The Foreign Investors' Chamber of Commerce and Industry (FICCI) has lauded the government for amending Finance Bill 2022-23.
"The FCCI, on behalf of all foreign investors in Bangladesh, would like to express our sincere gratitude and special thanks to the honourable Prime Minister and Finance Minister for considering our request to amend some of the provisions of the Finance Bill 2022-23," They said in a press note Sunday (3 July).
According to the organisation, it will definitely have some positive impact on the businesses of the current foreign investors in Bangladesh and also act as the catalyst for attracting FDI in different sectors in Bangladesh.
FICCI said not imposing a tax on the company's contribution to the Workers' Profit Participation Fund (WPPF) will encourage foreign investors to conduct their business in a compliant manner and would be an example of the government's initiative to create a business-friendly environment in Bangladesh.
It also welcomed the government's initiatives of increasing the cash transactions limit of Tk3.6 million from the proposed Tk1.2 million to having the reduced corporate tax rate by 2.5%.
"This initiative will give some breathing space to the companies and provide the much-needed time to be fully prepared to ensure cashless transactions in investment and expenditure payments," the statement read.
FICCI also welcomed the amendment of the conditions of submitting the proof of returns for the companies and firms for getting services from different service-providing institutions.