax holiday under the present system would continue to enjoy it till the end of the period for which they have been
allowed this facility.
The sources mentioned that the new system of tax holiday has been almost finalised, but the rate of tax for the industries concerned is still being worked out.
In Dhaka and Chittagong divisions, the new tax holiday facility may be given with the industries concerned having to pay five percent tax for the first two years and 10 percent for the next three years.
In Rajshahi, Khulna, Sylhet and Barisal divisions, and the three hill districts, rate of tax would be 2-3 per-cent for the first three years and eight percent for the next four to five years.
The government is yet to specify the type of industries which would get the new tax holiday. Sources however said the sectors would include agroprocessing, infrastructure, ship building, toy manufacturing, and backward and forward linkage units of garments industry.
At present about 20 sectors enjoy tax holiday. Industries to be set up in these sectors by June 30 of 2011 would also get the facility.
The existing system allows 100 per
cent tax holiday in Dhaka and Chittagong divisions for the first two years, 50 per cent for the next two yearsand 25 percent for the next year.
In Rajshahi, Sylhet, Khulna and Bansal divisions, and three hill districts, tax exemption is 100 per cent tax for the first three years, 50 percent for the next three years and 25 percent for the next year.
Meanwhile, the finance minister had earlier said the government would not allow any tax holiday in the next FY. But the business communitv and the parliamentary standing committee on the finance ministry opposed it. They said if tax holiday is discontinued, it would hamper industrialisation of the country.
Officials of the finance ministry said the facility is being greatly misused, and that is why they want to withdraw it.
As long as the industries enjoy tax holiday, they make profit every year, and when the facility discontinues, they show that they suffer losses, tlie officials noted.
. The government.,used to . get most of its revenue from the import sector but now earning from this sector is falling. So, it is trying to increase revenue earning from other sectors.
Sources mentioned that in the next FY, revenue earning target of the National Board of Revenue (NBR) is going to be fixed atTk61,000 crore. In the current FY. the target is Tk 54,500 crore but it is going to be slashed to Tk 53,000 crore.