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Tuesday, 17 September 2019, 09:01AM

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Businessmen are making all out efforts to reap benefits from the budget

Business

Mahfuzul Islam, Senior Correspondent, Barta24.com | 9 June 2019, 10:10AM

Businessmen are making all out efforts to reap benefits from the budget
Photo: collected.

Dhaka: Within a very short time the new budget of 2019-20 will be announced for the next fiscal year. The business people are making all out efforts to reap incentives, tax evasion and all other facilities.

The top business organizations of the country like FBCCI, BGMEA, BKMEA, BTMA, DBA and BMBA sectors are making hectic discussions in the NBR, Planning and Finance Ministries and even in the Prime Minister’s office.

In the next budget the BGMEA, BKMEA and BTMA are demanding incentives to the tune of Taka 14 thousand crore.

BGMEA president Dr. Rubana Haque told Barta24.com that the garments sector is now passing through a crisis period. Failing to overcome this crisis many factories were shut down for this about 10500 workers have lost their jobs. More factories are on way to closure. So for the survival of garment sector we are demanding Taka 14000 crore as special incentives. This will help creating employment opportunities and overall the economy will enjoy its positive result.

Speaking with anonymity about this matter a member of NBR told Barta24.com that in the budget a fund of Taka 2500 crore have been earmarked. No more allocation will be given to the garments sector.

FBCCI president Sheikh Fazle Fahim has demanded to increase the amount of tax free income ceiling of corporate tax and individual tax from present Taka 2.50 lakh to Taka 3.50 lakh.

He told Barta24.com that for the interest of the common people the individual tax ceiling has been kept the same amount of Taka 2.50 lakh for the last four years. Whereas the cost of life has increased manifold so that the present ceiling is very much illogical. So it should be enhanced to Taka 3.50 lakh.

His demands also included the tax free income ceilings of the corporate women, and people above 65 years from Taka 3 lakh to Taka 4 lakh and the tax free income of the challenged people from Taka 4 lakh to Taka 5 lakh.

Sheikh Fazle Fahim also demanded to bring turn over tax to the small, village entrepreneur and cottage industries to enhance the taxable amount from Taka 36 lakh to Taka 50 lakh in place of package vat.

Fazle Fahim told that I have discussed these matters with NBR and concerned persons and ministries who have given assurances.

DSE brokers association president Shakil Rizvi told Barta24.com that in cases of the capital market enlisted companies it is necessary to reduce the corporate tax from 25 percent to 22.50 percent and for unlisted companies the tax rate should be made in case of manufacturing companies from 35 percent to 30 percent and for non manufacturing companies to 32.50 percent.

Besides the foreign companies not listed in capital market the refundable taxable income ceiling should be enhanced to 30 percent from 20 percent. For this reason recently a team of DSE met with the Finance Minister.

Bangladesh Merchant Bankers Association (BMBA) president Nasir Ahmed Chowdhury told that we have proposed to reduce rate of corporate tax rate from 37.50 percent to 35 percent. Besides, he also proposed to keep the tax rate unchanged in cases of the listed and unlisted banks, insurance and financial institutions.