Next budget will make businesses and common people happy: Finance Minister

Finance Minister AHM Mustafa Kamal on Thursday said that the business community will be happy with the upcoming budget of FY 2023-24.

The government has the sympathy of the people including the business community as they are providing a large portion of revenue, which contributes much to the development of the country, he said.

Kamal said this while speaking at the 43rd consultation meeting of the National Board of Revenue and The Federation of Chamber of Commerce and Industry (FBCCI), at a hotel in Dhaka, reports UNB.

The finance minister also appreciated the people's excellent contribution to economic growth of the country overcoming several barriers including Covid-19 pandemic and Russia-Ukraine war.

He said the global economic growth projection is estimated at 2.9 percent this year down from 3.5 percent last year, while Bangladesh’ economic growth is over 7 percent. It has been possible for the outstanding resilience of the people.

He expected that Bangladesh would emerge as one of the world's 20 largest economies by 2031.

In response to different issues raised by businesses, the NBR Chairman Abu Hena Md. Rahmatul Muneem said the revenue board does not want to confine the tax-revenue in the legal frame, or file a case against the businesses.

“We are keeping the door open for negotiating any issue related to tax, and please come to NBR to solve the problems, ” he added.

He also urged the businesspeople to provide tax and VAT as part of their responsibility to make a developed Bangladesh.

Abu Hena also urged businesses not to be frightened in facing the challenges of the LDC graduation issue, rather it is better to improve adoption in technology and production of domestic industries.

He acknowledged that NBR did not get desired success in collecting retail VAT and taxes so far, but is trying to develop a smart system through reforming the total sector.

The FBCCI president Md Jasim Uddin gave seven-point recommendation for the budget of FY 2023-24 including a safeguard measure of CMSMEs, tax exemption, bond facility to expand exports, keep a stable supply chain of essential goods, modernisation NBR, reduce economic discrimination by employment and preferring technical as well as employment oriented education.

President of shop owners’ association Helal Uddin urged the government and businesses to extend the hand of financial assistance to the fire-affected small traders of Bangabazar.

Leaders of different sectors, professionals, economists, ministry of finance and revenue board officials participated in the budget consulting meeting.

The FBCCI president also handed over a written proposal of businesses to the finance minister for consideration those in the upcoming budget.,