International Business Forum of Bangladesh (IBFB) on Wednesday recommended forming a high-level body comprising NBR, FBCCI and other business organisations to identify new taxpayers and inspire businessmen and people to pay income tax through various programmes.

The non-profit research and advocacy forum also suggested reviewing the proposed tax and VAT on technology import against the backdrop of
recent Bangladesh Bank reserve heist and ATM card forgery.

Finance Minister AMA Muhith in his budget speech on June 2 proposed a 30 percent tax and 15 percent VAT on the technology import for the
fiscal year 2016-17.

The IBFB made the recommendations at a press briefing arranged at the Jatiya Press Club to give its reaction to the proposed national budget.

Addressing the press conference, IBFB President Hafizur Rahman Khan recommended creating separate divisions under the Industries Ministry
with a view to expediting the sustainable development and expanding the private sector industry. He also underscored the need for formulating a mid- and long-term plan to achieve a 10 percent GDP growth in the future.

Mentioning that the capital market is a very important element in a free market economy, the business forum called for taking necessary steps to resolve the crisis of confidence among the general investors and inspire them to invest there.

UNB/LY