** People rescuing an injured passenger from inside a passenger bus hit by a truck on Dhaka-Mawa Expressway in Shologhar area of Shreenagar upazila in Munshiganj on Thursday. ** Motorcycles allowed on Padma Bridge after 10 months ** Commuters charge extra fare, passengers disappointed ** 78 people killed in Yemen stampede ** Moon sighting committee meets today to ascertain Eid day ** 9 killed in road accidents in 3 districts ** US announces new $325 m military aid package for Ukraine ** Eid-ul-Fitr in Saudi Arabia today ** Eid exodus begins ** LPG price cut illusive ** 15 hurt as bus overturns in capital ** New interbank cheque clearing timings set for Eid holidays ** Four women hit by a train die in Tangail ** 12.28 lakh SIM users left Dhaka on Tuesday ** Sylhet engineer threatened over power outage ** People rush to village homes to spend Eid holidays with their near and dear ones. This photo was taken from Sadarghat Launch Terminal on Tuesday. NN photo ** Surge in cases of dehydration, diarrhoea amid summer heat wave ** Padma Bridge construction cost increases by Tk 2,412cr ** PM gives Tk 90m to Bangabazar fire victims ** Textile workers block highway demanding wage, Eid bonus ** Attack on PM's motorcade Ex-BNP MP, 3 others get life term ** Load-shedding increases for demand of electricity during heat wave ** Motorbikes to be allowed on Padma bridge from Thursday ** 5-day Eid vacation begins from today ** Take Nangalkot train accident as a warning about negligence of govt functionaries **

BCI proposes 0.1pc uniform source tax for FY24

23 March 2023

Business Report :
The Bangladesh Chamber of Industries has proposed a 0.1% uniform tax at source for the country's export sectors, down from the current 1%. They also proposed to fix income tax at 10%.
Anwar Ul Alm Chowdhury (Parvez), president of the BCI, made the proposal during a meeting with Abu Hena Md Rahmatul Minim, chairman of the National Board of Revenue (NBR), to discuss the FY2023-24 budget.
He also stated that the corporate tax rate in Bangladesh is significantly higher than in neighbouring countries.
"We are proposing to reduce the corporate tax in a phased manner by a 2.5% rate in every phase without any conditions. By doing this, the business at the local level will be encouraged and it will also accelerate the investment," he added.
Regarding the tax-free income limit, he stated that, in light of inflation and the rising cost of living, they advocated raising the present private tax-free income limit to Tk5 lakh for the fiscal year 2023-2024.
He also recommended a 2% tax break for environmentally friendly and green-certified businesses.
The cost of supply and production of goods has risen significantly as a result of inflation. Real profits of micro and small entrepreneurs, in particular, have fallen.
"In this regard, we propose raising the upper limit from Tk3 crore to Tk4 crore in the yearly turnover of firms not subject to VAT," he added.
He also recommended reducing the existing tax rate in the range of 0% to 5% on the import of raw materials used in the production of products of VAT-registered daily essential food products manufacturing companies and reducing it to the range of 0%-3% for importing raw materials for all industries.
He also urged a policy for the disbursement of special funds for young entrepreneurs.
 "We recommend VAT exemption on all types of utilities in micro, cottage and small-scale industries and proposed tax holiday for them and young entrepreneurs for a minimum of five years and thereafter fixing tax between 10% and 15%," he added.

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