RANGPUR, June 12, 2020 (BSS) – RCCI hailed the proposed budget for
the 2020-21 FY, saying it is realistic, people oriented and business
friendly to overcome challenges of the unmatched global economic
recession amid the coronavirus pandemic.
President of Rangpur Chamber of Commerce and Industry Mostafa Sohrab
Chowdhury Titu told BSS today in a reaction to the proposed budget for
the 2020-2021 FY placed by Finance Minister AHM Mustafa Kamal at the
Jatiya Sangsad yesterday.
Titu said the proposed budget placed in the wake of the COVID-19
pandemic would heal the wounds of the unexpectedly recessed economy as
well as the challenges of saving lives and livelihoods of the common
people.
“The proposed budget will play a crucial role in reviving the
severely affected national economy for giving highest importance to
the health, agriculture, education, food and social security,
investment and job creation sectors,” he said.
He said a huge number of the people have currently become jobless
almost halting their life and livelihood and the global economy is
witnessing an unprecedentedly puzzled situation due to the COVID-19
pandemic.
“The budget has proposed realistic steps to overcome the severe
challenges in every sector,” he said and highly lauded the proposal of
expanding the periphery of the social safety net programmes.
He said various proposals in the budget like agricultural and
food-friendly programmes, recovery of damaged industries and exemption
of duties on locally produced agricultural equipment; mobile phones,
health care corona test kits, hand sanitizers, masks, health
protective clothing and import of some medical products and other
necessary things will greatly alleviate the suffering of COVID-19
patients.
In addition, raising the tax-free income limit for individuals,
women, elder citizens, disabled and gazetted freedom fighters during
the pandemic period in the proposed budget will greatly benefit the
lower middle income group people and employees.
He highly praised the proposal of reduction of the maximum tax rate
from 30 percent to 25 percent and the minimum tax rate from 10 per
cent to 5 percent.
“Existing turnover tax has been reduced to encourage the
establishment of local industries, import duty exemption in several
sectors, tax leave facility in some sectors to attract investment and
facilities for relatively small and medium traders,” he said.
“To increase the revenue collection, opportunities have been
proposed for rescheduling of debts and initiatives for institutional
investment growth and reduction of taxes on export-oriented products
by 0.5 per cent,” Titu said.
“As a result, foreign investment, industrialization and employment
will greatly enhance the gross domestic products (GDP) growth,” he
added said and welcomed the opportunity to invest undisclosed money
conditionally to increase investment.
However, he expressed disappointment with no concrete direction and
special allocations in the proposed budget for industrialisation,
flourishing trade and business for employment generation in the
backward Rangpur region.