Budget draws mixed reactions
It’s too early to comment: FBCCI, Budget not 100 pc business friendly: DCCI
Dhaka, June 7 (UNB) – Country’s leading chamber and trade body leaders on Thursday expressed their mixed reactions to the national budget proposed for fiscal 2012-13.
They welcomed some proposals but expressed frustration over many, and demanded reconsideration of some of the important proposals, including tax at source on all types of export that has been doubled.
Disagreeing with a number of proposals, the apex trade body President, AK Azad, in his immediate reaction said it is too early to say whether the proposed budget is business-friendly or not.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will hold a meeting at 10am (Friday) at its board room to scrutinise the proposed budget and give its formal reaction through a press conference at 3pm.
“We appreciate some of the proposals for the sectors like agriculture and shipbuilding industry. But there’re a number of proposals, including tax at source, that need to be reconsidered,” AK Azad told reporters at the FBCCI office.
He said the FBCCI board would scrutinise the budget and then would come up with their reactions in details.
Azad said it could have been better had the tax net been expanded instead of mounting more burdens on the existing taxpayers.
However, Dhaka Chamber of Commerce and Industry (DCCI) President Asif Ibrahim said, “I would say, it’s not a hundred percent business-friendly budget.”
He expressed frustration over the proposed tax at source on exports and said it would have negative impact on the overall economy as the achieving of targeted export growth will become difficult. “Export sees a downtrend. It’s not right decision to increase tax at source at this stage,” he said.
Finance Minister AMA Muhith has proposed imposing an identical tax rate of 1.20 percent deducted at source on all kinds of exports in place of the existing rates of 0.60 percent and 0.70 percent.
Asif Ibrahim, however, voiced satisfaction over a number of proposals including tax reduction on ETP equipments.
Muhith proposed to introduce zero percent duty instead of existing 1 percent in the coming FY2012-13 in case of importing equipment to install ETP plants for the export oriented industries.
The DCCI president said they have observations on the proposals made for the energy sector, government bank borrowing and other sectors. “We’ll arrange a press conference on June 12 (12pm) and urge the government to reconsider the proposals on which we disagree,” he said.
President of Bangladesh Women Chamber of Commerce and Industry (BWCCI) Sangita Ahmed expressed happiness as the Finance Minister proposed a Tk 100 crore allocation for women entrepreneurs as part of partonising the innovative businesswomen for the country.
“We’ve long been demanding such an allocation. Finally, the Finance Minister proposed it. It’ll help develop women entrepreneurship,” the newly-elected president of the chamber said.
On May 24, then president Selima Ahmad put forward a number of demands, including allocation of Tk 100 crore, for ‘Women Entrepreneurship Development Fund.’
They welcomed some proposals but expressed frustration over many, and demanded reconsideration of some of the important proposals, including tax at source on all types of export that has been doubled.
Disagreeing with a number of proposals, the apex trade body President, AK Azad, in his immediate reaction said it is too early to say whether the proposed budget is business-friendly or not.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will hold a meeting at 10am (Friday) at its board room to scrutinise the proposed budget and give its formal reaction through a press conference at 3pm.
“We appreciate some of the proposals for the sectors like agriculture and shipbuilding industry. But there’re a number of proposals, including tax at source, that need to be reconsidered,” AK Azad told reporters at the FBCCI office.
He said the FBCCI board would scrutinise the budget and then would come up with their reactions in details.
Azad said it could have been better had the tax net been expanded instead of mounting more burdens on the existing taxpayers.
However, Dhaka Chamber of Commerce and Industry (DCCI) President Asif Ibrahim said, “I would say, it’s not a hundred percent business-friendly budget.”
He expressed frustration over the proposed tax at source on exports and said it would have negative impact on the overall economy as the achieving of targeted export growth will become difficult. “Export sees a downtrend. It’s not right decision to increase tax at source at this stage,” he said.
Finance Minister AMA Muhith has proposed imposing an identical tax rate of 1.20 percent deducted at source on all kinds of exports in place of the existing rates of 0.60 percent and 0.70 percent.
Asif Ibrahim, however, voiced satisfaction over a number of proposals including tax reduction on ETP equipments.
Muhith proposed to introduce zero percent duty instead of existing 1 percent in the coming FY2012-13 in case of importing equipment to install ETP plants for the export oriented industries.
The DCCI president said they have observations on the proposals made for the energy sector, government bank borrowing and other sectors. “We’ll arrange a press conference on June 12 (12pm) and urge the government to reconsider the proposals on which we disagree,” he said.
President of Bangladesh Women Chamber of Commerce and Industry (BWCCI) Sangita Ahmed expressed happiness as the Finance Minister proposed a Tk 100 crore allocation for women entrepreneurs as part of partonising the innovative businesswomen for the country.
“We’ve long been demanding such an allocation. Finally, the Finance Minister proposed it. It’ll help develop women entrepreneurship,” the newly-elected president of the chamber said.
On May 24, then president Selima Ahmad put forward a number of demands, including allocation of Tk 100 crore, for ‘Women Entrepreneurship Development Fund.’
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