Business Report :
Shippers Council of Bangladesh (SCB) expressed mixed reactions about the proposed budget for the fiscal 2014-15, saying that the budget contains some positive steps along with some negative sides.
Rezaul Karim, chairman of SCB, hailed the proposed budget saying it gave priority on agriculture, electricityand energy sectors but expressed dissatisfaction for not taking any initiative to save the ailing jute sector. SCB chairman said there is neither any indication to save the jute sector nor any provision to protect the Jute Goods Exporters’ interest, although demands for jute goods have been increasing steadily.
He urged the government to withdraw all taxes on raw jute and jute goods including the tax at sources.
The budget set the GDP growth target at 7.3 per cent and inflation within 7 per cent, which, the SCB chairman said, might facilitate economic activities and keep development process continuous. Provisions for budget for Padma Bridge, tunnel under the River Karnaphully, Deep Sea Port, four lane Highways, LNG Terminal etc. will encourage private sector. Tax holiday for Dhaka and Chittagong Stock Exchanges until 2019 is also a good step, he said.
Besides, he was of the opinion that taking cost of living index into consideration, individual tax limit should be increased to Taka Three Lac. In addition, duties, VAT, income tax collection process need to be updated. He also stressed the need for strengthening capacity building in the administration to select and implement the Annual Development Projects efficiently. He also stressed the need for special attention to e-tendering system.
Shippers Council of Bangladesh (SCB) expressed mixed reactions about the proposed budget for the fiscal 2014-15, saying that the budget contains some positive steps along with some negative sides.
Rezaul Karim, chairman of SCB, hailed the proposed budget saying it gave priority on agriculture, electricityand energy sectors but expressed dissatisfaction for not taking any initiative to save the ailing jute sector. SCB chairman said there is neither any indication to save the jute sector nor any provision to protect the Jute Goods Exporters’ interest, although demands for jute goods have been increasing steadily.
He urged the government to withdraw all taxes on raw jute and jute goods including the tax at sources.
The budget set the GDP growth target at 7.3 per cent and inflation within 7 per cent, which, the SCB chairman said, might facilitate economic activities and keep development process continuous. Provisions for budget for Padma Bridge, tunnel under the River Karnaphully, Deep Sea Port, four lane Highways, LNG Terminal etc. will encourage private sector. Tax holiday for Dhaka and Chittagong Stock Exchanges until 2019 is also a good step, he said.
Besides, he was of the opinion that taking cost of living index into consideration, individual tax limit should be increased to Taka Three Lac. In addition, duties, VAT, income tax collection process need to be updated. He also stressed the need for strengthening capacity building in the administration to select and implement the Annual Development Projects efficiently. He also stressed the need for special attention to e-tendering system.
