Bangladesh businesses strongly condemned the barbaric massacre of the Palestinian civilians, women and children by the Israelis and called for an immediate ceasefire in Gaza. 

In a joint statement, six trade bodies today observed that more than 14,200 people have been killed in Israeli attacks on Gaza of whom more than 9,700 were minor children and new born babies. 

This is a systematic annihilation of a nation, never found in the history of mankind, they mentioned.

The trade bodies are International Chamber of Commerce, Bangladesh (ICCB), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Dhaka Chamber of Commerce and Industry (DCCI), Metropolitan Chamber of Commerce and Industry (MCCI), Chittagong Chamber of Commerce and Industry (CCCI) and Federation of Indian Chambers of Commerce and Industry (FICCI).
 
 The Al-Shifa Hospital has become a graveyard of Palestinians rather than a Hospital. Almost 1.6 million people have been displaced across the Gaza Strip since 7 October, they said.

 Israel is comprehensively targeting civilian infrastructure, residential buildings, mosques, schools and hospitals, sparing nothing in its brutal attacks on the Gaza Strip as part of a genocidal war while demonstrating a total disregard of the international calls for a ceasefire, said the trade bodies and added: "In the name of fighting against the terrorists in Gaza, new born babies, children, women and civilians are being killed, under the protection and support of the super powers. The targeting of civilians is a war crime, no matter who does it; under Geneva Convention."

The businesses reminded that humanitarian and medical personnel and facilities are protected under international law. States have an obligation to ensure their safety and protection during times of war as the UN Secretary General has repeatedly reiterated that one must bear in mind that even wars have rules, they added.

They condemned the use of starvation of civilians as a method of warfare and killing of children and innocent civilians, which is prohibited under international humanitarian and criminal law. 

"The willful and systematic destruction of civilian homes and infrastructure, known as 'domicide', and cutting off drinking water, medicine and essential food supplies are clearly prohibited under international criminal law. Therefore, international community must focus on redressing humanitarian sufferings and protecting innocent people affected by the conflict," they said.

The trade bodies strongly supported the UN Secretary General's efforts to provide access to humanitarian aid to the Gaza Strip. "We also support the U.N. Security Council calling for "urgent and extended humanitarian pauses" in Gaza to address the escalating crisis for Palestinian civilians during Israel's aerial and ground attacks. We express grave concern about the safety of journalists and aid-agency workers and protecting hospitals and schools that are providing refuge and life-saving medical services to the people of Gaza," they said.

Bangladesh, Bolivia, South Africa, Comoros and Djibouti have jointly requested the International Criminal Court to investigate the situation in the Palestinian territory. "We endorse the joint request of above five countries and hope that other nations will also join," they said.

 The business community of Bangladesh strongly urged the UN and world leaders to call for an immediate ceasefire and settlement of decade old dispute to ensure peace in the Middle East and thus avoid escalation and protecting the millions of misplaced people. 

"Bangladesh businesses support and stand by Palestinians' right to self-determination, sovereignty and independence," the trade bodies said.

MSH

Companies and organisations will be required to file tax returns on the income generated by employee welfare funds from the current fiscal year and pay a 27.5 percent tax on the earnings. 

The Income Tax Act 2023 incorporates the provision, lifting the tax exemption and amnesty on the compulsion to file returns for funds such as provident funds, gratuity funds and workers' profit participation funds maintained by the private sector.

The law, however, has exempted government-managed provident funds from taxation, raising questions.

TIM Nurul Kabir, executive director of the Foreign Investors' Chamber of Commerce & Industry, said there were many other avenues to collect tax.

"Employees benefit from provident funds after their retirement. So, the authority should not slap taxes on retirement benefit."

He said while levying the tax, the government has not treated provident funds of the private and public sectors equally.

"It is discriminatory," he said, adding that they would appeal to the tax authority for the withdrawal of the tax on income from provident funds.

Debabrata Roy Chowdhury, director for legal, regulatory and corporate affairs at Nestlé Bangladesh PLC, said the introduction of income tax on trust funds would lower the overall income from such schemes.

"This will have an adverse long-term impact on retired employees of private organisations."

Chowdhury urged the authority to address the issue in line with the spirit of the government's initiatives aimed at ensuring social security for private sector employees.

"The recent introduction of the universal pension scheme for private sector employees is a good example of that."

A senior official of the NBR, on condition of anonymity, said the income of government-managed provident funds was exempted in line with the Provident Fund Act 1925.

He said provident funds under the private sector had been historically exempted and there was no requirement to submit tax returns. As a result, it was unclear whether the funds were properly utilised.

"From now onwards, we will see proper disclosure."

The tax official said the contribution of payroll tax is about 3 percent of the total income tax although it should increase as the economy is growing.

Md Shahadat Hossain, a former president of the Institute of Chartered Accountants of Bangladesh, said income from investment in savings certificates, where people invest as a source of future earnings, is already taxed.

"From that perspective, the imposition of tax on provident and other employee welfare funds seems okay."

However, Towfiqul Islam Khan, senior research fellow at the Centre for Policy Dialogue, said social protection for private sector employees was low.

"Provident and other workers' welfare-related funds provide little social protection. The imposition of tax will increase inequality. But there can't be any discrimination in taxation between private and government provident funds."

Khan, citing the latest income tax law that replaced the Income Tax Ordinance 1984, said the NBR tried to find new avenues to increase tax collection and improve the nation's revenue-gross domestic product ratio, which is one of the lowest in the world.

"We can see the desperation of the tax authority to boost collection. This ultimately reveals the inability of the NBR to catch the tax evaders and illicit money makers."