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MCCI, Pri Hold Post-Budget Discussion

Tight monetary policy vital to rein in inflation

Published : Thursday, 13 June, 2024 at 12:00 AM  Count : 268
Business Correspondent
Dr. Ahsan H. Mansur, Executive Director, Policy Research Institute (PRI) on Wednesday advocated for a for a tight monetary policy stance to control inflation, achieve price stability, and maintain exchange rate stability, while letting the market determine interest rates.

During his keynote presentation, Dr. Ahsan H. Mansur also highlighted the macroeconomic context characterized by elevated inflation, reduced imports because of a shortage of dollars, and sluggish export growth.

He also emphasized the need to reduce government expenditure, particularly on administrative costs and subsidies, thereby limiting government borrowing from the banking system.

In his keynote presentation, Adeeb H. Khan, FCA, discussed some selected income tax and VAT provisions from the Finance Bill 2024-2025.

The keynote paper was made a post-budget 2024-2025 discussion organized by the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) in collaboration of PRI at MCCI Gulshan Office on Wednesday, says a press release.

Dr. Mashiur Rahman, Adviser to the Prime Minister on Economic Affairs, graced the event as the Chief Guest. The event was moderated by Mr. Habibullah N. Karim, Senior Vice-President, MCCI.

MCCI President Kamran T. Rahman made the welcome remarks followed by Dr. Zaidi Sattar, Chairman, PRI, making his introductory remarks. Later, two keynote presentations were delivered by Dr. Ahsan H. Mansur, Executive Director, PRI, and Adeeb H. Khan, FCA, Member, Tariff and Taxation Committee, MCCI.

This was followed by a brief question-answer session. Dr. Zaidi Sattar wrapped up the event with his comments. Finally, Hasan Mahmood, FCA, Chairman, Tariff and Taxation Committee, MCCI, offered a vote of thanks to the attendees.
 
In his welcome remarks, Kamran T. Rahman commended the reduction of the corporate tax rate by 2.5 percent for unlisted and one-person companies and recommended applying this reduction to other listed companies, too. However, he found the opportunity to whitenblack money by paying 15 percent tax to be demotivating for honest taxpayers.

The President believed that only raising the tax rate without expanding the tax net will not achieve the desired tax-GDP ratio.  

Before concluding, he expressed that having an interim evaluation of the budget after every three months would be very helpful.  

In the question-answer session, topics that came up includeexcess AIT being charged as final tax, the possibility of introducing two separate authorities for tax and VAT, and the need for bank mergers to follow proper process and include experts in the merger committee.

The Chief Guest stated that the liberalization of the exchange rate was a good move to deal with the macroeconomic challenges the country was facing. He also emphasized on increasing the productivity and focusing on product and market diversification.

Given Bangladeshs unemployment level, he believed in the need for further government investments and removal of bottlenecks.

He stated that the goal of bank mergers should be to improve the banks capacity to lend and the suitability to borrow, thus increasing the banks overall strength.

The discussion was attended by members of the business community and the media.



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