• Wednesday, Jan 19, 2022
  • Last Update : 03:32 am

BPGMEA: Proposed budget to revive the struggling economy

  • Published at 09:37 pm June 14th, 2020
ditf-2019-plastic
Visitors flock to RFL Plastics' stall at the Dhaka International Trade Fair 2019, as stalls offer discounts to attract customers Mahmud Hossain Opu/ Dhaka Tribune

'However, to ensure the implementation of this challenging budget, the government needs to take realistic steps, stopping unnecessary expenditure, resource wastage and misuse of funds'

The proposed budget for the next financial year was a very strong move by the government to revive the country's limping economy, Bangladesh Plastic Goods Manufacturers & Exporters Association (BPGMEA) President Md Jashim Uddin said yesterday.

“BPGMEA thinks that the declared budget will achieve the overall economic goal of the country,” Jashim said in a media release.

“However, to ensure the implementation of this challenging budget, the government needs to take realistic steps, stopping unnecessary expenditure, resource wastage and misuse of funds.”

He thanked the Finance Minister AHM Mustafa Kamal for presenting the budget that promises to gear up the overall economy as well as protect human health affected by the pandemic.

He also thanked the government for raising the tax-free income threshold for individuals to Tk3 lakh and readjusting the minimum tax rate to 5% and setting the maximum tax slab at 25%.

The BPGMEA president requested the withdrawal of VAT on necessary plastic goods such as plastic dishes, jugs, mugs, bowls, glasses, vegetable net food lids, baskets, soap dishes etc.

He said the provision of the National Board of Revenue (NBR) that made Vat registration for all plastic products mandatory, irrespective of turnover, is in conflict with the VAT law.

“I request the government to cancel the provision for the sake of the industry,” he said.

The BPGMEA said the revenue target for next fiscal year of Tk3,30,000 crore from the NBR head was not achievable.

The revenue collection in the current 2019-2020 fiscal year could be around Tk 2,00,000 lakh crore, it predicted.

“Under the corona emergency, a revenue target of Tk3 lakh 30 thousand crore for FY2020-21 is not realistic at all,” Jashim said in the media release.

“Consumers, including the manufacturing sector, will have to bear additional indirect taxes for the high amount of estimated revenue collection,” he said.

He urged the government to minimize revenue related complexities in doing business and to renew efforts for automation in revenue administration.

Lastly, the BPGMEA president requested that the government include the plastic sector in its tax holiday scheme.

50
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