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The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will demand for extending the tax holiday tenure and the period for legalisation of black money beyond June 2005.
It will suggest the National Board of Revenue (NBR) to continue the tax holiday facility for the export-oriented industries until 2010 and allow the facility of legalising the black money with payment of seven per cent tax.
The country's Apex body will submit such demand to NBR at a meeting today (Wednesday) on the upcoming national budget amidst the speculations that the government would withdraw both the facilities from the budget for fiscal 2005-06.
It will also demand enhancing the tax-free limit for individual taxpayers, submitting income tax and its return through credit card and e-mail respectively from the next fiscal year.
The FBCCI will suggest the NBR to enhance the tax-free limit for individual taxpayers to Tk 125,000 from the existing Tk 100,000. It will also suggest the NBR to invite the highest taxpayers in the state programmes and award them with VIP status.
Besides, demand for creating law for reviewing the verdicts by the NBR appellate division and inclusion of judicial member in the appellate division will be placed during the meeting.
The latest tenure of the tax holiday facility may expire June this year with the finance minister already hinting withdrawing of such facility from the next budget.
As per a study prepared by the NBR, the government has waived accumulated revenue worth Tk 140.0 billion during the last 30 years under its tax holiday incentive.
More than 900 industrial units on an average a year had taken the incentives throughout the 1990s.
Another NBR study revealed that back money worth Tk 17.75 billion was legalised between July 2002 and December 2004 through investment in service and manufacturing sectors and stock markets.
Nearly 1,077 people legalised their untaxed money during the period. Some 861 people invested Tk 155 billion in Dhaka division, 162 invested Tk 1.88 billion in Chittagong and 47 invested Tk 160. 5 million in Khulna, the study added.
A similar system to encourage black money holders to legalise their cash was effective between 1997 and 1999.
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