Shippers’ Council of Bangladesh terms the proposed Budget, placed before the national Parliament on June 6, as public welfare and business friendly.
Md. Rezaul Karim, Chairman of the council in his budget reaction said that the Budget has focused GDP growth of 8.2 percent and inflation of 5.4 percent, which is progressing and high growth targeted. He also appreciates initiative of increasing investment and employment.
He said that more allocation have been made for the development of the agricultural sector to keep the economy afloat at this juncture of the country and all the steps that have been taken are very timely.
Subsidy in the agricultural sector has been increased to taka 9,500 crore and taka 5000 crore has been allocated for agriculture re-financing scheme, which is appreciable and it will boost this sector.
He welcomed the initiative a tax-free income limit of Tk. 3 lac and setting a minimum income tax rate of 5 percent and a maximum income tax rate 25 percent.
However, he requested to increase the tax-free income limit from Tk. 3 lac to Tk. 3 lac 50 thousand and also suggested more reduce of corporate tax.
He thanked the government for giving stimulus to the industries in the Budget but requested for exemption advance income tax and waiver of advance tax on readymade garments, leather, jute & jute products and agro-processing.
With the increase in source tax on export from 0.25% to 0.50%, readymade garments will face challenges in this critical time. He requested to reduce the source tax on exports of readymade garments along with other products and be continued for the next five years.
He advised to reduce the increased supplementary duty on the purchase & usage of SIM & RIM cards and internet usage. He requested to waive the withholding tax on cash subsidies on export for sustaining the export oriented industry in the post-corona situation.
