FBCCI calls for task force to simplify tax rules

The Federation of Bangladesh Chambers of Commerce and industry (FBCCI) has urged the government to form a high-powered task force to simplify the tax system and make it business-friendly.

FBCCI President Md Jashim Uddin made this appeal in a letter to Finance Minister AHM Mustafa Kamal last week, citing that it is important to address the problems faced by service sectors to facilitate trade and commerce.

The FBCCI welcomed the move to support several industrial sectors but added that there are some inconsistencies related to income tax, value-added tax and customs rules.

"So, a task force is necessary to address this inconsistency. Once these are eliminated, tax rules will be business friendly," Jashim said.

The country's apex trade body suggested that the task force should be formed with representation from the FBCCI, Bangladesh Trade and Tariff Commission, and National Board of Revenue to make direct and indirect tax rules easy for businesses.

"The panel should be formed on a permanent basis so that it can work throughout the year. This will be good for improving the ease of doing business in the country," he added.