NBR seeks budget proposal for FY24 from trade bodies, professionals

The National Board of Revenue (NBR) has asked proposals on income tax, value added tax (VAT) and import duty for preparation of the budget for the fiscal year 2023-24 (FY24).

The revenue board asked for the proposals from the Federation of Bangladesh Chamber of Commerce Industry (FBCCI) and other top chambers within February 7, 2022.

Besides, individuals and organisations that are not members of any chamber or association can also send their proposals directly or by mail to the revenue authority.

In addition to revenue collection, the NBR also formulates fiscal policy after discussing with the traders and stakeholders, according to a press statement.

NBR, the central authority for tax administration, organises the pre-budget discussion every year with representatives from different sectors to ensure participatory budgeting.

The NBR has scheduled a streak of pre-budget discussion with the stakeholders from February 9 till March 21, which will be followed by a consultative meeting with the finance minister before the budget is formulated.

According to the press statement, the revenue board will hold discussions with the Association of Television Channel Owners and Newspaper Owners Association of Bangladesh first.

Further discussions will be held on February 12 with the Economic Reporters Forum and Print & Electronic Media and others. On the same date, NBR will also discuss with representatives of financial institutions, banks, insurance, stock exchanges. The board is due to discuss with the Metropolitan Chamber of Commerce and Industry on February 14.

On February 15, pre-budget discussions will take place between the NBR, Institute of Chartered Accountants of Bangladesh and the Institute of Cost and Management Accountants of Bangladesh.

The revenue administration will also hold discussions with the Bangladesh Garment Manufacturers and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association and Bangladesh Textile Mills Association on March 7.