ICSB voices concern over WPPF taxation
Institute of Chartered Secretaries of Bangladesh (ICSB) organized a Discussion on Budget for 2022-23 on Tuesday at the Hotel Sheraton, Banani, Dhaka.
The programme was chaired by Md. Azizur Rahman FCS, Senior Vice President of ICSB. Md. Shafiqul Alam FCS, Chairman, Seminar & Conference Sub Committee and Council Member of ICSB gave an overview of national budget. Muzaffar Ahmed FCS, President of the Institute was also present and wrap up the discussion. It was attended by a good number corporate leaders, economist, heads of professional bodies and business associations.
Md. Shafiqul Alam FCS presented keynote paper. The speakers discussed on budget proposals and impact on the corporate business. They said the huge budget deficit of Tk 2450 billion would pose tremendous pressure on the government in the post Covid-19 situation, Russia-Ukraine war and Rohingya refugees.
They said the budget in some cases may have negative effect on taxpayers. They voiced concerns of imposing taxes on Worker's Profit Participation Fund (WPPF) on different organizations. They said if this bill is passed, it will have a huge financial impact on businesses.
Speakers mentioned that this provision conflicts with section 244 of the Bangladesh Labour Act - 2006 which allows deduction of the funds allocated to WPPF to arrive at a taxable income, and at the same time it will lead to a state of double taxation.