FBCCI to seek changes in import tariff, income tax

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will submit a 592-point recommendation at a pre-budget meeting today, seeking substantial changes in import tariff, income tax and VAT provisions.
The recommendations in three separate sets will be placed before the government for consideration while preparing the next budget for the fiscal year 2008-09.
The apex trade body's recommendations will be discussed at the 29th pre-budget meeting of the National Consultative Committee of the National Board of Revenue on budget.
The apex trade body will recommend the government to reduce the import duty on industrial raw materials, capital machinery and spare parts to one percent while 10 percent for intermediate goods and 25 percent for the finished products.
The apex trade body will make proposal on individual income tax and corporate income tax, urging the government to fix income tax exemption limit to Tk 300,000, while keeping the minimum tax unchanged at Tk 2,000.