FBCCI termed the proposed Budget development and welfare oriented: FBCCI holds press conference on the Proposed National Budget for FY 2022-23
FBCCI President Mr. Md. Jashim Uddin termed the proposed national budget for FY 2022-23 a development and welfare oriented one.
He thanked the Prime Minister Sheikh Hasina for development friendly budget amid the global volatile situation at the press conference organized by the FBCCI on the proposed national budget for FY 2022-23 at FBCCI Icon on June 11, 2022
He also thanked Finance Minister Mr. A H M Mustafa Kamal FCA MP for proposing the budget to navigate the country towards development and prosperity.
However, The FBCCI Chief urged the government to abolish the AIT, AT and Source tax imposed in the proposed budget as the FBCCI feels the praiseworthy reduction in corporate tax would appear with no benefits due to AIT, AT and Source Tax.
The Apex Trade Body also urged the Finance Minister to withdraw the proposed 15% VAT on laptop, 1% duty on Solar Panel at import stage and to waive the VAT on Covid-19 test kit, PPP, Plastic face shield, and masks.
FBCCI feels taxation on waived defaulted loans is not realistic, hence the chief called for withdrawing the proposal.
FBCCI further proposed to restore 10% source tax on Company deposits in banks which is being proposed to be taxed by 20% at source.
The Proposed budget kept the tax-free income unchanged. The FBCCI requested to increase the tax-free income to 4 lacs from existing 3 lacs BDT.
In contrast, the FBCCI praised the proposal of imposing same tax structure on all export-oriented sector, 5% VAT on all types of restaurants, withdrawal of AT on machinery and parts import for Poultry farm and reducing import duty on poultry feed, 50% VAT reduction on Man Made Fiber 2% reduction on import duty on HR Coil and Zinc Alloy.
However, the FBCCI Chief noted that Local motor vehicles, AC, TV, Home Appliances, Mobile Phone assemblers, Fridge manufacturers who are capable of adding 30% value should receive VAT waiver.
FBCCI believes the proposed budget would become more pro-business, investment and revenue if the budget accommodates the recommendations made in the press conference.
FBCCI Senior Vice President Mr. Mostofa Azad Chowdhury Babu, Vice President Mr. M A Momen, Mr. Amin Helaly, Mr. M.A. Razzak Khan, DCCI President Mr. Rizwan Rahman, MCCI Dhaka President Mr. Md. Saiful Islam, BKMEA executive President Mr. Mohammad Hatem, FBCCI Director Mr. Mohammad Anwar Sadat Sarker, Mr. Shafiqul Islam Vorosha Mr. Bijoy Kumar Kejriwal, Mr. Abu Motaleb, Mr. Harun Or Roshid, Mr. Amzad Hossain, Mr. Md. Shah Jalal, Mr. Mohammed Bazlur Rahman, Mr. Tabarakul Tosaddek Hossain Khan Tito, Syed Sadat Almas Kabir, Mr. Mohammed Nurun Newaz and the Secretary General Mohammad Mahfuzul Hoque were also present at the meeting.