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Bangla trade bodies happy with proposed budget

Jun '19
Bangla trade bodies happy with proposed budget
Most trade bodies and business associations in Bangladesh are satisfied over the proposed 2019-20 national budget, according to the Federation of Bangladesh Chambers of Commerce and Industry president Sheikh Fazle Fahim. He said finance minister AHM Mustafa Kamal has incorporated the pledges he made in his pre-budget discussions with the business community.

The proposed budget is a continuity of the 6th and 7th five year plans. Fahim appreciated the allocation of Tk 100 crore as start-up capital for youths and another Tk 100 crore for employment and training, according to Bangla media reports.

The Bangladesh Garment Manufacturers and Exporters Association president Ruban Huq termed the proposed budget ‘public welfare-oriented.’

Dhaka Chamber of Commerce and Industry (DCCI0 president Osama Taseer said achieving the target of Tk 3,77,810 crore revenue would be challenging.

The DCCI president said the allocation of Tk 1,45,380 crore for the Annual Development Programme would expedite infrastructure development.

The DCCI also hailed the initiative to set up a banking commission and for enacting laws on mergers and acquisitions as well as on insolvency and bankruptcy.

The trade body called for introducing a provision of input credit tax, or else the extra burden might be borne by the consumers.

‘It is encouraging that the government has allocated Tk 100 crore as start-up capital for youths and an additional Tk 50 crore for research and development activities,’ she said.

Rubana requested the government to bring the readymade garment workers under social safety net programmes as the proposed budget allocated Tk 74,367 crore for such programmes.

Bangladesh Chamber of Commerce and Industries president Anwar-ul Alam Chowdhury Parvez demanded reduction of the turnover tax to 3 per cent. He also sought reduced corporate tax rates for attracting investment. (DS)

Fibre2Fashion News Desk – India

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