AmCham hails budget but suggests some measures
Published : Friday, 12 June, 2020 at 12:00 AM Count : 319
American Chamber of Commerce (AmCham) in Bangladesh hailed the proposed budget for the financial year 2020-2021 (FY21).
However, it suggested some measures for the utilization of the allocation in a few sectors.
The chamber in a press statement on Thursday proposed a few measures that could be taken in several sectors in which the Finance Minister allocated the highest amount of funds.
Syed Ershad Ahmed, President of the chamber, said health, SMEs, government infrastructure developments, air-ocean transport business, hospitality services and the related linkage goods and services would face serious consequences even after the alleviation of corona-crisis.
They will also face difficulties in attracting foreign direct investment (FDI).
He said as a lot of money has been allocated for those sectors, their utilization must get priority on waterways and railways development that will help common people to reduce the cost of transportation for both goods and passengers ensuring smooth supply chain.
The AmCham statement emphasizes on key procedural matters in automation and introduction of e-payment and e-TDS system.
The chamber recommends reduction in the number of VAT payments from monthly to quarterly, expediting the VAT refund process under the new VAT law, automating the submission of tax returns and developing risk profile of businesses and making audits more efficient through the developed risk management system.
"We recommend that NBR should declare waiver of VAT at the domestic stage for the period of March-June, 2020, and payment of corporate taxes for assessment year 2020-21 by installments till March, 2021", the statement said.
"We request deferred payment of loan-installment, deferred payment of fees of public utilities without late charge, an extension of time for payment of the bill of entry of import-related letter of credits for the concerned business houses."
"We request special package with a revolving loan fund facility at a subsidized interest rate for the affected business houses," the Amcham press release said.