NBR chairman Md Abdur Rahman Khan on Wednesday announced that next national budget may witness a significant cut in tax exemption system.
“This time (in budget for 2025-26 fiscal) you will see some big examples. Already we have withdrawn some significant number of tax exemptions, you will see the rest in the next budget ,” he said.
The National Board of Revenue chairman was speaking at a pre-budget meeting with BEZA, BIDA, ΒΕΡΖΑ, Business Initiative Leading Development (BUILD), Bangladesh Hi-Tech Park Authority, Bangladesh India Chambers of Commerce, Women Entrepreneurs Network for Development Association (WEND) and American Chamber of Commerce in Bangladesh (AmCham) held at NGR Conference Room.
He said that the individuals and business entities which are paying reduced rate of taxes will have to pay little bit more from the next budget.
“We can provide support for a limited time, this can not be done for the whole life, one should pay taxes at the regular rate,” he said.
Compared to previous years, this Ramadan, people are finding some comfort as they are getting most of the essentials, particularly the kitchen and grocery items, at cheaper and affordable prices.
Visiting several key kitchen markets, including Karwan Bazar, Khilgaon Taltola Market, Fakirapool Bazar, Motijheel AGB Colony Kacha Bazar and Shantinagar Bazar here today morning, BSS found that buyers are generally able to get what they need according to their purchasing power.
Due to strict market supervision and monitoring by the government several agencies and different measures, most of the essentials including sugar, grass peas, dates, onions, cucumbers, potatoes, tomatoes, eggs, garlic, green and dry chillies, ginger, and isabgol, are available at cheaper prices compared to Ramadan 2024.
To ensure cheaper prices during the holy month of Ramadan, the National Board of Revenue (NBR) has removed VAT on several essential goods.
The items listed include mustard oil, flour, semolina, lentils, LPG, biscuits, salt, and hot spices, among others.
The Criminal Investigation Department (CID) has started an investigation against Mohammadpur Sadeeq Agro owner, Mohammad Imran Hossain, for illegal import of prohibited Brahman cattle and money laundering activities involving Tk 133 crore.
Despite the Brahman cattle being banned under Bangladesh Animal Resource Act, Imran Hossain allegedly imported and sold the cattle during the previous government, a matter that had been discussed multiple times but no action was taken.
Additional DIG (Organised Crime unit) of CID Ekramul Habib came up with the remarks on Tuesday afternoon at a press conference at its Malibagh headquarters in the capital Dhaka.
A team of CID on Monday arrested chairman of Sadeeq Agro Imran Hossain from Malibagh area in connection with a Tk 133 crore money laundering case. Earlier in the morning, CID filed a case with Mohammadpur Police station accusing Imran Hossain and his associate Touhidul Alam Zenith under the Money Laundering Act.
National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan on Tuesday said if the business people come to a consensus, the government wants to implement a single, universal Value Added Tax (VAT) rate in the country.
“If necessary, we will lower the rate, it should be a single rate, if the business people come to a consensus,” he said while holding a pre-budget meeting with the leaders of FICCI and MCCI at NBR conference room.
The revenue collecting chief said that at best there might be two VAT rates. “If the service sector thinks that the rate is harsh for them, then we can lower the rate for them, but we have to bring the VAT rate into a discipline,” he said.
The NBR Chairman said that if the VAT rate can be fixed at a single rate and if everyone takes input VAT Credit, there will be no need to pay VAT 15 percent and 7.5 percent.
“You will pay VAT on the basis of your value addition, we have to go towards that direction,” he said.