- FICCI expressed concerns over lack of allocation for tax, VAT, and customs automation in proposed budget
- Automation in these areas is crucial for efficiency and simplifying tax collection process
- Absence of reforms for automating tax processes could lead to complexities and financial strain on businesses
- Continued reforms needed to streamline VAT processes, reduce administrative burdens, and encourage compliance
- Reduction in corporate tax rate for non-listed companies expected to encourage private investment
- Focus on tax reforms to simplify and clarify tax regime, expand tax base, introduce electronic fiscal devices, and promote e-payment systems is commendable
- Measures aim to streamline tax collection, reduce costs, increase number of taxpayers, and ensure greater tax system transparency
- Higher allocations in health and education would further underscore government’s commitment to human capital development
- FICCI suggests 10% allocation for health and 15% allocation for education would be more appropriate than current allocations of 8% and 12% respectively.
Source: newagebd.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
