National Board of Revenue (NBR) Chairman Abu HenaMdRahmatulMuneem on Sunday said that some sectors should be conserved for small businesses to boost the country’s Small and Medium Enterprises.
“Big businesses should not come on all types of investment. They can rather invest in large ventures such as heavy industries, challenging manufacturing,” Muneem said at a pre-budget meeting for the next fiscal year (FY24) with the members of the Economic Reporters' Forum (ERF) at the NBR Building in the capital’s Agargaon area.
He also opined that the Companies Act could be amended to keep this provision. Stressing the need for a clear direction that will specify the goods a company is allowed to produce, Muneem noted that the commerce ministry has been informed in this regard.
“Although at present, Companies Act, 1994, reserves the right of an investor taking up any venture in the country, the law can be amended if required,” he added.
Responding to the criticism of imposing VAT on meditation services, the NBR chairman said that VAT on meditation should be increased further as the luxury service is enjoyed by the riches only.
Economic Reporters' Forum (ERF) President RefayetUllahMirdha and General Secretary AbulKashem also spoke at the discussion attended by senior NBR officials.