28 C
Dhaka
Sunday, September 25, 2022

BCI urges to set 10% corporate tax for all export-oriented industries in upcoming budget

BCI President Anwar-Ul Alam Chowdhury places the demand with a set of recommendations during a pre-budget discussion.

Bangladesh Chamber of Industries (BCI) urged the government to set corporate tax at 10% for all export-oriented industries in the upcoming budget for 2020-21 fiscal year.

BCI President Anwar-Ul Alam Chowdhury placed the demand with a set of recommendations during a pre-budget discussion at the National Board of Revenue (NBR) office on March 25.

The trade body in the proposals also demanded for increasing the tax-free income limit to Tk3.5 lakh in the coming budget.

The chamber stipulated raising the yearly turnover limit to Tk6 crore from existing Tk3 crore and reducing the Turnover tax to 3% from 4% and demanded a reduction in source tax to 0.01% for all export sectors.

BCI at the same time demanded value-added tax waiver for locally produced capital machinery and withdrawal of current 5% advance tax on imported raw materials.

The BCI requested the NBR to conduct a survey on closed factories in the country and cancel the bond licences of the closed businesses.

The trade body demanded a special allocation in the budget to finance young entrepreneurs and tax holiday facility for small and medium entrepreneurs.

As part of export diversification, the chamber demanded a special tax benefit for the light engineering sector and agro-based industry.

The BCI also sought land allocation facility for young entrepreneurs at special rates in different sectors including Bangladesh Economic Zone Authority (Beza) and Bangladesh Small and Cottage Industries Corporation (BSCIC) at special rates.

 

Related Articles

Salman Khan-Being Human Clothing

Salman Khan’s ‘Being Human Clothing launching’ in Dhaka

0
Dhaka, 13 September 2022: Bollywood superstar Salman Khan owned clothing brand ‘Being Human Clothing’ launches its first outlet at Banani, Dhaka on the 15th...
Next Generation Bankers

NGGB Trust pays courtesy call to Shimanta Bank MD

0
Trustees of Next Generation Bankers Bangladesh (NGGB)—a platform that unites young bankers of the country for common good—on Wednesday paid courtesy visit to the...
BGMEA

BGMEA teams up with Jeanologia on promoting green technologies in RMG sector

0
Jeanologia, a globally renowned textile technology manufacturer, will join hands with Bangladesh Garment Manufacturers and Exporters Association (BGMEA) to support Bangladesh’s RMG industry in...
Next Generation Banker of Bangladesh

First AGM of NGBB held, bankers vow to build a trust fund

0
Next Generation Banker of Bangladesh, a platform of young professional bankers of the country, held its first annual general meeting on Friday at the...
EPIC Group and CleanKore

EPIC Group and CleanKore Announce Bold Plans to Advance Sustainable Denim

0
Hong Kong based Epic Group, a leading garment manufacturer for global brands Monday (July 18) announced its strategic partnership with CleanKore, a denim innovation...
Jermatz Limited

Jermatz receives National Productivity and Quality Excellence Award 2020

0
Jermatz Limited, a local jute products manufacturer, has been awarded National Productivity and Quality Excellence award 2020. The Managing Director of Jermatz Limited, Ismat Jerin...