Businesses stressed good governance for implementation as they welcomed the proposed budget for the next fiscal year 2014-2015 as the government announced a host of incentives for them. The finance minister, AMA Muhith, in his proposed budget virtually passed the tax burden to individual taxpayers from the businesses as he, for the first time, set a target to achieve highest revenue from the income tax.
Muhith announced continuation of tax holiday to industries for four more years till 2019, reduction in corporate tax for non-listed companies, duty free import of prefabricated building materials and fire equipments, reduction in tax at source on cash incentives and tax source for local LCs from 5 per cent to 3 per cent.
Former FBCCI president Mir Nasir Hossain told New Age that there was challenge in financing and implementing sides of the proposed budget.
‘The implementation of the budget, however, depends on ensuring good governance. We have to wait and see how the government ensures good governance,’ he said.
‘But, the good sign is that the government has tried to attract investment by giving different incentives,’ he said.
Former DCCI president Sabur Khan told New Age that the budget was apparently good for the businesses. ‘If the government can ensure good governance and bring back the confidence among entrepreneurs, this budget can
be implemented,’ he said.
He said that the businesses welcomed the government initiative to allocate 23 per cent of the total budget allocation to
the communication
infrastructure development.
Former BGMEA president Abdus Salam Murshedy said that the government took timely steps for the garment sector. ‘This initiative will help us in becoming competitive in the world market,’ he said.
Acting BKMEA president Mohammad Hatem said that the announcement of duty-waiver on import of pre-fabricated building materials and fire equipments would
help rebound the RMG sector.
‘Besides, the announcement of giving tax rebate on relocating industries to under-developed region will help balanced industrialisation in the country,’ he said.
The Bangladesh Garment Manufacturers and Exporters Association on Thursday termed the proposed budget as investment-friendly and people welfare-oriented.
‘The budget would help develop the country’s garment industry,’ it said in a news release.
-With New Age input
