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FBCCI proposes budget revisions to Muhith

Star Business Report
The Federation of Bangladesh Chambers of Commerce and Industry yesterday urged the government not to raise tax at source to 1.2 percent for the best interests of the country's export target.
The chamber made the proposal, along with a host of others, when its leaders, headed by FBCCI President AK Azad, met with Finance Minister AMA Muhith at his office.
Exports have already been hit by the global recession, while exporters are facing escalating costs, particularly higher bank interest rates.
Instead of a higher tax at source, the export sector, at this moment, needs financial incentives from the government, the FBCCI said.
The chamber also urged the government to not go ahead with its proposal to
raise tax on income from bank interests to 15 percent from 10 percent for those without tax identification number.
The FBCCI also informed of government plans to raise tax-free allowance to Tk 220,000 from Tk 180,000 in the upcoming fiscal year due to inconsistency between people's earnings and expenditures.
Supplementing it, the FBCCI suggested extending the tax-free allowance band for women to Tk 2.5 lakh from the existing Tk 2 lakh, and to Tk 3 lakh from Tk 2.5 lakh currently enjoyed by disabled people and senior citizens of 65 and above.
The chamber further said the government might impose 10 percent tax on incomes of Tk 350,000 and beyond, 15 percent on the next 500,000,20 percent on the next 600,000 and 25 percent after that.
The FBCCI requested the government to cut corporate tax to 32.5 percent from the existing 37.5 percent for listed companies yielding 10 percent dividends; 25 percent corporate tax in place of the 27.5 percent for companies providing 10 to 20 percent dividends; and 22.5 percent tax from 24.75 percent for companies delivering 20 percent or more dividends.
And for non-publicly traded companies, the chamber would like the corporate tax to be at32.5 percent for the manufacturing sector and 35 percent for non-manufacturing or trading businesses.
The FBCCI proposed to fix duties on imports of capital machineries and parts at 1 percent, instead of the 1 and 3 percent duties respectively at place, to spur industrialisation and job creation.
Additionally, the apex chamber recommended the government to withdraw all duties on imports of capital machineries for export-oriented industries.
About value added taxes, the apex chamber recommended that enterprises with turnover of up to Tk 60 lakh should be VAT-free, while 2 percent might be imposed on businesses between Tk 60 lakh and Tk 2 crore and 3 percent for those with turnover between Tk 3 crore and Tk 5 crore.