FBCCI seeks business cost cut, investment security in FY25 budget

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Mahbubul Alam announced that the organisation is prioritising business cost reduction and investment security in its upcoming budget proposal.

"An expert committee formed by FBCCI is regulating the process of formulating a budget proposal for the fiscal year 2024-2025," Mahbubul said while addressing a pre-budget view exchange meeting with heads of chambers and sector-based associations on Saturday (23 March).

The meeting was held at the board room of FBCCI to discuss proposals and recommendations related to import duty, income tax, VAT and other taxes in the proposed budget for FY25, according to a press release.

Mahbubul said that they have received several proposals from various chambers and associations, which are being assessed to be included in FBCCI's budget proposal.

The proposal will advocate for prioritising increased port capacity, balanced investment-friendly monetary and tariff management, and reductions in all transportation costs, including shipping, in the upcoming budget.

Mahbubul also mentioned that the National Board of Revenue's (NBR) budget task force on income tax, import duty and customs has discussed the basic proposals of FBCCI on income tax, import duty and customs.

He said although the country's national economy is on a solid foundation, the ongoing global economic crisis continues to create challenges for the economy of Bangladesh like other countries of the world.

"So, it has become imperative to strengthen further the country's business-friendly environment to face the long-term impact of post Covid-19 situation, the Russia-Ukraine war situation and the Middle East crisis and the challenges of LDC graduation," he added.

Mahbubul hoped that the upcoming budget would contain specific guidelines for maintaining sound economic development in light of the national goals, considering the existing economic challenges. He said that FBCCI's budget proposal is being prepared in this light.

Besides, he advocated for ensuring transparency and good governance in infrastructure development and also to ensure business-friendly tax management by eliminating harassment in tax collection.

FBCCI Senior Vice President Amin Helali said that the FBCCI is working on making logical proposals after taking various opinions and recommendations from the traders.

He mentioned that the issues are also being discussed with the NBR as well as its VAT and Customs wings. He said that the issues discussed in the meeting will be included in the preparations for the next budget proposals.

In the view-exchange meeting, the chiefs and representatives of various chambers and sector-based associations presented various proposals regarding the upcoming budget.

Incorporating the rational proposals from the chambers and associations, recommendations will be made to the government to take effective steps to protect the interests of local industry in investment, employment and building Smart Bangladesh.

Apart from these, discussions were also held on the HS code of products, increased penalties and customs value.

Former first vice-president of FBCCI Mohammad Ali, current Vice President Md Munir Hossain, directors, heads of chambers and associations, and business leaders attended the meeting.