NBR asks trade bodies, professionals for budget proposals

The National Board of Revenue (NBR) has asked for proposals on income tax, value added tax (VAT) and import duty for preparation of the budget for the fiscal year of 2022-23.

The revenue board asked for the proposals from the Federation of Bangladesh Chamber of Commerce Industry (FBCCI) and other top chambers within February 5, 2022.

In addition to revenue collection, the NBR formulates fiscal policy after discussing with the traders and stakeholders.

Every year the NBR organizes pre-budget discussion with representatives from different sectors to ensure participatory budgeting. The NBR is taking similar initiatives for the preparation of budget for the fiscal year 2022-23.

To this end, a participatory, people-oriented, business and taxpayer-friendly and potentially balanced budget with revenue potential, along with the proposals from taxpayers at all levels, including trade associations, professional organizations, research institutes and intellectuals.

The institutions, agencies or departments which are not members of any chamber or association can also send budget proposals directly or by mail to the NBR.

Russia’s military operation in Ukraine has prompted US-led Western nations to impose sanctions on Moscow. As a result, Western companies are withdrawing business from Russia.

Taking advantage of the situation, Iran’s garment industry is moving toward the Russian market, according to the country’s state news agency IRNA.

Analysts hope that within the next three years, Iranian-made clothing brands will be able to establish exclusive control over the Russian market.

According to a proposal by the Russian Council of Shopping Centers or RCSC, Iranian companies that make leather garments, shoes and bags will be allowed to sell products in place of Western companies.

RCSC chief Oleg Vyotskovsky recently met with a delegation at the Iranian embassy in Moscow, the Russian news agency Tas reported.

At the meeting, officials from the two countries agreed that Iranian companies would be used as alternatives to Western brands in the next three years.

According to the news, some problems have to be solved before this. In that case, it would take some time for Iranian products to gain full access to the Russian market.

The head of RCSC said that Russia is interested in opening stores of Iranian products inside the country, but first of all some existing issues need to be resolved. For this, there is the question of creating Iranian brands and officially supporting Iranian products. Initially, 30 outlets could be opened, he said.

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