DCCI seeks policy on tax holiday, PSI system cancellation
Dhaka Chamber of Commerce and Industry sought a clear-cut policy on tax holiday for next ten years in the coming budget, as the caretaker government envisages incentive packages for industrialization.
The DCCI also placed their plea for raising the non-taxable ceiling to Tk 2.5 lakh from Tk 1.5 lakh in view of the present context, when inflation eats up much of one's income.
DCCI President Hossain Khaled placed the demands at a pre-budget meeting with the National Board of Revenue (NBR) Chairman Muhammad Abdul Mazid in the chair.
Hossain Khaled expressed DCCI opinion for cancellation of Pre-shipment Inspection (PSI), saying this system was just an interim measure.
He said that it is possible for the Customs Department of the NBR to create a database with its own workforce to make transparent customs valuation.
The business leader pointed out that the importers are paying Tk 1700 crore each year to the PSI companies in commission, and this extra cost is ultimately borne by the consumers.
“As such, there should be a straight announcement of the government when the PSI system will be abolished. It is necessary to announce this in the upcoming budget,” he said.
He also called for harmonizing the HS Code system to avoid hassle on part the importers and corruption of NBR officials.
The chamber suggested empowerment of the Tax Ombudsman, vesting in him the power for announcement of final decision.
It recommended exempting raw materials of those items which are not produced in the country from import duty.
The DCCI gave suggestion for reconstructing the duty slab as 5 percent (for essential items, machinery and raw materials), 10 percent (for intermediary goods) and 15 percent (for luxury items and imported readymade consumer products which are produced in the country).
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