Business leaders blame NBR for non-cooperation

Business leaders have expressed dismay over the fact that they have held meetings with authorities concerned over and over again but still the Finance Ministry is not reducing customs and value added tax (VAT) on process food items. Business leaders have warned that they would come under compulsion to raise the prices of processed foodstuff if the interim government does not take immediate steps to alleviate their woes.

Leaders of Bangladesh Agro Processors Association (BAPA) had a meeting with National Board of Revenue (NBR) Chairman Md. Abdur Rahman Khan on Thursday. Earlier on the same entrepreneurs had another meeting with NBR high-ups on 23 January 2025 with an appeal to reduce the load of customs and VAT on the commodities they produce.

Business leaders have complained that neither NBR nor Finance Ministry is cooperating with them. Prices of processed foods will soon shoot through the roof, the businessmen have cautioned if the interim government does not listen to their frequent requests. NBR Chairman Md. Abdur Rahman Khan, NBR Member Dr. Md. Abdur Rauf (VAT Policy) and Second Secretary (VAT) Md. Badruzzaman Munshi were present at the meeting.

Chairman and Chief Executive Officer (CEO) of Pran-RFL Group Ahsan Khan Chowdhury said, "The regulators are not being able to realize the predicaments we are going through. We are not receiving necessary assistance from them. The regulators for the most part are not complying with the assurances they give us. We have been facing monetary losses as a result of hiked VAT. It can't go on indefinitely."

Ahsan Khan Chowdhury later on told journalists that their meeting with NBR officials was not a successful one. The NBR officials have told business leaders to wait till the upcoming budget.

The business leaders further said that if the Finance Ministry, NBR and other regulatory authorities don't extend proper support to them, then traders will switch to some other types of business because it is too tough to continue business in the middle of prolonged losses.

BAPA President MA Hashem said "Higher taxes on finished products are responsible for mounting prices. In that case ordinary consumers will suffer from financial hardship. Business enterprises are sometimes compelled to lay off employees for these reasons."

President of Bangladesh Biscuits and Bread Association Shafiqur Rahman Bhuiyan said, "We can't see any implementation of the assurances we get from NBR. I think we are moving towards very gloomy times ahead".