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The Federation of Bangladesh Chambers of Commerce and Industry has demanded a downward revision of corporate income tax to 25 per cent over the next three years considering the impact of coronavirus pandemic on the country’s economy.
The apex trade body also said that export source tax should be revised in the upcoming national budget for the fiscal year 2020-2021 as export earnings shrank due to COVID-\.
Priority investment scheme should be allowed without penalty, prejudice and legal barrier in all productive sectors such as real estate and capital market for the next five years, the FBCCI said in its abridged budget proposals.
The trade body on Tuesday published the budget abstract on its web site while the details of budget proposals of its member organisations have been sent to the National Board of Revenue.
Income tax exemption ceiling should be increased taking the inflation since 2015 into consideration, it said.
The government may also consider offering moratorium, discount or exemption from payment of income tax and VAT for small and medium enterprises (SMEs), particularly agriculture, retails, women entrepreneurs, restaurants, domestic fashion industry, light engineering, service sectors, hospitality, tourism and logistics for the next one year.
