Up-and-coming business bosses suggest the revenue board to offer tax benefit on the basis of research to pass on its real outcome to where it's really due.
They pledged to contribute, if needed, to establishing research centre at the National Board of Revenue (NBR) so that it can adjust tax upward or downward on the basis of analysis in what is defined as progressive taxation.
"Industry will flourish if the government can keep its tax impact lower," they say by one voice while putting forward their ideas of new-generation business modes and budgetary measures.
The proposals came at a pre-budget meeting at the NBR with the second-generation businessmen, who are apt to come out of traditional business paradigms.
The revenue board held such a meeting for the first time, in its effort to accommodate the new generation of entrepreneurs trying to make their mark in business sphere.
Chairman of the NBR and also Senior Secretary of the Internal Resources Division (IRD) Abu Hena Md Rahmatul Muneem presided over the parley behind closed doors.
A total of 19 businesspeople from different renowned business groups shared their views in the closed-door meeting regarding budget for the fiscal year 2022-23.
Currently, the NBR has a Research and Statistics wing which is yet to be well-equipped to conduct analysis on tax adjustments. Usually, tax- policy wings conduct such analysis before budget preparation.
The businessmen also suggested resolving tax disparity between industries inside Economic Zones (EZ) and outside, offering similar facilities for local and foreign investors, simplifying tax-refund system, offering tax relief to superstores, expediting release of courier products from airports, withdrawing taxes on education etc.
They claimed disruption to their cash flow for not getting tax and VAT refund in time. Many of the businessmen, including from BSRM group, said they had pending refund claim ranging from Tk 1.0 billion to above from the tax authority.
United Group claims that growth of chain-shop is hampered in Bangladesh due to "discriminatory" VAT measures.
NBR officials said the first-ever initiative helped the board to know views of the second-generation businesses for framing fiscal measures in a "business-friendly manner".
The business side also appreciated the NBR effort to discuss the fiscal measures with them.
Syed Nasim Manzur, Managing Director Apex Footwear, ASM Mohiuddin Monem, Additional Managing Director of Abdul Monem Limited, Dr Arif Dowla, Managing Director ACI Group, Sheikh Bashir Uddin, MD of Akij Group, Monowar Hissain, Chairman, Anwar Group, Sayem Sobhan Anvir, MD of Bashundhara Group, Tamara Abed, MD, BRAC Enterprise, Md Hasan, director, City Group, Kazi Inam Ahmed, Director, Gemcon Group, Nabidul Huq, director at Mohammadi Group, Mohammad Abdullah Jaber, Director at Noman Group, Salman Obaidul Karim, MD, Orion Group, Aziz Al Kaiser Titu, vice president of Partex Star Group, Ahsan Khan Chowdhury, Chairman and Chief Executive Officer of Pran RFL group, Hasnat Md Abu Obaida, TK Group, Amir Ali Hossain, MD of BSRM group, and Gazi Golam Mortuza, MD of Gazi Group, among others, attended the meeting.
