Economic Reporter :
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Shafiul Islam Mohiuddin on Thursday vowed that they would continue to work together with the government for maintaining a harassment-free business environment, boosting investments and employments and thus helping attain the revenue target. “We had an interactive session with the Finance Minister and the other high officials today and we want to keep trust on the promises that they gave us,” he told reporters.
The FBCCI President said this after the Finance Minister hosted a meeting with the leaders of top trade bodies and associations held at the NEC Conference Room in the city’s Sher-e-Bangla Nagar area. FBCCI Senior Vice President Sheikh Fazle Fahim was present.
Shafiul said the government wants to ensure a harassment-free business environment, boosting investment and flourishing further the country’s economy through generating more employments and thus attain the Taka 2,96,201 crore revenue collection target in the current fiscal . “For ensuring all these, there is a need for a favorable environment and we want to continue to work together with the government in this regard,” he added.
He said they have raised some issues before the Finance Minister like improving the ease of doing business situation, bringing down further the bank interest rates and corporate tax rates and avoiding double or even triple taxation in some areas.
Shafiul said the Finance Minister has suggested for boosting the revenue collection through widening the tax net but not going for raising the tax rates.
Asked about the discussion over the single-digit bank interest rate, he said, “Now it’s the time for act and thus bring down the interest rate. The government will think about the mechanism, but it should have to be done very soon, otherwise the momentum of investment will be hampered.” About the new VAT Law, the FBCCI President said that the Finance Minister has informed them that there would be multiple rates and various tiers under the law while the new law would be implemented after final consultation with the concerned stakeholders and the business community. Highlighting some of the problems that the businesses are now facing like the high land cost and high land registration cost, Shafiul said, “We don’t want to remain stuck with the problems …….we want to move ahead taking alongside all,” Referring to the assurances of the Finance Minister in the meeting, the FBCCI President said, “We want to believe ….we want to see tangible progress of the matters discussed.”
Referring to the government’s target of attaining the SDGs and a developed country by 2041, he said that the private sector is now contributing around 82 percent of the country’s overall economy and everywhere it is a private-sector led economy.
“So, without ours (private sector), its not possible to unleash the desired level of development of the country and our Prime Minister also wants it. We’ve seen that reflection in today’s meeting and we want to keep our confidence and trust,” said Shafiul.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Shafiul Islam Mohiuddin on Thursday vowed that they would continue to work together with the government for maintaining a harassment-free business environment, boosting investments and employments and thus helping attain the revenue target. “We had an interactive session with the Finance Minister and the other high officials today and we want to keep trust on the promises that they gave us,” he told reporters.
The FBCCI President said this after the Finance Minister hosted a meeting with the leaders of top trade bodies and associations held at the NEC Conference Room in the city’s Sher-e-Bangla Nagar area. FBCCI Senior Vice President Sheikh Fazle Fahim was present.
Shafiul said the government wants to ensure a harassment-free business environment, boosting investment and flourishing further the country’s economy through generating more employments and thus attain the Taka 2,96,201 crore revenue collection target in the current fiscal . “For ensuring all these, there is a need for a favorable environment and we want to continue to work together with the government in this regard,” he added.
He said they have raised some issues before the Finance Minister like improving the ease of doing business situation, bringing down further the bank interest rates and corporate tax rates and avoiding double or even triple taxation in some areas.
Shafiul said the Finance Minister has suggested for boosting the revenue collection through widening the tax net but not going for raising the tax rates.
Asked about the discussion over the single-digit bank interest rate, he said, “Now it’s the time for act and thus bring down the interest rate. The government will think about the mechanism, but it should have to be done very soon, otherwise the momentum of investment will be hampered.” About the new VAT Law, the FBCCI President said that the Finance Minister has informed them that there would be multiple rates and various tiers under the law while the new law would be implemented after final consultation with the concerned stakeholders and the business community. Highlighting some of the problems that the businesses are now facing like the high land cost and high land registration cost, Shafiul said, “We don’t want to remain stuck with the problems …….we want to move ahead taking alongside all,” Referring to the assurances of the Finance Minister in the meeting, the FBCCI President said, “We want to believe ….we want to see tangible progress of the matters discussed.”
Referring to the government’s target of attaining the SDGs and a developed country by 2041, he said that the private sector is now contributing around 82 percent of the country’s overall economy and everywhere it is a private-sector led economy.
“So, without ours (private sector), its not possible to unleash the desired level of development of the country and our Prime Minister also wants it. We’ve seen that reflection in today’s meeting and we want to keep our confidence and trust,” said Shafiul.
