The Chittagong Chamber of Commerce and Industry (CCCI) placed 117 proposals for the government’s consideration in the next fiscal year’s budget.
The proposals include, among others, cancellation of 5% tax at source during opening of letter of credit and withdrawal of additional tax on public transports.
CCCI president Mahabubul Alam presented the proposals at a meeting with Chairman of National Board of Revenue Ghulam Hossain Sunday in the port city. Mahabubul Alam also urged the government to take steps towards protecting local industries.
He said guidelines are necessary to develop infrastructures like setting up special zones at Anwara and Mirsharai in Chittagong. Works of building deep sea port should also be expedited and gas crisis needs to be resolved in Chittagong region.
In his speech, NBR chief said: “The next budget will be business, industry and consumers friendly. The roadmap of the government for next five years will be reflected in the budget.”
He said the size of the budget would be of Tk250,000 crore, almost double the current fiscal’s budget.
NBR chief said the expected growth rate of the Gross Domestic Product (GDP) would be targeted at 7.3% in the next fiscal budget.
The revenue income will have to be increased to Tk1,49,000 crore to meet the target, said Ghulam Hossain.
NBR chief said collection of tax revenue would also have to be doubled.
Nasir Uddin Chowdhury, a former first vice president of Bangladesh Garment Manufacturers and Exporters Association, and CCCI directors Mahfuzul Hoque Shah and Mahbubul Hoque Chowdhury also addressed the meeting. among others.
Nasir Uddin Chowdhury said: “We hear about business and industry friendly budgets every year, but see no reflection of that announcement in the budget.”
“A total of 111 recommendations were placed from the chamber last year. But only six of them were included in the budget,” Nasir Chowdhury said.
He said those six recommendations were also placed by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).