Friday, 4th June , 2021, 11:50 am,BDST

PM considered an industry-friendly budget

Abdul Matlub Ahmad, president of the Bangladesh-India Chamber of Commerce and Industries, former president of the FBCCI, chairman of the Nitol-Niloy Group, who is also renowned for Kar Bahadur described the 2021-22 budget as considered “growth, business, investment and industry-friendly”.

The former FBCCI president made a statement with an immediate response to the proposed national budget for the 2021-22 financial year on Thursday, 3rd June 2021. He congratulated Prime Minister Sheikh Hasina for giving a people-friendly budget in Corona and also referred to the budget as a ‘challenging budget’.

Matlub Ahmad said the proposed budget has given priority to the domestic industry, 10-year task holiday, assistance to the export sector, special incentives in the health sector and increased allocations to the agriculture sector. At the same time, there are guidelines in the budget to reduce the prices of goods.

Matlub Ahmad said the government has shown prudence in formulating the national budget with a view to improving the livelihood and trade of the people in the Corona era.

The government has given special benefits to traders in the next budget as there was a lot of loss in business due to the Corona outbreak last year. Among them advance tax on import of industrial raw materials has been reduced from 4% to 3%, advance income tax on import of agricultural machinery has been withdrawn, the penalty for non-payment of VAT has been doubled to VAT, the minimum tax rate for distributors and private companies has been reduced, small and medium entrepreneurs Tax exemption facility up to 60 lakh on turnover is significant.

These timely benefits will benefit the traders affected by Corona. Tk 10,000 crore has been allocated in the budget to deal with corona and VAT exemption on import of raw materials of medicines, corona testing kits, PPE, vaccines etc. has been maintained, which is a very commendable initiative.

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