Opinions: Proposed budget for FY2022-23

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Finance Minister AHM Mustafa Kamal has unveiled a Tk678,000 crore national budget for the 2022-2023 fiscal year. On behalf of proposed budget, according to the press release of the countries, apex trade bodies leaders shared their views-

Source: Press Release of BGMEA,BKMEA,DCCI,MCCI,BCI

Faruque Hassan, President, BGMEA

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has expressed concern over finance minister’s proposal to increase the source tax on export earnings to 1% from 0.5% in the national budget for the FY23.

“We hope the honourable prime minister and the finance minister will consider keeping the source tax in the garment industry at 0.5%. The industry will get relief in the current crisis if a 0.5% source tax on exports remains effective for the next five years,”

Mohammad Hatem, Executive President, BKMEA

“We hope the honourable prime minister, the finance minister, NBR, will consider keeping the source tax in the garment industry at 0.5%. If the government would not issue further SRO the tax would be one per cent which will affect the RMG sector badly.

Mohammad Ali Khokon, President ,BTMA

BTMA thinks this budget is investment friendly and will support the primary textile sector. has BTMA expressed concern over the finance minister’s proposal to increase the source tax on export earnings to 1% from 0.5% in the national budget for FY23. BTMA urged the govt to keep its previous import tax on Transmission or Conveyer belt.

Rizwan Rahman, President, DCCI

Corporate tax rate should be reduced to be more competitive not only in the international market but also in the local market. We need to promote export diversification. Equal corporate tax for RMG and non-RMG export sectors will facilitate the diversification process. A target of 24.9% investment from the private sector has been made.

Anwar-ul Alam Chowdhury (Parvez), President, BCI

Bangladesh Chamber of Industries (BCI) has urged the government to review and reconsider raising the source tax on exports to 1% from the existing 0.5%, saying this might hamper export performance amid the ongoing global crises induced by the pandemic and the Russia-Ukraine war.

Saiful Islam, President, MCCI

MCCI has always suggested meaningful structural changes in the tax administration so that it could aptly carry out revenue collection. 

For technological upgradation, special low-cost funds should be created in line with 4IR and 8th Five Years Plan enabling export-oriented industries to improve their capacity and efficiency. The size of the Export Development Fund (EDF) needs to be raised to at least $10 billion from $7.5 billion and should be accessible to all the exporters.

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