• Monday, Sep 26, 2022
  • Last Update : 10:24 am

Business bodies happy with Muhith’s aim, wary about follow through

  • Published at 06:56 pm June 1st, 2017
  • Last updated at 06:58 pm June 1st, 2017
Business bodies happy with Muhith’s aim,  wary about follow through
Businesses termed the fiscal year 2017-18 budget as investment-friendly but said it would be a huge challenge for the government to implement it. The Dhaka Chamber of Commerce and Industry (DCCI) President Abul Kasem Khan said “The budget is ‘business friendly’ but implementation of such a large budget will be a challenge for the government.” The DCCI backed the government’s target to increase investment to GDP ratio to 31.09%. The DCCI President said, “The government has planned to establish 10 SEZs, which is good, but the government needs to put projects related to utility facilities on the fast track.” “The SEZs are critical to achieving the target set in this budget and all impediments must be removed for faster growth in private investment.” The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Shafiul Islam Mohiuddin said “all positive and negative things have been included in the budget. However, quality, transparency, accountability and supervision have to be ensured for implementation of the budget. Otherwise, it will be a big challenge to implement.” “The 15% Value Added Tax (VAT) in the proposed budget would impact our industrial sector,” he also said. Business Initiative Leading Development (BUILD) in its initial reaction said the Budget 2017-18, which is 17% higher than that of the last fiscal year’s revised budget, could be helpful to the economy if the implementation strategy works well. The BGMEA welcomed the budget and hoped that short term projects will be implemented in time, especially in the power generation sector. It hoped that in future, gas and electricity connections will be provided on a priority basis. It also demanded a reduction in corporate tax. The President of Chittagong Chamber of Commerce and Industry (CCCI) urged the government to revise the VAT (Value Added Tax) rate and keeping it between 12% and 10%. Mahbubul Alam said, “The VAT rate has been kept unchanged at 15 percent despite repeated pleas from businesses. We ask that the rate be kept between 12% and 10%.” “The VAT rate at 15 percent is too high and it will have a direct adverse impact on overall prices. The VAT rate is also comparatively low among our neighbouring countries,” added Alam.
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail