“The proposed budget is completely business and investment-friendly”

Budget 2022-23

Finance Minister AHM Mustafa Kamal has unveiled a Tk 678,000 crore national budget for the 2022-2023 fiscal year. Textile millers shared their opinion on the proposed budget.

Engr. Mohammad Mozaffar Hossain, MP, Managing Director, Sim Group and former Director, BTMA and former President ITET and President, BBTEA

Engr. Mohammad Mozaffar Hossain, MP, Managing Director, Sim Group

This year’s budget has been business-friendly for lowered corporate tax and vat. This will encourage people to invest more and create employment opportunities.

The government has been trying to increase private sector investment to 27 percent of the GDP over the last few years although the ratio has been stagnant at 23 percent. The proposed budget will help boost competitiveness and ease business opportunities,

However, higher revenue collection targets in the proposed budget will put pressure on the private sector. The government’s continued incentives for the special economic zones will also help grow investment

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 Conveyor belts.