FBCCI holds pre-budget talks with member bodies

FBCCI (Federation of Bangladesh Chambers of Commerce and Industry) President Mahbubul Alam has said preparing budget proposals of the apex trade body for the upcoming fiscal 2024-2025 has already started.

He said it at a pre-budget consultation meeting with heads of member organizations on budget proposals on Saturday held in FBCCI board room.

He said, "We have received many tax proposals from various chambers and trade associations and the FBCCI is considering their inclusion in the upcoming budget proposals." He said an expert team has been formed and it is working on the budget proposals.
He also said the NBR (National Board of Revenue) Budget Task Force on Income Tax, Import Duty and Customs has discussed the basic FBCCI proposals on Income Tax, Import Duty and Customs.

Mahbubul Alam said although the countrys national economy is on solid foundation, the ongoing global economic crisis continues to create challenges to the economy like other countries.

It has become imperative to strengthen the countrys business-friendly environment to face the long-term impact of post-Corona pandemic, Russia-Ukraine and in the Middle East etc besides to face the challenges of LDC graduation.

The FBCCI president said, taking into consideration the existing economic challenges in the light of national goals, FBCCI believes taking strong steps is utmost important for macroeconomic management.

He said to achieve proper economic development there should be specific instructions in the budget for 2024-2025. He also said the FBCCI budget proposals have been formulated taking in to consideration the ongoing challenges.  

Mahbub calls for reducing all types of transportation cost including shipping cost, electricity and fuel bills to strengthen the countrys Global Competitiveness Index, reducing cost of doing business, protect investments, increase port capacity, ensure balanced investment supportive currency and customs management etc.  

Besides calling for transparency and good governance in infrastructure development, he said the FBCCI tax proposals have also called for special budget priority to ensure business-friendly tax management by eliminating harassment.

Senior FBCCI Vice President Amin Helali said the apex trade body is working on tax proposals soliciting opinion and recommendations of various trade bodies. The matter has already been discussed with NBR, VAT and Customs.

He also said issues discussed in Saturdays meeting will be included in next budget proposals. Heads of various chambers and sector-based trade associations earlier presented their tax proposals on the upcoming budget.

He said recommendations will be made to the government to take effective steps to protect the interests of local industry in investment, employment and building a Smart Bangladesh. Also vigorous discussions covered HS code of products, increased penalty; customs value.

Former first vice-president of FBCCI Mohammad Ali, current vice-president Md Munir Hossain, directors, heads of chambers and sectoral trade associations were among others present on the occasion.