UNB, Dhaka
The government has taken initiative to simplify the textual language of Income Tax, VAT and Customs rules and regulations for easy understanding of the stakeholders, as many shy away from paying taxes for legal encumbrance.
“The language and attitude of the rules and regulations concerning Income Tax, Customs and VAT will be changed for better understanding of the stakeholders,” National Board of Revenue Chairman Muhammad Abdul Mazid said on Wednesday.
He gave the announcement in a pre-budget meeting with the bond-related export sectors (RMG, knitwear, composite and packaging) at the NBR office.
The chief revenue collector of the government said that the rules and regulations of the laws are complex for the users.
“We want to make it simple so the users can understand the laws easily and implement it without any hindrance,” he said.
The NBR chairman said that the change will be in noticed in the next budget.
He said that for the interest of the NBR the business of the businessmen should remain healthy. “We are here to support you to make your business healthy,” he told his business audience.
But, he said, his organization needs money to provide incentives to the weak sectors.
Mazid urged the businessmen to follow the rules and regulations properly.
Bangladesh Garment Manufactures and Exporters Association (BNGMEA) representative in the pre-budget meeting Rafez Alam Chowdhury urged the NBR to provide them same facilities as the factories in the Export Processing Zones (EPZs) are enjoying.
He said that under the bond regulation there is no scope for VAT, but the VAT challan is still exists for them, which is “very much illogical”.
Alam urged the NBR authorities to extend the indemnity bond facility duration, as many factory owners did not avail the facility completely.
He said that the import of capital machinery for export-oriented factories is exempted from duty, but the import of spare parts for the capital machinery not spared.
He urged the NBR to waive the duty on spare parts of the capital machinery and cancel the regulation to import these spare parts through the Pre-Shipment Inspection (PSI) agents.
He also said that the setting up of Effluent Treatment Plant (ETP) is very costly. NBR could think about duty-free import of ETP machinery and its chemicals as the government forcing the factories to set up ETP so soon.
BGMEA proposed for soft loan or zero-duty import of generators for captive power plants as government failed to ensure uninterrupted power supply to the garment factories.
From the BGMEA part, Rafez Alam Chowdhury said the government should think about export-performance benefit and cash incentives.
He also said that re-investment from dividends should be kept out from income tax as the re-investment will generate employment.
He demanded a legal framework for disposing the wastes that come out from the garment factories.
Courtesy: thebangladeshtoday.com
