Dhaka Chamber of Commerce and Industry (DCCI) has thanked the government of passing the 'Finance Bill 2017' with slashing the rates of excise duty on bank accounts and delaying the enforcement of the Value Added Tax and Supplementary Duty Act, 2012 for two more year.
"Passing of the 'Finance Bill 2017' in an amended form will help achieve higher growth along with increasing the private investment which will ultimately help the government turn Bangladesh into a middle income country by 2021," said DCCI in a statement on Thursday.
The trade body said business will be expanded and investment will be encouraged after the decision to delay the enforcement of the Value Added Tax and Supplementary Duty Act, 2012. It will also remove the fare of increasing prices of goods and services, it added.
DCCI said corporate tax for garment sector has been reduced to 12 percent from 15 percent and for environment friendly RMG factories this tax has been cut down to 10 percent from 14 percent would encourage investment in the sector and help achieve the government's apparel export target of US$50 billion.
It also congratulated the government for withdrawing supplementary duty on locally assembled motorcycles as it will encourage the local investment in the sector. DCCI also hailed the government for withdrawing the import duty of solar panels as it will encourage the use of environment friendly energy in the country.