Many tax measures may disproportionately burden Bangladesh bizs: FICCI
The revised tax slabs could increase tax burden by 50-60 per cent on salaried individuals having monthly incomes between Tk 70,000 and Tk 100,000 and 20-30 per cent for incomes between Tk 120,000 and Tk 175,000, FICCI president Zaved Akhtar told a post-budget press briefing.
It said the rise in minimum tax from 0.6 per cent to 1 per cent for companies and from 0.25 per cent to 1 per cent for individuals would be a threat to small and medium enterprises (SMEs) and loss-making firms, as well as to inflation-hit citizens.
The Foreign Investors' Chamber of Commerce and Industry in Bangladesh fears several tax measures proposed in the budget may disproportionately burden individuals and businesses. It said the rise in minimum tax from 0.6 per cent to 1 per cent for companies would be a threat to SMEs and loss-making firms. The VAT hike on online sales from 5 per cent to 15 per cent would hamper the e-commerce sector.
The imposition of a 27.5-per cent corporate tax on listed companies with less than 10-per cent public shareholding and the withdrawal of reduced tax rates for cashless companies are 'counterproductive' to capital market development, the trade chamber was cited as saying by domestic media reports.
The sharp hike in value-added tax (VAT) on online sales from 5 per cent to 15 per cent would hamper the e-commerce sector, FICCI pointed out.
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