ZCZC
BSS-32
DCCI-VAT
DCCI seeks multiple VAT rates
DHAKA, Feb 20, 2019 (BSS) – Dhaka Chamber of Commerce and Industry (DCCI) today demanded introduction of multiple value added tax (VAT) rates by amending the new VAT law.
The trade body urged the government to introduce three-tire VAT rates instated of the 15 percent rate.
DCCI made the demand at a press conference at DCCI auditorium in the city. DCCI President Osama Taseer presided over the press conference while DCCI Senior Vice President Waqar Ahmad Choudhury and its Acting Secretary Joynal Abedin, among others, were present.
Osama Taseer said if the government reduces the VAT rate, the number of VAT payers will increase. “Out of the around eight lakh registered VAT payers, only 37 thousand pay their VAT regularly,” he added.
The Value Added Tax (VAT) Supplementary Duty Act, 2012 will come into force from July this year. In order to make the law business friendly, the government has formed a committee to amend the law.
Osama Taseer said the existing corporate tax is higher than the Asian and the global average which is a critical challenge for encouraging new local and foreign investment in Bangladesh.
“Private sector businesses are required to get privilege of corporate tax rationalization which will create a pro private sector ecosystem and manifold long-term investment and positive socioeconomic impacts,” he added.
He said city planning in Bangladesh needs to be done in a more sustainable and greener manner so that rapidly urbanizing parts of the country have the necessary infrastructure and services to make them livable.
He informed that DCCI is the forefront advocate to implement Dhaka-Chattogram economic corridor which will reduce traffic and human congestion as well as help establish Satellite Township outside Dhaka.
He said DCCI is always vocal in improving doing business environment and shared the proposals in relevant government ministries and authorities.
“We are following up the progress of BIDA in implementing One Stop Service (OSS) which will exert confidence among foreign investors. In this connection, DCCI is working with BIDA to provide One Stop Service from its secretariat,” he added.
One Stop Service of BIDA needs to be implemented faster, he said.
BSS/RI/KUC/GA/1814 hrs