Home ›› 15 Mar 2023 ›› News
Bangladesh Garments Accessories & Packaging Manufacturers & Exporters Association (BGAPMEA) has demanded that the National Board of Revenue (NBR) extend the bond licence tenure for the industrial units to five years.
Calling for reforming the policies in the upcoming budget for the fiscal year 2024, the association has also demanded that the bonded facilities for the industries should be increased to three years.
BGAPMEA made the demand at a pre-budget discussion meeting organised by the NBR at its office in the capital on Tuesday.
Apart from that, the association proposed to keep the local purchase outside the purview of VAT, provide regular bond facility for the industries, and increase the tax-free income limit for individual taxpayers to Tk4 lakh.
On the other hand, Bangladesh Plastic Good Manufacturers & Exporters Association (BPGMEA) has demanded a 10-year tax exemption facility for all the organisations involved in plastic waste management.
The association suggested not collecting advance income tax from the sector, fixing corporate tax at 10 per cent for the companies related to the export sector, and exempting the companies from paying VAT on plastic toys.
Bangladesh Furniture Exporters Association, however, sought duty bond facility for imported raw materials and materials against an equivalent amount of bank guarantee in partial export-oriented industries and exemption from regulatory duty and supplementary duty on raw material imports for furniture.
Besides, the organisation demanded a reduction in the corporate tax for the manufacturing sector in line with the textile sector.
Bangladesh Frozen Foods Exporters Association (BFFEA) urged the revenue board to reduce the existing source tax on frozen shrimp and other fish exports from 1 per cent to 0.25 per cent and exempt them from paying advance income tax. Currently, they have to pay 10 per cent advance income tax.
In addition, the association demanded withdrawal of source tax on purchase of shrimp and fish for the factories exporting processed frozen food.
Bangladesh Society for the Change and Advocacy Nexus (B-SCAN) has proposed to raise tax-free income limit for the persons with disabilities to Tk600,000 from Tk450,000.
The organisation urged the revenue board for tax exemption of Tk50,000 per month on house rent, 50-100 per cent tax waiver on car imports, 100 per cent exemption on personal vehicle registration fees for the persons with disabilities like freedom fighters.
It also demanded 50 per cent fee waiver if there is a person with disabilities in the family.
While presiding over the discussion meeting, NBR chairman Abu Hena Md Rahmatul Muneem said, “Bangladesh is going to become a developed country. We need to be developed mentally as well. Everyone must have the courage to face any kind of challenges.”
