The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Saturday demanded withdrawal of proposals made in the fiscal year 2020-21 (FY 21) budget to bring about changes to the VAT Act
The apex trade body said the implementation of new provisions in the VAT law will hurt small businesses as they are already weakened due to the Covid-19 pandemic.
"The proposed changes in the VAT Act are designed to address one per cent big businesses in the country, not the major smaller enterprises," FBCCI President Sheikh Fazle Fahim said while speaking at a virtual press meeting on the proposed national budget for FY21.
He said that if it has become too late to withdraw the proposed changes in the VAT law, then the National Board of Revenue (NBR) can amend it through a circular after the budget.
Mr Fahim alleged that banks are showing reluctance to provide loans to cottage, small and medium enterprises under the government-announced stimulus packages.
The FBCCI president also said that the FBCCI will not recommend any willful loan defaulter for loans under the stimulus packages.
