CHATTOGRAM: Business leaders and economists in Chattogram hailed the proposed national budget placed for the 2019-2020 Fiscal Year (FY) on Thursday.
Chattogram Chamber of Commerce and Industry (CCCI) Vice President Syed Jamal Ahmed in an instant reaction hoped that the budget will play positive role in development of SME sector, arresting the price hike and increasing the area of revenue collection.The highest allocation for local government, road and rail communication, and energy sector will accelerate the infrastructural development and increase the local and foreign investments, he said.
“But, the tax-free income limit has been kept unchanged for individuals and we are demanding to increase the limit,” said Jamal.
The initiatives for reducing the source tax, increasing limit for advance tax, turnover for SME sector, surcharge and income from dividend for the small investors of the share market will also bring positive results, observed the business leader.
The increase in duty for import of smart phone will hamper implementation of the digital Bangladesh while the expenditure in health sector will be reduced following duty rebate facilities for raw materials of pharmaceutical industry and duty reduction on medical gas producing raw materials, he said.
He also hailed the plan for introduction of high-speed train in Dhaka-Chattogram route and construction of Bay Terminal for Chattogram Port, and demanded faster implementation of them.
Chattogram Metropolitan Chamber of Commerce and Industry (CMCCI) President Khalilur Rahman in a statement emphasised the need for taking steps for more allocation in communication, health, energy and port development sector for an increase in employment and GDP.He also suggested for collecting VAT from more people and ensuing deposit of the VAT people providing for the government exchequer.
“It is necessary to bring the responsible officers under accountability for proper and timely implementation of the ADP. Steps should be taken for submitting the progress report of projects in the concerned ministry every month,” added Khalilur.
Economist and Private East Delta University Vice Chancellor (VC) Professor Sekandar Khan termed the proposed budget as realistic one and said implementation of it will be the main challenge.
Regarding projection of the GDP growth, the professor said if the government keeps its activities uninterrupted and works together with other stakeholders it can be achievable.