Chittagong, Bangladesh (BBN)- Chittagong Chamber of Commerce and Industry (CCCI) has urged Prime Minister Sheikh Hasina to hold a national dialogue with all concerned bodies to amend some sections of the Finance Act 2012.
In a letter to the Prime Minister, CCCI President Murshed Murad Ibrahim said though sub-section-1, section-52 of Income Tax Ordinance 1984 to deduct tax at source against local L/C, turnover tax under section-16CCC and ultimate tax liabilities under section-82C imposed as a technique to enhance revenue collection it has given birth to depression and dissatisfaction among the industrialists, manufacturers, importers and businesses.
He said it can create chaos as most of the raw materials and essential commodities like rice, pulse, wheat are supplied to different parts of the country through local letters of credit (LC), according to a CCCI statement.
The central bank has issued two circulars recently to commercial banks directing on loan classification and provisioning and loan rescheduling.
According to the circulars, no loan can be rescheduled after it is done for the third time and the loan will be classified as well as subject for legal suite.
The chamber chief said these hard and first rules can reduce 30 to 40 percent loan-able fund and thus impediment the loan flow which can make the economy stagnant.
On behalf of the businesses of Chittagong, Mr. Ibrahim urged the Prime Minister to hold a dialogue with all stakeholders soon as possible in order to consider the issues of national economic interest and bring necessary amendment to the said sections to make them business and revenue friendly at the same time after due analysis.
BBN/SSR/AD-11Aug12-9:21 pm (BST)
