Business Report :
Taxation rules and processes, including that for income, needs to be revised and automated to make it easy for cottage, micro, small and medium enterprises to run business, Ashraf Ahmed, president of the Dhaka Chamber of Commerce and Industry (DCCI) on Wednesday.
In case of businesses with multiple ventures, taxation at multiple levels should be scrapped by allowing profits of one concern to cover for losses of another, he requested the National Board of Revenue (NBR) chairman during a meeting at the latter’s head office in Dhaka.
Currently there is a provision for the imposition of a 400 percent fine on the price of the product if businesses provide the incorrect Harmonized System (HS) code, even if there is no error in the product description, a DCCI press release quoted Ahmed as saying.
The HS codes are a standardised numerical method commonly used throughout the import and export process for the classification of goods.
The relevant provision should be amended allowing businesses to correct such errors during the declaration of goods at the assessment stage, he said.