ICSB calls for advance tax exemption on industrial raw material imports

The Institute of Chartered Secretaries of Bangladesh (ICSB), in its budgetary reaction, urged the government to exempt advance tax on industrial raw materials imports to help local industries revive amid the Covid-19 situation.

Finance Minister AHM Mustafa Kamal proposed to reduce the tax to 3% from the existing 4% for the incoming fiscal FY2021-22.

The ICSB made the call at a press conference on Wednesday.

ICSB members emphasised the automation of the National Board of Revenue to increase the government earnings.

They also criticised some budgetary measures, including increased tax on mobile financial services, requirement of e-TIN for opening postal savings accounts exceeding Tk 200,000.

The Conference was chaired by Muzaffar Ahmed, president of the Institute.