Transcom Group Chief Executive Officer (CEO) Simin Rehman has called for reducing advance income tax (AIT) on imported raw materials for the pharmaceutical sector from five per cent to three per cent.
He also stressed the need to increase the country’s tax base.
He made the remarks at a roundtable discussion titled ‘Budget in Times of Crisis and Public Expectations’ organized by Prothom Alo at Pan Pacific Sonargaon Dhaka today, Thursday.
Finance and Planning Minister Amir Khasru Mahmood Chaudhary participated in this program as the chief guest.
Speaking at the discussion, Simin Rahman said that the five per cent AIT deducted at the import stage is never refunded by the National Board of Revenue (NBR). “We are proposing that it be reduced to three percent,” he said.
“Similarly, tax deducted at source (TDS) on institutional sales should also be reduced from five per cent to three per cent. This will reduce the unrealistic taxation burden on businesses,” he said.