NBR moves to ease traders' contradiction to restructure duties
Country's tax collection authority has initiated a drive to ease contradiction among businesspeople about the present duty structure of major importable products like edible oil and sugar, which would help restructure duties in the next budget.
The National Board of Revenue (NBR) is also working on setting up a product wise database to facilitate such restructuring.
Besides, it started assessing the actual annual requirement of raw materials for export-oriented industries to stop leakage from bonded warehouses.
As part of the drive, NBR Chairman Muhammad Abdul Mazid yesterday met with the leading importers in Chittagong and requested them to provide necessary facts and figures on specific products to remove contradictions.
The Chittagong Chamber of Commerce and Industry (CCCI) organised the meeting.
"Businessmen frequently tabled demands to the NBR for particular products which seriously contradict each other making it difficult for the revenue officials to understand the real situation," Mazid told The Daily Star yesterday over telephone, elaborating that some traders of edible oil, sugar or plastic products demand imposition of huge duty on raw materials, some others demand duty-free facilities for importing the items.
The NBR chief sought cooperation of the businessmen to remove all controversies in order to restore confidence.
He also asked them to provide actual information on products so that policymakers can frame a policy that is business-friendly.
"The businessmen should consider collective interests, not individual ones," Mazid suggested.
He also pointed out that a section of businessmen's tendency to place their demands at the NBR on the fag end of the fiscal makes it tough for the NBR to ascertain the actual situation before preparing the national budget.
"We want to get all product wise information in the early period of budgetary procedure so that the NBR can set its tax and duty related policy on review of the actual situation," the NBR chairman added.
When asked, Muhammad Abdul Mazid admitted that some traders export edible oil from Bangladesh to India at a rate much lower than the present market price.
"If the government can ascertain the annual requirement of raw materials it will help reduce tax evasion and stop selling of duty-free raw materials by some unscrupulous traders in the local market," Mazid added.
There are allegations that many businessmen import products under bonded warehouse facilities and sell those at open market making the local industry vulnerable and evading huge amount of taxes.
CCCI Acting President MA Latif, directors Amirul Haq, Mahabub Ali and Ershad Ullah, Bangladesh Shipping Agents Association Chairman Dr Parvez Sajjad Akter and C&F Agents Association President SM Akhter Hossain spoke among others.
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