NBR starts groundwork on next budget

January 31, 2014

FBCCI seeks proposals from chambers, associations
The National Board of Revenue has started groundwork to formulate the revenue budget for the coming fiscal year of 2014-15 and sought proposals from its field offices in this regard, officials of the revenue board said. NBR field offices have been requested to send their proposals by February, they said. On the other hand, the Federation of Bangladesh Chambers and Commerce and Industry on Wednesday asked its member chambers and associations for sending suggestions regarding the next budget by February 20.
The FBCCI, the apex trade body in the country, prepares a set of budget proposals every year in line with the recommendations of its associated chambers and associations.
NBR officials said that the government would try to prepare a business-friendly as well as revenue oriented budget for the next fiscal year so that businessmen can be benefited and maximum revenue earnings can be ensured.
Customs wing and value-added tax wing of the NBR have already sought proposals from their customs houses and customs and VAT commissionerates, while income tax wing will seek suggestions in next week, they said.
The revenue board has asked its field offices for sending proposals in line with their experiences and problems they face related to revenue earnings so that the NBR can take appropriate measures in the next budget.
The revenue administration brings amendments to the existing laws and rules related to customs, VAT and income tax to maximise revenue earnings, provide protection to local industries, facilitate international trade and solve procedural complexities in revenue collection.
Field offices have been also asked to keep the issues in mind while sending suggestions, if necessary, to discuss with stakeholders before preparing budget proposals, officials said.
On the other hand, FBCCI has requested the leaders of chambers and business associations to submit their respective proposals on import duties, VAT, income tax and other taxes with justifications.
Apart from the tax-related proposals, the FBCCI also sought recommendations on macro-economy of the country.
It also sent letters to some important agencies including Institute of Chartered Accountants of Bangladesh, Institute of Cost and Management Accountants of Bangladesh, Dhaka Stock Exchange, Chittagong Stock Exchange, and Bangladesh Tax Lawyers’ Association seeking recommendations in this regard.

-With New Age input

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