The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Saturday said good governance is a major challenge in implementing the proposed budget for the fiscal year 2022-23.
FBCCI president Md Jasim Uddin came with the remark at a press conference on post-budget reaction held at the FBCCI building in Motijheel.
He said: "The size of the budget is very timely to implement the government's commitment to meet the needs and aspirations of people in face of inflation inflicted by the Covid-19 pandemic and the Russia-Ukraine fallout.
He noted the importance of ensuring clear direction and planning for the continuous development of efficiency, transparency, accountability and quality of supervision in the implementation of the proposed budget.
He proposed to include in the budget- employment growth, increased domestic investment, increased food production and continued fertilizer subsidies, emphasis on health, education and human resource development, export diversification, job creation, rural development and completion of PM incentive packages and expansion of social security initiatives.
Jasim also expressed his dissatisfaction with not implementing the FBCCI's recommendations related to tax and VAT.
Replying to a query, the FBCCI president said the trade body does not support money laundering as the budget proposed allows money to be brought back in exchange for paying a nominal tax. This will discourage honest business in the country, he said.
FBCCI senior vice president Mostafa Azad Chowdhury Babu, BKMEA president Mohammad Hatem, DCCI president Rizwan Rahman and leaders of various organizations were present at the press conference.
Finance Minister AHM Mustafa Kamal placed the budget of Tk6.78 trillion for the fiscal year 2022-23 on June 9.
The proposed budget's expenditure for the fiscal year 2022-23 is 14.25% more than the revised budget for the outgoing fiscal year. The proposed budget is 12.32% more than the original budget for the fiscal year 2021-22.
