Why doesn’t the government invest to get more profit.
At the post-budget press conference, criticism was leveled at the National Board of Revenue’s (NBR) VAT collection process. Jasim Uddin, president of FBCCI, the apex body of traders, said, “If the government invests one taka here (VAT collection process) and gets one hundred takas, then why the government is not investing here.”
Jasim Uddin said traders want to pay VAT but the process should be simplified. The government is giving such a big budget, doing so many things. I think investment in this place (in the process of collecting VAT) should be increased.
He was speaking at a post-budget press conference for 2021-22 fiscal held at the FBCCI office in Motijheel on Saturday (June 5). Jasim Uddin said, “Businessmen want to pay VAT, they want to pay taxes. If there are one hundred shops in a market to collect VAT, machines are installed in 10 shops. Why the rest is not being given in the store, we say don’t give it to anyone. How much does it cost here? You don’t need more money. The government is budgeting so much money, doing so much, I think investment should be increased here. ‘
Nihad Kabir, President, Metropolitan Chamber of Commerce and Industry (MCCI), and Rizwan Rahman, President, Dhaka Chamber of Commerce and Industry (DCCI) were present at the press conference.
The demand made at the press conference was the complete withdrawal of VAT advance tax at the import stage; Keeping e-commerce exempt from withholding tax for the next one year; Allowing cutter section dredgers to be imported as capital machinery at 1 percent duty; Withdrawal of 15% income tax imposed on the income of private universities, private medical colleges, private dental colleges, private engineering colleges
In addition to the use of TIN numbers in various public and private works, proof of tax payment should be made mandatory; He demanded the formation of a task force comprising the Ministry of Finance, National Board of Revenue, and FBCCI to separate the policy wing and budget implementation wing of the National Board of Revenue and simplify the Value Added Tax Act.