Staff Reporter :
Dhaka Chamber of Commerce & Industry (DCCI) called the budget a big one with an aim at economic recovery and effort to balance between life and livelihood.
“The proposed budget for upcoming fiscal year is by and large inclusive and pro-people,” said Rizwan Rahman, President of the DCCI, while speaking at a press conference at its office.
Welcoming the government for reducing corporate tax both for listed and non-listed companies, he said, “Corporate tax for one person company is fixed at 25 per cent and it is appreciable. But it can be reduced gradually for the small
investors to boost investment.”
Urging to ensure easier stimulus for all CMSMEs, he said, “The size of stimulus should be bigger to safeguard for all CMSMEs.”
The budget allocated more for health and social safety net measures, which is a good initiative, he added.
Claiming the budget an expensive one, he said, “The government will have to control Covid-19 transmission to achieve the projected GDP target of 7.2 per cent.”
“Revenue collection is a big challenge, and to realize the target, the government will have to take measures for widening tax net, collection of due taxes, collection at the district level, tax automation, e-TIN mandatory for national savings, cooperatives and postal savings,” he said.
New industry like home appliance, light engineering, automobile, ICT got tax exemptions are good for the industrialisation, he said.
He also recommended for creating a strong capital and bond market for long term financing.
“Tax exemptions have been given to the private sector to invest in hospital and clinic for 10 years. It is a good decision,” Rizwan added.
20 years tax benefits for Automobile industry, especially for 3 and 4 wheelers, will get a boost for local manufacturers, the DCCI said.
He also requested to rationalize advance income tax on export of oriented RMG, jute and jute goods, agro-processing and API raw materials.
Meanwhile, Business Initiative Leading Development (BUILD) said that the proposed budget seems good in terms of the situation and forward-looking giving ‘Made in Bangladesh’ concept will not only help businesses to diversify, but also creates road for our LDC graduation.
“Agro industry support is welcoming decision. The step for setting up medical and hospital services outside Dhaka, Chattagram and other urban centres is a very important initiative, but needs additional support under PPP to create better service levels,” it said.
“Investment reforms including ease of doing business should be accelerated so that cost of doing business is reduced,” the BUILD said in a statement released on Thursday.
