BIDA asks NBR to address 10 issues to promote investment

Staff Correspondent
BIDA asks NBR

A file photo shows the office of the erstwhile Board of Investment, which has become the Bangladesh Investment Development Authority (BIDA) after merging with Privatisation Commission, in Dhaka. BIDA has submitted a set of proposals to National Board of Revenue for attracting investment. — New Age photo

Bangladesh Investment Development Authority (BIDA) has requested the National Board of Revenue for addressing 10 issues including formation of a permanent committee related to customs duty structure and removing disparity between local and foreign investors on import of capital machinery in a bid to attract more investments in the country.
The newly reconstituted BIDA, formerly Board of Investment and Privatisation Commission, has also urged the NBR for making its tax measures industry and investment friendly.
BIDA on Thursday placed the proposals at a meeting on inclusive investment promotion with the revenue board at the NBR headquarters in Dhaka.
The meeting was held as part of the BIDA’s series of consultations with different stakeholders on preparation of the Bangladesh Investment Strategy and its implementation to attract and facilitate investment, both domestic and foreign direct investment, in the country.
Officials said that NBR agreed to address the issues in phases following rigorous examination.
At the meeting, NBR also placed three proposals to the BIDA for ensuring proper revenue collection from investors and foreign nationals working in the country.
The revenue board requested the BIDA to ensure timely payment of taxes by the investors and deduction of taxes from the foreign employees working in the companies registered with the BIDA.
NBR chairman Md Nojibur Rahman and BIDA executive chairman Kazi Md Aminul Islam, among other high officials of the both organisations, attended the meeting.
The investment promotion authority under the Prime Minister’s Office said that local and foreign investments would increase if the revenue board addresses the issues.
In the proposals, BIDA suggested the revenue board for forming a permanent committee on duty structure. The committee would prepare the duty structure for national budget to promote domestic industry.
‘Changes in duty structure brought every year in budget don’t eventually favour the industrialisation in the country, rather it encourages trade,’ the proposal observed.
There should be a permanent committee formed with representations of the NBR, commerce ministry, the Federation of Bangladesh Chambers of Commerce and Industry and BIDA for preparing a research-based and investment friendly duty structure, it said.
The move will attract investments and protect domestic industry, it added.
The authority has also requested the NBR to remove disparity between foreign and local investors in releasing imported capital machinery and spare parts.
Foreign investors can release imported capital machinery and spare parts from ports by showing import permit issued by the BIDA. But the local importers cannot do so as BIDA cannot issue import permit to local importers.

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