ZCZC
BSS-49
BUDGET-WEBINAR, TWO LAST DHAKA
FBCCI President Md Jashim Uddin said that the country is still going through the pandemic where the utmost priority should be saving lives and then maintaining the livelihood. “Prime Minister Sheikh Hasina and her government is doing the right thing in this regard. Vaccination is very much important as the whole world, especially the Europe and America is now moving fast with vaccination. If we can’t keep pace, then we’ll fall into trouble and our exports will be stopped,” he added.
Noting that the proposed budget for FY22 has covered almost all the areas, the President of the country’s apex trade body has demanded of the government to withdraw the provision for advance income tax (AIT) and advance VAT.
He also suggested for setting up tax and VAT offices at the upazila level to further boost revenue collection and thus enhance the tax-GDP ratio in the country.
Putting importance on further strengthening the NBR, Jashim said the businesses want to pay tax, but the procedures should have to be simplified further.
He also said that there is no alternative for improvement in infrastructures to face the LDC graduation challenges.
The FBCCI President also proposed for awarding another stimulus package for the micro and small entrepreneurs where the apex trade body could work as a link between the small and micro entrepreneurs and the banking system. “The small and micro enterprises are driving forward the country’s economy.”
BGMEA president Faruque Hassan said that the economy of Bangladesh has performed very good compared to other countries despite the COVID-19 pandemic due to the resilience in inward remittance and exports.
He, however, noted that there was no such private Investment in the country over the last one and a half year due to this deadly virus. He said without such huge level of private investment, there would not be necessary employment generations.
Underscoring the need for bringing the country’s people under vaccination, Faruque said the country is still lagging behind in vaccination, but the major export destinations like the EU, the USA, the UK have advanced a lot in vaccination.
The BGMEA president said that they would not need any stimulus packages, if the ease of doing business index is improved to a desired level and thus the businesses could save valuable time.
Citing the high potentials of non-cotton apparel, he said that the garment makers are now ready to go big in this area, but need some policy support and incentives from the government, which could help them further to flourish and thus could generate more employments.
He also opined that ration card system could be introduced to reach essential items to RMG workers at an affordable price, BTRC could help to provide transport facilities to the workers while housing facilities could be provided to the workers on khas government lands.
Dr Abdur Razzaque said that the proposed budget is a bit tough to understand, while the issue of the pandemic has not been properly reflected in it.
He said if the country could not go for mass vaccination, then most of the countries would restrict Bangladesh. “We’ll have to bring at least 80% of our population under vaccination and if necessary we’ll have to produce vaccines of our own,”
Razzaque said the GDP growth rates of Bangladesh in the last couple of years are fluctuating higher compared to the Investment-ratio to GDP.
He said Bangladesh is yet to attain comprehensive coverage in social safety nets spending. “If we can enhance further our allocation in social safety nets, then we can revive our domestic demand,” he added.
Dr Razzaque also suggested the high ups of the government to look into whether there is any sort of sluggishness or not in the administrative stage or whether the support system has worked with creativity or not to support the government with necessary data.
Dr Abu Eusuf in his key-note presentation suggested for changing the fiscal year from the existing July to June considering the weather and climate of the country.
He said that there is an ample scope for further increasing the tax-GDP ratio of the country while transparency should have to be brought in government expenditure especially in health and other sectors.
To make the budget more pandemic responsive, Dr Eusuf said Taka 2,000 could be provided to some 1 crore new poor as budgetary provision is there.
BSS/ASG/RI/GM/ARS/2145 hrs