Receive VAT from small traders once annually: CCCI

President of Chittagong Chamber of Commerce and Industry (CCCI) Saifuzzaman Chowdhury yesterday requested the government to receive the value added tax (VAT) and other taxes from small traders and shopkeepers once annually as per the previous rate and provision.
He also urged the authorities concerned to review the decision of introducing Electronic Cash Register (ECR) at small and medium business firms considering their limitations and the current sluggish economic trend, a CCCI press release said.
The chamber president made the plea while speaking at a views sharing meeting with the representatives of small traders and shopkeepers held in CCCI conference room this afternoon.
During the meeting, leaders of the different small and medium trade groups referred to the problems that might arise out of the introduction of ECR.
The National Board Revenue (NBR) at a notification recently made mandatory the introduction of ECR at all small and medium business firms and shops from July 1 to make transparent the VAT payment system.
Addressing the occasion, the other chamber leaders called upon the government to make the VAT and taxation system transparent and business-friendly and reduce the discretionary power of tax officials as per earlier announcement.
Leaders of the small and medium trade groups told the CCCI leaders that they are at present not in a position to pay VAT and other relevant taxes as per enhanced rate and under new system as they have been facing serious hardship due to a slowdown in business as people's average purchasing capacity has been decreased.