The Federation of Bangladesh Chambers of Commerce and Industry, the apex trade organization of the country, has organized a pre-budget exchange meeting with the heads of chambers and sector-based associations to discuss proposals and recommendations related to import duty, income tax, Musak and other taxes in the proposed budget for the upcoming fiscal year 2024-2025. FBCCI).
The exchange meeting was held on Saturday (March 23) at the board room of FBCCI.
In the meeting, FBCCI President Mahbubul Alam said that the process of preparing the budget proposal of FBCCI for the next fiscal year 2024-2025 has already started. Several proposals have been received from various chambers and associations which are being scrutinized for inclusion in the proposal of FBCCI. He also said that the expert team formed by FBCCI is working on the budget proposal.
He also mentioned that the National Board of Revenue’s Budget Task Force on Income Tax, Import Duty and Customs has discussed the basic proposals of FBCCI on Income Tax, Import Duty and Customs.
Mahbubul Alam also said that although the country’s national economy is on a solid foundation, the ongoing global economic crisis continues to create challenges for the economy of Bangladesh like other countries. It has become imperative to strengthen and strengthen the country’s business-friendly environment to face the long-term impact of post-Corona, the war situation in Russia and Ukraine, and the Middle East crisis and the challenges of LDC graduation.
FBCCI president said, taking into consideration the economic challenges, FBCCI believes that the national budget for the next financial year 2024-2025 will have specific instructions to take strong steps in macroeconomic management to maintain sound economic development in light of the national goals. He also said that the budget proposal of FBCCI is being formulated in this light.
To strengthen the position of Bangladesh in the Global Competitiveness Index, reducing business costs (cost of doing business), investment protection, increasing port capacity, ensuring balanced investment supportive currency and customs management, reducing all types of transportation costs including shipping costs, permanent infrastructure in the field of electricity and energy. Transparency and good governance should be ensured in development. Besides, Mahbubul Alam also commented that the proposal will call for giving special priority in the next budget to ensure business-friendly tax management by eliminating harassment in tax collection.
Senior Vice President of FBCCI. Amin Helali said that FBCCI is working on making logical proposals with various opinions and recommendations of traders. He also mentioned that the matter is being discussed with NBR, VAT and Customs.
The heads of various chambers and sector-based associations presented various proposals regarding the upcoming budget in the exchange meeting. Recommendations will be made to the government to take effective steps to protect the interests of local industry in investment, employment and building Smart Bangladesh. Also vigorous discussions were held on HS code of products, increased penalty, customs value.
Among others, the former first vice-president of FBCCI Mohammad Ali, the current vice-president Md. Munir Hossain, Director, Head of Chamber and Sectoral Association and business leaders were present.
EAR/SIT/ASM
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