According to the Federation of Bangladesh Chambers of Commerce and Industry, the proposed budget for FY’23 is oriented toward development and public welfare, as it prioritizes public demands amid an adverse economic situation caused by the Covid crisis and the Russia-Ukraine war.
The FBCCI expressed concerns about the government’s decision to offer money launderers a “no questions asked” opportunity to legalize dirty money in their response to Finance Minister AHM Mustafa Kamal’s budget proposal presented in Parliament on Thursday. The FBCCI president stated that good governance, proper monitoring, investment, and trade-friendly tax management will continue to be major obstacles to implementing the proposed budget for FY 2022-23. The FBCCI president also proposed eliminating import duties on solar panels and maintaining the existing 0.5 per cent source tax on exports. According to Jashim, the National Board of Revenue (NBR) will have to collect Tk3,70,000 in revenue in FY’23, a 12.12 per cent increase over the previous year.
According to the FBCCI president, the government has proposed lowering the tax rate on imports of HR coil and zinc – raw materials used to manufacture galvanized iron sheets or steel products – from 5 per cent to 3 per cent, which will help the local industry thrive.