FBCCI wants complete withdrawal of advance income tax in budget

The FBCCI, the apex body of traders, has made a number of other demands in the 2021-22 budget, including the complete abolition of advance income tax (AIT) and advance tax.

Jasim Uddin, president of the FBCCI, made the demands at a press conference after the proposed budget for the 2021-22 fiscal on Saturday (June 5th). The press conference was held at the FBCCI office in Motijheel.

The FBCCI president said the advance income tax (ATI) was illegal. The FBCCI was asked to withdraw the existing five per cent advance income tax. However, up to a maximum of 20 percent advance income tax has been imposed in the budget. This will create stagnation in trade and commerce. We request full withdrawal of this advance income tax.

He further said that the minimum tax rate for individual income tax payers has been reduced from 0.50 to 0.25 if the total receipt is Tk 3 crore or more. I demand to increase the minimum tax rate of all organizations to 25.

Criticizing the National Board of Revenue (NBR) VAT collection process, the FBCCI president said, “If the government invests one taka here (VAT collection process), it will get 100 taka, so why is the government not investing here.”

He said traders want to pay VAT but the process should be simple. The government is giving such a big budget, doing so many things. I think investment in this place (VAT collection process) should be increased.

Sunbd/NJ