Staff Correspondent | Published: 22:13, Jun 23,2022 | Updated: 22:14, Jun 23,2022

The Metropolitan Chamber of Commerce and Industry has suggested that the government should relax the provision of mandatory bank transaction of expenses for the industries to enjoy the corporate tax reduction facility the government offered in the proposed budget for the financial year 2022-23.

The trade body said that the provision of expenses in excess of Tk 12 lakh must be paid through the banking channel to avail 2.5 per cent tax reduction facility should be reconsidered.

It also urged the government to reconsider the provision related to tax on contribution to the Workers’ Profit Participation Fund and said that the measure would add income tax burden on the companies and increase the effective tax rate.

Regarding the source tax provision, the MCCI proposed reducing source tax from proposed 5 per cent to 2 per cent against transport service of products and also introducing a minimum source tax slab in between 5 to 3 per cent to promote the local industry.

The trade body also proposed withdrawing proposed 10 per cent source tax on internet services.

It also requested the government to lower the source tax on dividend and interest income from proposed 10 to 20 per cent to 5 per cent and also to keep the export source tax at 0.50 per cent from the proposed 1 per cent.

The MCCI requested the government to increase the tax-free individual income limit to Tk 4 lakh.

The limit is Tk 3 lakh as proposed in the finance bill 2022.

The trade body also urged for withdrawing the proposed 1 per cent duty on import of industrial rack, busbar trunking system, dehumidifiers and other industrial fire safety gears and equipment.

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Editor: Nurul Kabir , Published by the Chairman, Editorial Board ASM Shahidullah Khan on behalf of Media New Age Ltd. Hamid Plaza (4th floor), 300/5/A/1, Bir Uttam CR Datta Road, Hatirpool, Dhaka-1205. PABX: +8802-9632245-48. Fax: +8802-9632250, E-mail: [email protected]

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