BLFCA urges to reduce tax

DHAKA : Bangladesh Leasing and Finance Company Association (BLFCA) Thursday proposed reduction of the income tax imposed on non-banking financial organizations.

The leaders of BLFCA made the proposal to National Board of Revenue (NBR) in a pre-budget discussion held at the NBR office in the morning.

BLFCA’s President Mofizuddin Sarkar said, “The non-banking financial organizations provides 42.5 percent income tax to the government, which is equal to the banks but they get more facilities than us.”

He said, “We want that the government either to decrease the income tax imposed on non-banking financial organizations or provide equal facilities like the banks.”
 
He added, “In case of financial banks and non-banking financial organizations the money gained by zero coupon bonds is considered out of income tax but bank, insurance and financial organizations are deprived from the facility.

On behalf of Bangladesh Insurance Association (BIA) Managing Director of Rupali Insurance PK Roy said, “The imposed tax on investors from the share market has to be bought down from 10 percent to 5 percent.”

Proposing the government to decrease tax on the spices, Bangladesh Wholesaler Spice Association President Md Enayet Ullah said we have to pay tax per kilograms in case of importing spices but it is not same for other products.

NBR Chairman Dr Nasir Uddin Ahmed said if we resolve tax related problems with the method of Alternative Dispute Resolution (ADR), then both tax providers and NBR will be beneficiary.

Amongs others, NBR member Farid Uddin, Enamul Karim and Nasir Uddin were present in the programme moderated by Chief Budget Coordinator Dr M Abdur Rauf.

BDST: 1528 HRS, APR 19, 2012

Edited by: Tilka Binte Mehtab, Newsroom Editor Mohammed Humayun Kabir, Sr Newsroom Editor