** More curbs on govt officials’ foreign trips ** Children take bath in the Buriganga River in Dhaka to ward off the scorching summer heat. This photo was taken from Buriganga embankment on Monday. NN photo ** Taposh wants shops shut early ** Economists differ with 6.22 per cent inflation rate rather it is about 12 per cent ** Public transport services in capital New law with a provision Tk 5 crore fine on cards ** Sweden takes formal decision to apply for NATO membership ** Drug Admin bans eight types of medicines ** Interpol's Dhaka office requests India to send PK Halder back to Bangladesh ** Dollar price jumps to Tk87.50 ** PK Halder to be brought back following set procedure: FM ** Sri Lanka out of petrol, economy in a precarious condition: PM Wickremesinghe ** Social resistance against grabbers a must to protect Tangail, Gazipur hillocks ** PK Halder on 3-day remand in West Bengal ** In front of Gulshan Society Mosque in the capital, a vested quarter filling parts of Gulshan-Banani Lake creating a land bridge effectively bypassing security checkpoints that protect Gulshan North Diplomatic Zone. This photo was taken on Sunday. NN photo ** All necessary steps will be taken to bring PK Halder back: AG ** Russia's ‘brutal invasion’ of Ukraine is faltering: NATO ** Vladimir Putin ‘seriously ill’: Ex British spy claimed ** It may take three to six months to bring back PK Halder: ACC prosecutor ** Ten killed in ‘racially motivated’ shooting in Buffalo, US ** People stand in queue to buy mustard oil from a small mill at Bata Signal in the Elephant Road area of Dhaka on Sunday. One customer is allowed to buy maximum 2 litres of oil, depending on production. Agency photo ** Fugitive chops off policeman's hand in Ctg ** PK Halder hooked in Kolkata: Government's easy plundering policy created too many such cases ** One of PK Halder's mansions in Ward No. 15 of Ashoknagar in North 24 Parganas district which has been sealed by the ED. Photo: Collected ** Scamstar PK Halder arrested in India ** Worse still to come, Lanka’s new PM warns **

Pressure of extortion, VAT, tax and duty is back breaking for the people

24 January 2022 Editorial Desk
Pressure of extortion, VAT, tax and duty is back breaking for the people

The country's business leaders have alleged that they were facing extortion without help from the local administration. They further alleged that it became difficult for them to run their business due to the heavy burden value-added tax and income tax, additional VAT etc. The revenue officials claim government pressure for increased revenue makes them helpless. So corruption negotiation has become a regular feature. It is also true that some officials understand the painfulness of the situation. They must be applied to save their jobs. To the businessmen, the magnitude of extortion and corruption is unbearable.

The business leaders from across the country made these allegations at a views exchange meeting of the Council of Chamber Presidents at the FBCCI auditorium in Dhaka on Saturday.
To put an end to the harassment businesses face at the hands of VAT and tax officials, the top business leaders sought government's strong steps in this direction. They also urged the government to extend the loan moratorium period to help them recover from the corona pandemic. Some 40 to 50 per cent of businessmen will turn defaulters if the loan repayment period is not extended up to at least June 2024. Most of them are either running operations at losses or in the stage of recovery. Harassment of businessmen at the hands of VAT and tax officials had not stopped even 50 years after the country's independence, although the private sector contributes more than 82 per cent to the national economy.

Opposing the proposal for hiking the price of gas, chamber and association leaders said that the industry could not effort any further hike in prices of utilities. Rather, they demanded immediate and equal disbursement of funds for small business units from the government-sponsored stimulus fund so that they can survive. Mentionable, only 20 per cent out of Tk 22,000 crore stimulus unveiled for SMEs has been disbursed by banks, whereas the allocation for large units has already been disbursed.

Billions of stolen money have been kept in foreign countries in an organised way. The sad thing is such looted money will not easy to enjoy luxurious lives abroad. These countries have started going after the thieves.

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