The Anti-Discrimination Reform Council of the FBCCI strongly protested the decision to increase VAT (Value Added Tax) and Supplementary Duty on more than 100 goods and services in the middle of the current fiscal year in a press conference on Tuesday (January 14, 2025). The leaders of the organization said that this decision is of deep concern to the business community and the common people.
The press conference was told that the government announced the increase in VAT and customs duties through the gazette published on January 9, which was implemented without any consultation with the stakeholders. According to the Anti-Discrimination Reform Council of the FBCCI, such a sudden tax increase will have a negative impact on the country’s economy.
The organization said that the increase in VAT will increase the price of daily necessities and the cost of daily living. The impact of the VAT hike on imported fruits, mobile phone services, internet, LPG gas, clothing, and even life-saving medicines will put additional pressure on the common man.
Currently, businesses with annual turnover of up to Tk 50 lakh will have to pay turnover tax. Earlier, this limit was up to Tk 3 crore. This will hurt small and medium traders, the FBCCI’s Anti-Discrimination Reform Council warned.
At the press conference, the FBCCI’s Anti-Discrimination Reform Council also spoke out against the initiative to increase gas prices. They said that if the gas price is increased, the production cost of the industrial sector will increase and local industries will lose their competitiveness. The organization suggested alternative solutions by preventing gas wastage and disconnecting illegal connections.
The organization urged the government to ensure long-term supportive tax structure and policy continuity. Emphasis has been placed on reducing interest rates, maintaining a stable exchange rate, maintaining stable market supply of essential goods, and creating a business-friendly environment through uninterrupted power and gas supply.
At the press conference, the FBCCI Anti-Discrimination Reform Council suggested adopting alternative revenue-raising plans without imposing additional taxes on the people. They proposed to conduct revenue collection activities by reducing expenditure in unproductive sectors and ensuring transparency. In addition, a strong appeal was made to the government to increase the capacity of ports, reduce traffic congestion, and strengthen trade facilitation activities.
FBCCI Anti-Discrimination Reform Council Convener Zakir Hossain Nayan, FBCCI Anti-Discrimination Reform Council Coordinator Abul Kashem Haider, Giasuddin Chowdhury Khokon, Zakir Hossain, Atiqur Rahman, among others were present at the press conference.
