Fixed Tax Rates Based on Company Status: Ex-FBCCI President
Md Baijid Mollah
Former FBCCI President Mir Nasir Hossain has suggested fixing corporate tax rates based on a company's listing status to eliminate discrimination. The FBCCI proposed raising the tax-free income limit and an investment-friendly budget in the upcoming fiscal year's budget.
Mir Nasir Hossain said that listed companies in the capital market pay only 22.5% in tax, whereas the construction sector has a higher tax rate, which is discriminatory under section 82(C) of the income tax law. He made these comments during the 43rd budget consultative meeting with the National Board of Revenue (NBR).
During the meeting, Mir NasirHossain also urged the NBR to take steps to prevent double taxation. The FBCCI put forward a series of proposals at the meeting, including raising the tax-free income limit to Tk4 lakh from Tk3 lakh in the upcoming fiscal year. The apex trade body also requested that the government draft an industry and investment-friendly budget.
FBCCI President Md Jashim Uddin presented the proposal for the 2023-24 fiscal year's upcoming budget at the Pan Pacific Sonargaon Hotel in the capital on April 13th. The meeting was chaired by the National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem. The event's chief guest was Finance Minister AHM Mustafa Kamal.
Hossain's proposal for a fixed corporate tax rate based on a company's listing status seeks to address the issue of discriminatory tax rates. The FBCCI's recommendations for the upcoming fiscal year's budget include a higher tax-free income limit and an industry and investment-friendly budget. The consultative meeting with the NBR provided an opportunity for the FBCCI to present its proposals to government officials, who will consider them during the budget-making process.
