The National Board of Revenue has asked for proposals and recommendations from chambers and trade bodies to improve tax regulations, including Value-Added Tax, for the upcoming financial year 2025-26 budget.
In this regard, the NBR sent letters to the leaders of trade bodies, chambers of commerce and industries, legal associations, government offices, and ministries on Sunday.
The NBR sought proposals from businesses to rationalise the tax-GDP ratio, facilitate trade and commerce and eliminate procedural complications, according to the letter.
the business organisations have been requested to send opinions, proposals and recommendations on the laws and regulations, including Value Added Tax and Supplementary Duty Act, 2012, Value Added Tax and Supplementary Duty Rules, 2016, The Excises and Salt Act 1944, and relevant notifications and orders issued under the above-mentioned laws and regulations.
On Sunday, the VAT policy wing of the NBR issued three separate letters to the ministries, commissionerate departments, associations and federations, asking them to submit their proposals and recommendations by March 6 either in hard copies or via the email address of the concerned wing.
The letter stressed the necessity of well-considered budget proposals and recommendations based on the trade bodies鈥� practical experiences concerning VAT and other indirect tax regulations.
Earlier, in the first week of February, the NBR sought proposals and recommendations from trade bodies, professional organizations, and investment promotion agencies on income tax laws for the upcoming budget.
NBR urged businesses and stakeholders to submit their proposals on the Income Tax Act 2023, rules on withholding tax, the Travel Tax Act 2003, and the Gift Tax Act 1990 by February 20 via hard copies or email addresses of the Tax Policy Wing of the NBR.
This letter also calls for thoughtful opinions and recommendations based on practical experiences of the trade bodies and other organisations to improve direct tax laws.
An official of the NBR told 抖阴精品 that the discussion on the budget proposals with the trade bodies and association is likely to start in the second week of March.
Talking to 抖阴精品, Taskeen Ahmed, president of the Dhaka Chamber of Commerce and Industry, said that they are collecting data from their members to formulate considerable budget proposals and recommendations. They will submit the proposals within the due date.
Usually, NBR seeks budget proposals and recommendations from the trade bodies and chambers before formulating a budget. Then, they finalize schedules of pre-budget discussions with different trade bodies to make the budget more participatory, rational, balanced, and people-oriented.
TIM Nurul Kabir, executive director of the Foreign Investors Chamber of Commerce and Industry, told 抖阴精品 that the organisation鈥簊 dedicated team is working to formulate a practical and realistic budget proposal to submit to the NBR for the upcoming FY26.
鈥楢fter collecting data from our members, we are preparing our proposals as per the demands of the current business atmosphere of the country and we will submit it before the due date. After holding the pre-budget discussion with NBR, we will disclose our proposals to the media,鈥� he added.
The proposed national budget for FY26 is expected to be presented in the first week of June this year. It will be the first budget of the current interim government.