CCCI for Tk 3 lakh tax-free income ceiling
Dhaka, June 8 (UNB) – President of Chittagong Chamber of Commerce and Industry (CCCI) Morshed Murad Ibrahim has expressed mixed reaction over the proposed national budget for fiscal 2012-13 placed by Finance Minister AMA Muhith in Jatiya Sangsad on Thursday.
Disagreeing with a number of budget proposals, he said the tax-free income ceiling should be minimum Tk 3 lakh instead of Tk 1.80 lakh considering soaring inflation, rise in livelihood expenditure and depreciation of Taka against US Dollar.
The CCCI President also said that increasing the minimum income tax payable at individual level to Tk 3,000 from Tk 2000 will have a negative effect on general taxpayers.
In his reaction on the proposed budget, he, however, termed as praiseworthy “attaching top priority to human resources development, increased use of ICT at government level and initiative to expand SME.
Ibrahim hoped that an allocation of Tk 53,330 crore in physical infrastructure will be helpful in attaining self-sufficiency in agriculture.
He thanked the Finance Minister for undertaking refinancing system through Bangladesh Bank such as various tax rebates and easy availability of loan for environment-friendly industrialization.
“Though ADP of Tk 55,000 crore is adequately hopeful, it will be a tough challenge for the government to meet the Tk 52,068 crore budget deficit,” the chamber leader said.
It would be difficult for the government to get Tk 18,584 crore from foreign sources, he added.
Besides, the CCCI president said, taking loan of Tk 23,000 crore from banking sources out of total Tk 33,484 crore needed internal sources will create impact on inflation. It will also reduce investment in the private sector.
He said previously, ten percent tax rebate was available in case of payment of dividend by public limited company, but in the current budget such tax rebate has been withdrawn. “This will discourage the companies from paying dividend.”
Disagreeing with a number of budget proposals, he said the tax-free income ceiling should be minimum Tk 3 lakh instead of Tk 1.80 lakh considering soaring inflation, rise in livelihood expenditure and depreciation of Taka against US Dollar.
The CCCI President also said that increasing the minimum income tax payable at individual level to Tk 3,000 from Tk 2000 will have a negative effect on general taxpayers.
In his reaction on the proposed budget, he, however, termed as praiseworthy “attaching top priority to human resources development, increased use of ICT at government level and initiative to expand SME.
Ibrahim hoped that an allocation of Tk 53,330 crore in physical infrastructure will be helpful in attaining self-sufficiency in agriculture.
He thanked the Finance Minister for undertaking refinancing system through Bangladesh Bank such as various tax rebates and easy availability of loan for environment-friendly industrialization.
“Though ADP of Tk 55,000 crore is adequately hopeful, it will be a tough challenge for the government to meet the Tk 52,068 crore budget deficit,” the chamber leader said.
It would be difficult for the government to get Tk 18,584 crore from foreign sources, he added.
Besides, the CCCI president said, taking loan of Tk 23,000 crore from banking sources out of total Tk 33,484 crore needed internal sources will create impact on inflation. It will also reduce investment in the private sector.
He said previously, ten percent tax rebate was available in case of payment of dividend by public limited company, but in the current budget such tax rebate has been withdrawn. “This will discourage the companies from paying dividend.”
Comments
No Comments on this News
