FBCCI calls for reduction in corporate tax in the upstream sector

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The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has demanded reduction in corporate tax in upstream related industries to foster their growth.

Companies have demanded a corporate tax set at 10-15% for the backhaul industry to increase competitiveness, UNB reports.

They made the call during the first meeting of the FBCCI standing committee on upstream linkage industries held at the FBCCI office in the city on Thursday.

Abul Kalam Bhuiyan, chairman of the committee, said lowering corporate tax to 10 to 15 percent would help develop the backward linkage industry.

He also demanded that entrepreneurs obtain industrial plots at an affordable cost for the expansion of industry.

Speaking as the chief guest of the meeting, FBCCI Vice Chairman MA Momen said that most of today’s giant corporations started their journey as an upstream linkage industry .

The role of this industry in the overall development of the country is undeniable. Industrialization is not possible without development of this sector.

If there is no backward linkage, the industry supply chain will collapse. Therefore, the development of this industry is very important. He called on the government to give due importance to this sector in policy making, they said.

The director in charge of the committee, Joshoda Jibon Debnath, called on the upstream linking industrialists to take a concerted initiative to establish a separate industrial zone for the sector.

He ensured cooperation to obtain the necessary bank loan for this. Expanding the backhaul industry is key to meeting the challenges of post-LDC industrialization, he added.

During the meeting, the businessmen highlighted harassment from tax and port authorities, excessive licensing and renewal provisions, violation of PPR in the public procurement process, unequal rights in import of the same product between export-oriented industries and backward linkages as major obstacles to its development. .

At the same time, they demanded the inclusion of the backhaul industry in the future industrial policy, the provision of land at affordable rates, the revitalization and improvement of the BSCIC, the priority given to local products in public procurement in accordance with the PPR and the discouragement of imports to protect locally produced products.

FBCCI Secretary General Mohammad Mahfuzul Hoque, Directors Bijoy Kumar Kejriwal and Harun ou Rashid, Committee Co-Chairs Chaitanaya Kumar Dey (Chayan), Md. Salauddin Yusuf, Zia Hayder Mithu and other members among others were present. in the meeting.

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