FBCCI seeks policy support to restore biz confidence in Bangladesh

FBCCI expects the government to frame an investment- and business-friendly budget that enables it to face the challenges stemming from the country's graduation from the least developed country (LDC) status in November 2026 and global economic uncertainty, said its administrator Mohammad Hafizur Rahman at the consultative committee meeting jointly organised by the National Board of Revenue (NBR) and FBCCI.

Businesses demanded expansion of the tax net to raise revenue collection and ensure uninterrupted supply of gas and electricity. Some expressed concern over the spike in production costs following the increase in gas prices, according to domestic media outlets.

The chairman-cum-managing director of a big industrial house said while the government is inviting foreign investors, local investors are facing gas crunch and regular taxpayers are facing higher tax scrutiny. He appealed NBR to stop harassment of businesses without specific allegations.

Showkat Aziz Russel, president of the Bangladesh Textile Mills Association (BTMA), complained about mounting hassles in doing business.

BTMA earlier issued clearance for the import of spare machinery parts. Russel said the process has become complicated after NBR took over that task.

Rahman suggested there should be a focus on ensuring price stability and the supply of essential commodities and budgetary measures should reduce economic disparity among people through appropriate tax policies and job creation.

FBCCI proposed increasing the tax-free income limit to Tk 450,000 from the present Tk 350,000, and a gradual reduction in advance income tax on imports to reduce the operational costs of industries.

Fibre2Fashion News Desk (DS)