Implementing measures to stimulate investment is the main challenge of the budget for FY 2014-14, said the country’s business leaders yesterday.
“The budget is investment and trade-friendly as a good number of demands by the business leaders has been accepted,” said Kazi Akram Uddin Ahmed, president of Federation of Bangladesh Chambers and Commerce Industry (FBCCI), in an immediate reaction to the proposed budget.
“It does not reflect all our demands, but we have to take it as no one can give us everything we want,” said the FBCCI president.
He added that the proposed budget was enough to attract investment, but political stability was a must for the investment, both local and foreign.
“The government has tried its best to make the budget investment-friendly as well as people-oriented, but its effectiveness depends on the implementation of measures proposed in it,” Mir Nasir Hossain, former FBCCI president, told the Dhaka Tribune.
He said the finance minister announced a number of positive measures in the proposed budget, including reducing corporate tax, tax holiday, bringing house rent under tax net etc.
But the government should reconsider protecting domestic industries, such as the biscuit industry, which had seen a rise in tax payment, he added.
BGMEA applauds the budget
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) hailed the proposed budget, terming it people-oriented and investment and industry-friendly, especially for paying more attention to the RMG sector.
A statement issued by the BGMEA said: “Reduction of tax on cash incentive to 3% from 5% and rebate on source tax to 0.3% from 0.8% will help boost the sector.”
