FBCCI hails, other bodies decry budget
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has termed the budget as conducive to the expansion of local industries. We are happy with the budget as it is industry friendly. It will bring momentum to the development of industries across the country, including in Dhaka and Chittagong. The industries will generate more industries, and thus, reduce unemployment, said Abdul Matlub Ahmad, president of the FBCCI. Other trade associations, however, have expressed dissatisfaction with the proposed budget for the 2015-16 financial year, saying it did not reflect many of their demands. Although the budget fulfills some of demands, it does not elaborate how the government will ensure a better environment for industrial development in the country, the heads of different trade bodies told The Independent yesterday.
Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said while the budget has some positive aspects, like lowering of prices for safety materials, the tax rate remains high, which will hamper industrial development.
If the tax at source is higher, it becomes a great burden for us. Our cost of production is increasing, resulting in trade gaps with neighbouring countries. The government did not reflect such things in the budget, Islam said.
Hossain Khaled, president of Dhaka Chamber of Commerce and Industry (DCCI), said the revenue target is very high and it would be difficult for the government to fulfill. Though the government has taken some initiatives for decreasing price of raw materials, it will put extra burden on existing tax payers, Khaled said. Md Abdul Hamid Sharif, president of Bangladesh Reconditioned Vehicles Importers Dealers Association (BARVIDA), said none of their demands, including easy import of hybrid vehicles and withdrawal of supplementary tax on public buses, are addressed in the budget. We did not see any change in the present budget about our demands, Sharif said.
