Bangladesh will ask for more time from Trump after tariff pause: Finance adviser
Salehuddin Ahmed reassured business leaders that their reasonable demands would be reflected in the upcoming budget as much as possible
Highlights:
- Realistic budget planned; tax exemptions days are over, says finance adviser
- Govt faces revenue pressure, but will consider business demands
- Finance adviser stresses tax payment benefits for business owners
- Says Interim govt accepts criticism, aims for public comfort and coordination
Bangladesh might ask for more time, if needed, from the Trump administration after the 90-day tariff pause period, Finance Adviser Salehuddin Ahmed said today (30 April).
"We will ask for more time if needed. We will increase our engagement with the Trump administration," he said while delivering the keynote speech at a consultative meeting at a Dhaka hotel.
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The meeting was jointly organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the National Board of Revenue (NBR).
Previously, large budgets were approved but not implemented. We aim to implement the budget we make.
During his speech, the finance adviser reassured business leaders that their reasonable demands would be reflected in the upcoming budget as much as possible. At the same time, he reminded them that the government is under pressure to increase revenue collection.
'Budget will be realistic this year'
Salehuddin Ahmed commented that this year's budget will be realistic. He also remarked that the days of tax exemptions are over.
"This time, we will make a realistic budget. We won't do it like conventional budgets. We will try to do what we say. People should say it was a good budget even after we're gone," he said.
"Previously, large budgets were approved but not implemented. We aim to implement the budget we make," said the finance adviser.
'Days of tax exemptions over'
Addressing the business leaders, Salehuddin said, "Business competition will increase due to Trump's tariff policy. Business owners also need to become competitive. Trump has given us three months, and we will ask for more time."
He also said businesses will benefit if the owners pay taxes.
"But many want tax exemptions or rebates. You must understand that the days of exemptions are gone. We are under a lot of pressure to increase revenue. You will enjoy the benefits of the taxes you pay. Remember - I pay tax, I get the benefit," the finance adviser said.
"I will try to fulfil your [business owners] demands in the budget as much as possible. But you need to be sympathetic towards us, and we will be sympathetic towards you," he added.
The finance adviser also said those at the marginal level or the smaller chambers often don't get heard. "We are working for you," he said.
'Interim govt doesn't mind criticisms'
During his speech, Salehuddin Ahmed said, "We are receiving a lot of criticism now, but we don't mind that. When you work, you have to hear these things. We have mistakes and errors. There might be mistakes. Still, we are trying to keep the general public comfortable."
"Business owners need to be patient, and we will remain patient. We will try to coordinate with you," he said, addressing the business owners.
Regarding the IMF's conditions, the finance adviser said, "We didn't only talk with the IMF or World Bank. We have spoken with all parties. We haven't yet agreed on terms with the IMF. We are trying."
NBR Chairman Md Abdur Rahman Khan chaired today's consultative meeting. It was also attended by Commerce Adviser Sheikh Bashiruddin and Bangladesh Investment Development Authority (Bida) Executive Chairman Chowdhury Ashik Mahmud Bin Harun.
Business proposals were presented by Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Executive President Mohammad Hatem, Bangladesh Textile Mills Association (BTMA) President Shawkat Aziz Russell, Real Estate & Housing Association of Bangladesh (Rehab) Director Ayub Ali, among others.
FBCCI Administrator Hafizur Rahman moderated the programme.
