Dhaka, Bangladesh (BBN) - President of Chittagong Chamber of Commerce and Industry (CCCI) Morshed Murad Ibrahim has expressed mixed reaction over the proposed national budget for fiscal year (FY) 2012-13.
Disagreeing with a number of budget proposals, the CCCI chief said the tax-free income ceiling should be minimum BDT 300,000 instead of BDT 180,000 considering soaring inflation, rise in livelihood expenditure and depreciation of Bangladesh Taka against US Dollar.
Finance Minister Abul Maal Abdul Muhith proposed BDT 1917.38 billion budget outlays for the FY’13 in the National Parliament with a Gross Domestic Production growth (GDP) of 7.2 per cent.
He also said that increasing the minimum income tax payable at individual level to BDT 3,000 from BDT 2000 will have a negative effect on general taxpayers.
In his reaction on the proposed budget, he, however, termed as praiseworthy “attaching top priority to human resources development, increased use of ICT at government level and initiative to expand SME.
Mr. Ibrahim hoped that an allocation of BDT 533.30 billion in physical infrastructure will be helpful in attaining self-sufficiency in agriculture.
He thanked the Finance Minister for undertaking refinancing system through Bangladesh Bank such as various tax rebates and easy availability of loan for environment-friendly industrialization.
“Though ADP of BDT 550 billion is adequately hopeful, it will be a tough challenge for the government to meet the BDT 520.68 billion budget deficit,” the chamber leader said, adding that it would be difficult for the government to get BDT 185.84 billion from foreign sources.
BBN/SSR/AD-08June12-10:06 pm (BST)
