FBCCI for tax-free income limit to Tk 450,000
Business Report :
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has demanded the government to raise the tax-free income limit for the common taxpayers to Taka 450,000, from existing Taka 350,000.
The country’s apex trade body came up with the demand on Wednesday at the 45th NBR-FBCCI Consultative Committee Meeting for the next national budget of the fiscal 2025-26 at a hotel in the capital.
Business leaders in the meeting emphasized the upcoming FY2025-26 budget to be investment and business-friendly and urged also proposed raising the ceiling to Taka 500,000 for the female taxpayers and those above 65 years of age.
“It is essential to raise the tax-free income ceiling for the common people, elderly persons and women taking into consideration the inflation and gradually increasing expenses of living,” said FBCCI Administrator Md Hafizur Rahman.
He said Finance Adviser Dr Salehuddin Ahmed attended the meeting as the chief guest while Commerce Adviser Sk. Bashir Uddin was present as the special guest.
Bangladesh Investment Development Authority (BIDA) and Bangladesh Economic Zones Authority (BEZA) Executive Chairman Chowdhury Ashik Mahmud Bin Harun attended the meeting as the guest of houour while National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan presided over it.
Md Hafizur Rahman moderated the event and placed a set of recommendations for the upcoming national budget.
The consultative meeting brought together key stakeholders from the government and business community to exchange views and share proposals regarding the upcoming national budget for the fiscal 2025-26.
More than 40 business leaders from different sectors gave their suggestions in the consultative meeting.
Hafizur Rahman said the lower income people are forced to spend a major part of their income to buy daily essentials in this economic condition.
In this situation, the existing tax structure is putting an additional pressure on them, he added.
The FBCCI administrator urged the government to keep interest rates stable for increasing investment and surviving in the competitive market. “Interest rates should be reduced for attracting more investment,” he added.
He said, “Without ensuring discipline and good governance in the banking and financial sector, it is very difficult to build a strong foundation of the economy. We are hopeful that the government is taking positive initiatives to restore discipline in the banking and financial sector.”
He said foreign missions of Bangladesh should play a more effective role in expanding the country’s export market.
In this case, he mentioned, “Commercial councilors should be accountable for their duties. Also, single country fairs should be organised regularly in promising countries,” he added.
Hafizur Rahman, however, said the FBCCI believes that the upcoming national budget will be designed to be investment- and business-friendly, keeping in mind the spirit of the July 2024 uprising, current global economic challenges, and Bangladesh’s upcoming LDC graduation,
“Given the current global economic challenges and domestic pressures, stakeholders have high expectations from the interim government regarding the next budget,” he added.