Advance income tax
The existing Finance Act has a provision to realise Advance Income Tax at source at the rate of Tk 1,000 at the time of issuance & renewal of Trade License. This is a financial burden, particularly for Small & Medium Enterprises (SMEs) & is directly counterproductive to the spirit of the current reform initiative to lower the cost of doing business. The SMEs hold the secret of growth for all sectors & should be provided with all support for their growth. They are the biggest employer of industrial workers in the country. There is no denying that focussed policy actions are needed for development of SMEs through fiscal measures. We appeal to the finance minister that the existing provision to realise Advance Income Tax at source at the rate of Tk 1,000 at the time of issuance & renewal of Trade License be withdrawn from the budget.
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