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Tuesday, July 5, 2022

ICSB URGES FOR REDUCTION IN HIGHEST CEILING OF INDIVIDUAL TAX RATE

Institute of Chartered Secretaries of Bangladesh (ICSB) on August 5 urged the government to reduce the highest ceiling of individual tax rate from 30 per cent to 25 per cent and exempt the surcharge on the individual assets.

They urged the government to do so during a continuing professional development (CPD) Seminar on‘National Budget 2017-18 and Finance Act, 2017’ organized by the ICSB at Hotel Purbani International,Dhaka.

Finance Minister AMA Muhith in his budget speech for the FY 2017-18 proposed to keep the existing tax free income threshold for individual taxpayers at Tk 2.5 lakh, tax rates for individual taxpayers between 10 percent and 30 per cent, and the rate of minimum income tax and corporate income tax structure unchanged.

Only one change, he proposed, in the budget to increase the tax-free income ceiling for people with disability to Tk 4 lakh from the current Tk 3.75 lakh.

Taxpayers and trade bodies have been demanding to increase the tax free limit, which remained unchanged for the last two years, for individual taxpayers from the existing Tk 2.50 lakh to a significant level to adjust the threshold with annual inflation and living conditions of mass people.

Reiterating that demand, Mr.Mohammad Sanaullah FCS, President of ICSB on that occasion urged the government to reconsider fixing the highest ceiling of individual tax rate.

Sanaullah, on behalf of ICSB also urged the governments that since the members of ICSB are professionally fit to practice as Mushak (VAT)Agents and necessary amendments should also be made to the Value Added Tax and Supplementary Duty Rules, 2016 so that the Chartered Secretary professionals could make significant contribution to the national economy.

The Members of ICSB are professionally fit to practice as Income Tax Practitioner (ITPs), the National Board of Revenue (NBR)should make necessary amendments to the Section 174(2) (e) of Income Tax Ordinance, 1984 and Rule 37 of Income Tax Rules, 1984, he said.

Speaking on the occasion, the Chief Guest Mr. M A Mannan, MP appreciated the profession of Chartered Secretaries who are working to ensure good governance in corporate sector and assured that he will take all out measures to include the profession of Chartered Secretary as Income Tax Practitioner (ITP) and Mushak Agent who can provide services to their clients professionally.

Special Guest Barrister Jahangir Hossain Member (VAT Policy) also assured to look into the issue positively. Mr. Parvez Iqbal Member(Tax Policy), NBR assured to take all out efforts to include the profession of Chartered Secretary as ITP.

Parvez Iqbal, Member (Tax Policy),NBR also spoke on the occasion as a special guest. The keynote paper was presented by Sadhan Chandra Das FCA, FCS, Partner, Sadhan Das &Co. Chartered Accountants.■

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