Abu Sazzad :Large budget can effect broader economic development, improve life style, increase per capita income and reduce poverty, said Finance Minister Abdul Maal Abul Muhith on Tuesday.About the size of the budget, the finance minister said that it would be of nearly three lakh crore taka.’If the size of the budget is not increased, how will the government provide expected level of service to the nation, said the minister while addressing the ’36th Consultative Committee Meeting of National Board of Revenue (NBR)’ in a city hotel.The programme was jointly organised by NBR and Federation of Bangladesh Chamber of Commerce and Industry (FBCCI).The government plans to impose minimum income tax of Tk 3,000 for boosting country’s revenues, said the minister. At least 50 per cent people would be brought under taxation in the present context of the country.11 per cent people pay tax in the country whereas this figure is about 25 per cent in Nepal and 30 to 35 per cent in India, added the minister.In the introductory speech, FBCCI president Kazi Akramuddin Ahmed recommended for giving special attention to the upcoming budget for the development of agro, education and power sectors.The economy of the country largely depends on flourishment and increasing investment in the private sector, said the FBCCI president. Political unrest, high lending rate, lack of adequate electricity and want of industrial plots and poor infrastructure hinder the investment in the country. The difference of rate of interest between deposit and lending is five per cent. It should be reduced to three per cent, insisted the FBCCI leader. He also demanded decrease of the lending rate of the financial institutions for rapid growth of the private sector.The business leader urged the government for quick implementation of economic zone to enhance the skill of the industrial sector.The business leader demanded special allocation for the development of women entrepreneurs across the country. He also suggested the proper implementation of annual development fund. “Accountability and transparency in every stage of the government is necessary for attaining sustainable development”, also said the FBCCI president. The business leader also suggested for reducing the import tax on industrial raw materials.Talking about taxation, the FBCCI leader recommended to increase the personal tax net slap to Tk 2, 75,000 from the existing 2, 20,000.Corporate tax is very high which should be reduced to encourage more investment in the country, observed the FBCCI leader. He demanded to reduce the corporate tax to 30 per cent from the existing 35 per cent.NBR Chairman Md Nojibur Rahman was the moderator of the open discussion session. In the open discussion session, Farmer and Plant Biotechnologist Managing Director Ferdousi Begum demanded a special allocation in the upcoming budget for making ware house in every upazila for the farmers. She also demanded to introduce crop insurance.State Minister for Finance M A Mannan, Bangladesh Garment Manufacturer and Exporter Association (BGMEA) President Md Atiqul Islam, FBCCI First Vice-President Monowara Hakim Ali and FBCCI Vice-President Helal Uddin, also spoke the occasion.
