The Foreign Investors Chamber of Commerce and Industry (FICCI), an organization of foreign investors, has expressed deep concern over negative business growth and ongoing economic pressures.
The organization stated that the post-Covid situation and the impact of the Russia-Ukraine war are harming businesses across various sectors due to the dollar crisis and rising inflation. In this context, FICCI urged the government to adopt supportive, investment-friendly tax policies to sustain investment and employment. Additionally, the organization proposed ensuring a level playing field in tax payments, providing fair and equal opportunities for all.
FICCI made these calls during the pre-budget discussion held at the NBR building in Agargaon, Dhaka, on Monday.
NBR Chairman Abdur Rahman Khan presided over the discussion. In addition to FICCI President Rupali Haque Chowdhury, top officials of the organization were present in the discussion. Tax expert and partner of chartered accountant firm Snehashish Barua presented the budget proposal on behalf of FICCI.
FICCI President Rupali Haque Chowdhury said, "Our downfall has started from Covid. Due to the Ukraine war, the dollar price has increased, inflation has increased. Our sector has declined. Various sectors are in negative growth. If we help, we can do business. If the crisis increases, the consumer market will decline."
"It's not just us, this is happening in all sectors. I am on many boards. In some sectors, each company has had negative 20 percent growth. If there is negative growth, it will not be possible to create employment. We have to create a balance between creating employment and collecting revenue. If the tax burden on those who pay taxes is increased, they will become weak," he added.
Addressing the NBR Chairman, he said, "There is pressure on you to increase taxes. But how can you increase taxes when business and trade are not doing well? No one is doing well. Even if you try to increase the tax net, it will take you time."
Calling on businessmen to have faith, he said that some people will do wrong, and it will be said that 'businessmen are all thieves' - this mentality must be overcome.
In the discussion, FICCI Vice President Mohammad Iqbal Chowdhury proposed to make the Income Tax Return Filing Certificate (PSR) mandatory for several institutions.
He said that BRTA should take TIN and PSR when it comes to vehicle fitness. He also asked for a separate roadmap for NBR automation. He also called for ensuring a level playing field in tax payment.
In the pre-budget discussion, FICCI called for VAT returns to be made completely online. In this regard, the NBR Chairman said that they will not accept returns in person from next year. Software-related problems will be resolved.
Snehashish Barua called for tax exemption to be made performance-based. In the wake of Fiki's complaint that too much tax pressure has been placed on some sectors, including beverages, the NBR Chairman said, "Every year before the budget is made, we are given a big target. We cannot collect too much by increasing the activities. That is why we increase or decrease the tax rate in the policy measure. That is the reason. There is no other reason."
