Implementation of budget in present context highly challenging: MCCI | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
July 23, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JULY 23, 2025
Implementation of budget in present context highly challenging: MCCI

Budget

TBS Report
07 June, 2024, 10:15 pm
Last modified: 07 June, 2024, 10:22 pm

Related News

  • MCCI mourns tragic aircraft crash at Milestone School and College
  • Advance tax hike risks fuelling inflation: Experts
  • Bangladesh May PMI recorded a faster expansion rate
  • Bangladesh April PMI recorded a slower expansion rate at 52.9
  • Bangladesh economy recovering gradually from political instability: MCCI

Implementation of budget in present context highly challenging: MCCI

“There is a growing imposition of tax burden on individuals and businesses who fulfil their tax obligations regularly. MCCI strongly emphasises the need for a proper resolution of the matter,” a press release signed by MCCI President Kamran T Rahman said.

TBS Report
07 June, 2024, 10:15 pm
Last modified: 07 June, 2024, 10:22 pm
The logo of MCCI. Photo: Collected
The logo of MCCI. Photo: Collected

Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), in a response to the proposed national budget for 2024-2025 today (7 June), said implementation of the budget is a highly challenging task given the present context of the economy.

The chamber also observed that there are further prospects to optimise the management of the budget, reform tax policies, automate the tax system, reduce system loss in overall tax collection, enhance tax administration capacity, and deliver adequate services to the public, according to a press release signed by MCCI President Kamran T Rahman.

"There is a growing imposition of tax burden on individuals and businesses who fulfil their tax obligations regularly. MCCI strongly emphasises the need for a proper resolution of the matter," the release continued. 

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

MCCI recommended significant structural reforms in tax administration to enhance effective revenue collection. In the present framework, a considerable number of qualified entities with high income remain outside the scope of taxation, the chamber noted.

It also suggested ensuring an adequate supply of Electronic Fiscal Devices (EFDs) for VAT to speed up the collection process. It also emphasised the prompt automation of the entire VAT system. 

The chamber also advised the implementation of effective financial management practices to limit expenditure on government projects.

However, the MCCI expressed disappointment over the absence of proposed amendments to the terms of cash transactions related to the corporate tax rate. Given that the informal economy makes up about 80% of Bangladesh, such terms and conditions are not compatible, it said.

On the other hand, the chamber suggested reducing the tax deduction at source (TDS) rate on services that create employment, such as construction and infrastructure. The chamber pointed out that the effective tax rate in Bangladesh is very high and calls for an initiative to reduce it by streamlining permissible business expenses and TDS rates.

The MCCI voiced strong concern about the opportunity to whiten undeclared money by paying only a 15% tax. 

"This arrangement will discourage regular, law-abiding taxpayers. It can be perceived as a penalty for taxpayers who comply with their obligations regularly," the statement said. 

It also stressed the importance of periodic monitoring and evaluation of budget implementation, especially considering the global economic crisis.

The chamber further suggested undertaking an interim evaluation of the budget every three months, with revisions as necessary.

The release further stated that the MCCI has consistently advocated that imposing a minimum tax on company turnover was contrary to the established tax policy. Therefore, it is imperative that this be removed, and that tax should only be imposed on taxable income, not on revenue or other funds, it added.

Bangladesh / Top News

MCCI / Bangladesh National Budget 2024-2025 / Challenges

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: CA Press Wing
    Stronger stance needed on maintaining law and order: Political parties to CA
  • Volunteers collect and gather parts of the wrecked plane from the Milestone School and College grounds on Tuesday, a day after the devastating aircraft crash. Photo: Mehedi Hasan/TBS
    Grief, angst and anger: The unbearable toll of Milestone crash
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling

MOST VIEWED

  • Screengrab/Video collected from Facebook
    CCTV footage shows how Air Force jet nosedived after technical malfunction
  • ISPR clarifies crashed plane was battle aircraft, not training jet
    ISPR clarifies crashed plane was battle aircraft, not training jet
  • The jet plane charred after crash on 21 July at the Milestone school premises. Photo: Mehedi Hasan/TBS
    Milestone plane crash: Death toll rises to 31 as nine more succumb to injuries
  • Students and police clash at Milestone School and College on 22 July 2025. Photo: TBS
    Protesting Milestone students clash with police, besiege law and education advisers
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling
  • Aerial view of the Milestone school premises where the crash took place on 21 July. Photo: Olid Ebna Shah/ TBS
    ‘Why here?’: Concerns expressed over airbase inside city

Related News

  • MCCI mourns tragic aircraft crash at Milestone School and College
  • Advance tax hike risks fuelling inflation: Experts
  • Bangladesh May PMI recorded a faster expansion rate
  • Bangladesh April PMI recorded a slower expansion rate at 52.9
  • Bangladesh economy recovering gradually from political instability: MCCI

Features

Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

10h | Panorama
Photo: TBS

Mourning turns into outrage as Milestone students seek truth and justice

4h | Panorama
Illustration: TBS

Uttara, Jatrabari, Savar and more: The killing fields that ran red with July martyrs’ blood

1d | Panorama
Despite all the adversities, girls from the hill districts are consistently pushing the boundaries to earn repute and make the nation proud. Photos: TBS

Ghagra: Where dreams rise from dust for Bangladesh women's football

2d | Panorama

More Videos from TBS

What information did the director of the NBPSI give about the admitted patients?

What information did the director of the NBPSI give about the admitted patients?

3h | TBS Today
What is discussed at the Chief Advisor's meeting?

What is discussed at the Chief Advisor's meeting?

3h | TBS Today
Two advisors and press secretary were blocked at Milestone for 8 hours

Two advisors and press secretary were blocked at Milestone for 8 hours

3h | TBS Today
Chief advisor's meeting with 4 parties; what was discussed?

Chief advisor's meeting with 4 parties; what was discussed?

3h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net