Budget is industry friendly: FBCCI
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), welcomed the national budget announced for 2015-16, saying that the budget is industry and business friendly, and fulfilled maximum expectations of the chamber. The government should start monitoring from the beginning of the financial year, to make sure the budget is implemented properly, FBCCI said.
Abdul Matlub Ahmed, the president of FBCCI, came up with the observation, at a press conference on The opinion of FBCCI on National Budget: 2015-16, in Dhaka yesterday.
The FBCCI president said he solicited opinion from FBCCI members from different parts of the country, after the budget was announced on June 4.
Abdul Matlub Ahmed, in his written speech, said the government should ensure business-friendly revenue collection procedures, to collect revenue, as the private sector is the prime sector in contributing revenue.
He said the private sector might face trouble getting loans from banks, as reliability on bank loans has increased.
We think infrastructure should be developed and interest rate on bank loans should be reduced, to encourage private sector, he added.
He requested the government to fix a 1 percent tax, instead of 5 percent, on basic raw materials.
He also proposed to keep the super shop VAT at 2 per cent, instead of 4 percent, exemption of 10 percent VAT that was imposed on privately owned medical, engineering and other educational institutions, to reduce costs of education, and keep the tax rate at 0.3 percent for all export products.
