RAB proposal to engage in VAT collection creates panic among businesses: FBCCI

Federation of Bangladesh Chambers of Commerce and Industry president Abdul Matlub Ahmad speaks at a view exchange meeting with journalists at FBCCI building in Dhaka on Wednesday.

Leaders of the Federation of Bangladesh Chambers of Commerce and Industry on Wednesday said that the proposal of Rapid Action Battalion for conducting mobile courts to prevent evasion of value-added tax has created a fresh wave of fear among the businesses.
The proposal of RAB for involving the forces in VAT collection process is totally illogical and traders have already showed severe reaction to the proposal, they said at a view exchange meeting with journalists at FBCCI building in Dhaka.
The FBCCI also demanded the government to reduce oil prices in domestic market right now in line with falling price of oil in the international market.
They also called for uninterrupted gas and electricity supply, reduction of bank interest rate to single digit, creating confindence among businesses and providing appropriate land to increase investment in the country. Lack of those facilities are the major impediments to investment, they said.
‘Inclusion of RAB in VAT collection process will create further fear of harrashment among the traders. We want to pay VAT, not harassment, FBCCI president Abdul Matlub Ahmad said at the meeting.
Harassment by the VAT officials still exists though the National Board of Revenue promised to end it, he said.
Recently, RAB made a proposal to the revenue board for inclusion in the VAT act the provision of mobile court so that the force can conduct drives against VAT dodgers.
Though the NBR is yet to respond to the proposal, in principle it is against the idea, NBR officials said.
It is unlikely that the force will be allowed to conduct mobile courts for VAT collection, they said.
Regarding reduction of fuel oil price, FBCCI first vice-president Shafiul Islam Mohiuddin said that price of fuel oil in international market has now reached to the lowest US$ 30 from earlier US$ 100. So, it is the the right time to adjust the price of the product in domestic market, he said.
Hopefully, the government will take a decision as soon as possible, he said.
Business leaders also claimed that local entrepreneurs would be able to make sufficient investment in the country if the impediments are removed and the country will not need foreign investment,
Creation of investment-friendly environment will also prevent money laundering, they said, adding that money laundering cannot be prevented only by punishment.
They also sought approval of making investments abroad.
They also called for continuation of existing political stability in the country.
FBCCI director Helal Uddin, Abu Naser, Harun-or-Rashid, Sheikh Fazle Fahim, among others, spoke at the meeting.