Jashim Uddin said that Bangladesh will face some challenges after LDC graduation. Therefore, the country needs to increase its business competitiveness, which requires ensuring best utilisation of internal resources, trade and investment friendly tax management and rationalising tariff and diversification of export.
Therefore, the FBCCI chief urged NBR to adopt a strategic plan in order to enhance the VAT net and reduce the rate.
Presiding over the meeting, FBCCI senior vice president Mostofa Azad Chowdhury Babu said that the formulation of perspective plan should be participatory, therefore, discussions should be taken place at divisional level.
The convenor of the perspective plan committee and the DG of the Customs Intelligence and Investigation Directorate Md. Abdur Rouf informed the meeting that the VAT system should be based on automation, simplification, good governance and physical infrastructure.
At the meeting, FBCCI director Abul Kasem Khan urged for a free mobile app for VAT to smoother implementation of the automation at the marginal level.
Md. Naser, director of FBCCI demanded that the VAT structure should be based on the home-grown development philosophy which enables the local manufacturers to bloom.
Director of FBCCI Nadia Binte Amin suggested setting the vat rate between zero to 5 per cent and a vat code on E-Challan.
Among others, FBCCI director and president of Narsingdi Chamber of Commerce Md. Ali Hossain Shishir, BKMEA executive president Md. Hatem, FBCCI secretary general Mohammad Mahfuzul Hoque, advisor Manzur Ahmed and representatives from other trade bodies were also present at the meeting.